Foreclosures Down 10% in February 2016 vs February 2015

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Mortgage and Lending with CMG Financial NMLS# 312738

 

The International Monetary Fund (IMF) reported this morning that global economic growth continues, but at a sluggish pace that leaves the world economy exposed to risks. The IMF shaved its global growth forecast for 2016 to 3.2% from 3.4% originally forecasted. A spokesperson said, "Persistent slow growth has scarring effects that themselves reduce potential output and with it, demand and investment.” In the United States, expected growth this year is flat at 2.4%, with a modest uptick in 2017, said the IMF.

Small business optimism edged lower in March amid worries about sales and profits, yet another signal that economic growth in the fourth quarter could be sharply lower than the previous quarter. The National Federation of Independent Business reported that its small business optimism index fell 0.3 point to 92.6 in March, the lowest reading since February 2014. The index has fallen from a reading of 100 in December 2014 and is now below its 42-year average of 98.

Analytics firm CoreLogic reports that there were 34,000 completed foreclosures in February, a 10% decrease from the 38,000 completed in February 2015. In addition, foreclosure inventory fell by nearly 24% in the same time period. From January to February, completed foreclosures declined 2.6%. Completed foreclosures are an indication of the total number of homes actually lost to foreclosure. Frank Nothaft, chief economist at CoreLogic said, "Job creation averaged 207,000 during the first two months of 2016, and incomes grew over the past year. More income and improved household finances helped bring serious delinquency down in nearly every state.

 

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Rainmaker
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John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Tim Carroll This is very good detailed latest real estate report.

Apr 12, 2016 08:17 AM #1
Rainmaker
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Tim Carroll
CMG Financial - Rohnert Park, CA
Area Manager at CMG Financial

 

Thanks John

Apr 13, 2016 01:04 AM #2
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Tim Carroll

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