Completed foreclosure numbers down in August
Posted on Wednesday, October 10, 2012 at 8:56:54 PM
The national real estate market is witnessing marked improvements over the last six months. According to CoreLogic's National Foreclosure Report, completed foreclosures decreased during August 2012 compared to the same time last year. In August 2012 there were 57,000 completed foreclosures - down from 75,000 in August 2012 and 58,000 in July 2012.
The decreasing number of foreclosures on the market will have a positive impact on local real estate listings. Without neighboring distressed homes, property values may improve and sales rates can increase.
"August marks the fourth month in a row there were fewer completed foreclosures, which is more evidence that the housing industry is finding its footing," said Mark Fleming, chief economist for CoreLogic.
About 1.3 million homes, or 3.2 percent of all properties financed with a mortgage, were in the national foreclosure inventory in August 2012 - down from 1.4 million or 3.4 percent in August 2011. Fewer foreclosures on the market could improve the value of a property, which might make a home purchase a stronger investment. Current low-interest residential financing options could also help a potential homebuyer afford a quality house in the near future.