The real estate database firm, CoreLogic tracks all the foreclosure activities that are going on all across the country. Recently, it has published the National Foreclosure Report for the month of February which reveals the present status of delinquency rates and foreclosure inventory in the country.
According to this report, there were nearly 65,000 foreclosure cases which were completed this February whereas in the month of January 2012, there were 71,000 completed foreclosure cases. In comparison to January 2012 and February 2011, the figure this February is quite low. A year earlier, there were 66,000 completed foreclosures.
Since February 2011, a total number of 862,000 foreclosures were completed in this one year period and since 2008 when the economic crisis hit the market for the first time, there have been nearly 3.4 million foreclosures completed.
In the existing foreclosure inventory, there is a huge stock of foreclosed properties. Till February, there were about 1.4 million properties in inventory; this number was 1.5 million a year back. In both January and February 2012, the figures were the same.
These numbers remained steady in both these months due to a decrease in the total number of willing borrowers all across the nation. On a year-over-year basis this February, the total number of willing borrowers moved down by 115,000 which is a drop of 7.6%.
In the words of the chief economist at CoreLogic, Mark Fleming, “The pace of completed foreclosures is down slightly compared to January, running at an annualized pace of 670,000, but compares favorably to the pace of completed foreclosures in February a year ago.
Even though the pace of completed foreclosures has slowed, the overall foreclosure inventory is decreasing because REO sales were up in February. With the spring buying season upon us, the inventory may decline further as the pace of distressed-asset sales rises along with the rest of the housing market.”
The CEO and president of this firm, Anand Nallathambi stated, “In February, more than 60 major markets saw a decrease in their foreclosure rates compared to a year ago. This combined with faster REO-clearing rates, better employment news, and continued historically low interest rates are all positive signs of improvement in the housing economy.”
This February, the total number of 3 months delinquent borrowers moved down by 7.3% and on a year-over-year basis, the rate was lower by 7.8%. However, in comparison to this January, when the rate was 7.2%, the rate in February was better.
Photo by Jscreationzs.
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