Fewer foreclosures reported in October
Posted on Monday, December 3, 2012 at 4:53:51 PM
In the wake of the housing market collapse, a foreclosure wave swept across the nation, resulting in plummeting property values a numerous repossessions. However, as conditions stabilize, foreclosure activity continued to improve in October.
During the month, there were an estimated 58,000 completed foreclosures, according to a report from from Corelogic. Although this may seem like a large amount, it was a 17 percent improvement from October 2011 when there were approximately 77,000 foreclosures.
Meanwhile, as a result of decreased activity, the foreclosure inventory thinned to just 1.3 million units, accounting for roughly 3.2 percent of all mortgaged properties, the report said. This was down from 1.5 million during the same time last year.
"A lower foreclosure inventory is a good indicator of improving housing markets," said Anand Nallathambi, president and CEO of CoreLogic. "The downward trend in foreclosure inventories over the past year is yet another signal that a recovery in housing is gaining traction."
Falling foreclosure activity is a promising sign for the future of real estate. It can help stimulate property values across the nation, and make current homeowners more willing to list their homes on the market, resulting in additional residential financing in the near future.