DataMarkets & Economy

National foreclosure inventory drops more than 25% annually

National foreclosure inventory is the lowest since August 2007, report says
  • In June, 375,000 homes were in some state of the foreclosure process.
  • Foreclosure inventory was down 25.9 percent year-over-year in June.
  • June’s number of lost homes due to foreclosure marks a 67.5 percent drop from the national peak in September 2010.

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Consistent with reports that we are once again in a booming housing market, housing data firm CoreLogic reports foreclosure inventory was down 25.9 percent year-over-year in June. Foreclosure inventory is defined as the number of homes at some stage of the foreclosure process. While fewer foreclosures create tighter market conditions for investors of distressed properties or first-time homebuyers, this is a positive trend for the overall health of the market. In June, 375,000 homes were in some state of the foreclosure process, according to CoreLogic. This represents approximately 1 percent of all homes with a mortgage. “We expect the combination of continued home price appreciation of more than 5 percent, and rising employment levels in the year ahead will help cement the gains we have had and perhaps accelerate them,” Anand Nallathambi, president and CEO of CoreLogic, said in the report. Homeownership rates peaked in the second quarter of 2004, but 8.4 million homes h...