Since the country was hit by the recession in September 2008, 5.2 million foreclosures have been completed across the country. In August 2014, there were about 629,000 homes that were at some point in the foreclosure process. Last August, there were 936,000. This is a decrease of almost 33 percent.
According to the chief executive officer and president of CoreLogic, the number of completed foreclosures in the last 12-month period is the lowest it has been since November 2007. He also said that by the end of the year, that number could go below 500,000, giving the housing recovery a “solid boost” in 2015.
CoreLogic’s numbers indicate that the August numbers show 19 months in a row of at least a 20 percent decline year-over-year of the inventory of foreclosed homes across the country. The five states that had the highest number of foreclosures completed included Texas at number 3, with 36,000. However, Texas was not in the top or lower five states when it came to the lowest foreclosure inventory.
While the news that the number has dropped for completed foreclosures and the number of homes that are currently at some point in the foreclosure is positive, there is still some reason to be concerned, according to CoreLogic’s deputy chief economist. He said that we are now five years into expanding the economy and the number of homes in foreclosure are almost three times what is considered normal.
If you are facing foreclosure, you need to know that you have options. Even if bankruptcy is the best option for your current financial situation, there are cases in which you are still allowed to keep your home. Before allowing your home to fall further into foreclosure, you may want to seek the advice of an experienced real estate law attorney.
Source: Housing Wire, “Foreclosure inventory down 32.8% from August 2013” Trey Garrison, Oct. 02, 2014