Foreclosure inventories are still in decline across the U.S. According to the CoreLogic National Foreclosure Report for November 2016, the number of foreclosures available in the real estate market went down more than 25 percent between November 2015 and November 2016. This points to a recovery in the housing market and an overall improvement for the economy as a whole.
Less than One Percent of Homes in Foreclosure Inventory
The November 2016 figures indicate that 325,000 foreclosed homes were available in the real estate market at that time, which represents less than one percent of all homes in the U.S. In November 2015, approximately 1.2 percent of all homes were considered to be foreclosure inventory and available for purchase.
Defaults and Delinquencies in Decline
As the inventory of foreclosed homes continues to fall, the number of new serious delinquencies and defaults has also decreased nationwide. The National Foreclosure Report indicated that about 2.5 percent of all mortgages were in serious delinquency or default status in November 2016, the lowest number since the start of the subprime mortgage crisis in August 2007.
Some States Hit Harder than Others
For the 12-month period covered by the CoreLogic report, Florida reported the highest number of foreclosures at approximately 48,000. Michigan, Texas, Ohio and Georgia rounded out the top five states in terms of completed foreclosure proceedings. The District of Columbia reported the fewest at 221 total completed foreclosures.
Home Prices on the Rise
CoreLogic also indicated that the overall value of homes is continuing to rise. This appreciation is providing added support for the economy and allowing homeowners to enjoy greater flexibility in managing their financial affairs, making future foreclosures less likely.
The experts at Acuity National Real Estate Solutions can provide professional title services to help clients close on their properties more quickly. We have the experience and the expertise to manage your transactions accurately and to your precise requirements. Visit our homepage or contact us today at 502-238-7500 to learn more about our full lineup of services and to schedule a consultation with our team. We look forward to the chance to serve your residential and commercial real estate needs.