Market Clearing Foreclosures at Close to Normal Rate

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Posted To: MND NewsWire

The national foreclosure inventory dropped by about a quarter year over year, bringing the number of homes in the process of foreclosure at the end of January to 456,000 units from 583,000 in January 2015, a decline of 21.7 percent. CoreLogic said the inventory, which represented 1.5 percent of all mortgaged homes in January 2015 has been stable at a 1.2 percent rate since last October although the number of units in the inventory has now reached the lowest level since November 2007. There were 38,000 completed foreclosures during the month compared to 46,000 in January 2015. The recent number is down 67.6 percent from the peak of 117,743 completed foreclosures in September 2010. Since the financial crisis began in September 2008, there have been approximately 6.1 million completed foreclosures…(read more)

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