Monday, December 3, 2012

Fewer homes being foreclosed on in U.S. and N.C.

Lenders foreclosed on fewer homes - both nationally and locally -  in October compared to the previous year, the latest data from CoreLogic shows.

There were 58,000 completed foreclosures in the U.S. in October, down from 77,000 the previous month and down from 70,000 a year ago.

Nearly 800,000 U.S. homes were foreclosed on during the 12 months ending in October, down 0.3 percent. About 3.2 percent of all homes with a mortgage, or 1.3 million homes, were in what CoreLogic calls the foreclosure inventory.

The foreclosure inventory represents the number and share of mortgaged homes that have been placed into the foreclosure process.

In North Carolina, lenders foreclosed on 28,004 homes during the 12 months ending in October, also a 0.3 percent drop from the previous year. About 2.3 percent of N.C. homes are thought to be in foreclosure, the report shows.

Before the housing market decline that began in 2007, lenders foreclosed on an average 21,000 U.S. homes per month between 2000 and 2006.  Since the financial crisis began in September 2008, there have been 3.9 million foreclosures completed across the country.

"A lower foreclosure inventory is a good indicator of improving housing markets," said Anand Nallathambi, president and CEO of CoreLogic.

2 comments:

Roy Connelly said...

Wow! This is great news! Fewer forclosed homes means less people having financial difficulties. A very positive indicator! Thanks for sharing this article!

-MLSHuntsville.com

Anonymous said...

No, fewer foreclosed homes does not mean fewer people are having financial difficulties. It only means banks are now working with people facing foreclosure to help them stay in their home. Many people are receiving mortgage reductions and banks are stretching out the time from default to foreclosure. Now is a much better time to be facing foreclosure than one or two years ago when bank employees were robo signing documents to get people out of their homes as soon as possible.