2014 Real Estate - Foreclosure Inventory Down 37% over Last Year!
2014 Real Estate - Foreclosure Inventory Down 37% over Last Year!
According to the latest CoreLogic National Foreclosure Report, “approximately 660,000 homes in the US were in some state of foreclosure as of May 2014”.
This figure is down 37% from the 1 million homes in May of 2013.
May marked the 31st consecutive month in which there were year-over-year declines.
Mark Fleming chief economist for CoreLogic revealed:
“Significant gains have been made in the last year to reduce the foreclosure stock. Yet, these improvements are occurring disproportionately in non-judicial states. The foreclosure inventory in judicial states is averaging 2.1% which is more than twice the 0.9% average that is occurring in non-judicial states.”
The foreclosure process in the twenty-two judicial states can take, on average, anywhere from 180-400 days according to the Mortgage Bankers Association. The lack of initial court intervention in non-judicial states, often means that the process of foreclosure takes significantly less time.
Therefore, judicial states as a whole, have taken longer to catch up to the rest of the country in liquidating foreclosure inventory.
All five states with the highest foreclosure inventory as a percentage of mortgaged homes are judicial states.
On the list of the five lowest inventory states, only North Dakota uses a judicial process.
Even though some states have not recovered completely from the foreclosure crisis, the nation as a whole is on the right track as inventory decreases.
Click here to search Northern Illinois Homes for Sale.
Jim Starwalt
Thinking of making a move?
Download the New Free RE/MAX Home Search App or text the word MOBILE to 224-677-2200.
Log onto my website at www.StarHomeTeam.com and search Northern Illinois Homes for sale.
Easily search Northern Illinois Homes for Sale with photos, open houses and virtual tours at StarHomeTeam.com
Jim Starwalt, Real Estate Broker
RE/MAX Center
Phone: 847-548-2625
Jim@StarHomeTeam.com
Find Me Online
2014 Real Estate - Foreclosure Inventory Down 37% over Last Year!
According to the latest CoreLogic National Foreclosure Report, “approximately 660,000 homes in the US were in some state of foreclosure as of May 2014”.
This figure is down 37% from the 1 million homes in May of 2013.
May marked the 31st consecutive month in which there were year-over-year declines.
Mark Fleming chief economist for CoreLogic revealed:
“Significant gains have been made in the last year to reduce the foreclosure stock. Yet, these improvements are occurring disproportionately in non-judicial states. The foreclosure inventory in judicial states is averaging 2.1% which is more than twice the 0.9% average that is occurring in non-judicial states.”
The foreclosure process in the twenty-two judicial states can take, on average, anywhere from 180-400 days according to the Mortgage Bankers Association. The lack of initial court intervention in non-judicial states, often means that the process of foreclosure takes significantly less time.
Therefore, judicial states as a whole, have taken longer to catch up to the rest of the country in liquidating foreclosure inventory.
All five states with the highest foreclosure inventory as a percentage of mortgaged homes are judicial states.
On the list of the five lowest inventory states, only North Dakota uses a judicial process.
Even though some states have not recovered completely from the foreclosure crisis, the nation as a whole is on the right track as inventory decreases.
Click here to search Northern Illinois Homes for Sale.
Jim Starwalt
Thinking of making a move?
Download the New Free RE/MAX Home Search App or text the word MOBILE to 224-677-2200.
Log onto my website at www.StarHomeTeam.com and search Northern Illinois Homes for sale.
Easily search Northern Illinois Homes for Sale with photos, open houses and virtual tours at StarHomeTeam.com
Jim Starwalt, Real Estate Broker
RE/MAX Center
Phone: 847-548-2625
Jim@StarHomeTeam.com
Find Me Online
2014 Real Estate - Foreclosure Inventory Down 37% over Last Year!
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