Based on a recently released foreclosure report, the United States Housing Market looks to be continuing on its road to improvement.
Foreclosure inventory dropped by 27% in February and completed foreclosures fell by 15% year over year. Even better news… foreclosures have fallen 67% since they hit their peak in September 2010.
Foreclosure inventory represented 1.4% of all homes with a mortgage nationwide. Although that number is lower than any number seen recently, its still more than double the 0.6% seen from 2000-2004.
Mortgages in serious delinquencies (overdue payment by more than 90 days) also dropped by 19% in February.
Lowering foreclosure totals represent a growing, stabilizing economy. For both the housing market and the overall economic outlook of the US, this is great news. As more buyers and sellers gain back their confidence and reenter the market, the more we can expect to see improvements in real estate.
Sources: http://realtormag.realtor.org/daily-news/2015/04/14/foreclosures-plunge-67-from-peak
http://www.realtor.com/news/corelogic-foreclosures-report-february-2015/
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