Current Foreclosure Inventory Down 19.5% From Last Year

Real Estate Agent with RE/MAX Exclusive Collection

While housing inventory has been recorded down throughout the nation, of particular note is that foreclosures, which have been one of the most notably high inventories in the last few years, has had a precipitous fall from a year ago.

The National Foreclosure Report, published by Corelogic, states that the total foreclosure inventory fell by 19.5 percent last December from 1.5 million homes in 2011 to 1.2 million. In month-to-month numbers, foreclosure inventory was down 4.2 percent from November, and only accounted for 3 percent of total home inventory.

The total number of completed foreclosures also fell by 21 percent over the year, with 56,000 being recorded in December, as compared to 71,000 from a year before. The drop in foreclosures can be contributed to a variety of factors, including a stabilization of the market and increased efforts to provide alternatives to underwater homeowners.

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