February 5th, 2014
The national foreclosure inventory took another dive in December, according to CoreLogic.
The December National Foreclosure Report found that there was a 31 percent decline year over year in the foreclosure inventory compared to December 2012, dropping to roughly 837,000 homes from 1.2 million. The most recent figure represents 2.1 percent of all homes with a mortgage while the figure for the previous year accounted for 3 percent of all mortgaged properties.
For the two years ended in December, there were consecutive annual declines seen each month. Furthermore, December marked one year of double-digit decreases, and the total foreclosure inventory for 2013 was the lowest level since 2007.
“The foreclosure inventory fell by more than 30 percent in December on a year-over-year basis, twice the decline from a year ago,” said CoreLogic Chief Economist Mark Fleming. “The decline indicates that the distressed foreclosure inventory is healing at an accelerating rate heading into 2014.”
A decline was also seen for the seriously delinquent inventory, falling 25 percent year over year in December. In April 2008, there was an 88 percent spike in this inventory, and the current figure indicates that mortgage performance is having a resurgence from its depths.