CoreLogic reported last week that April foreclosure inventory was down nationally by 35% from one year ago to approximately 694,000 homes (1.8% of all homes with a mortgage) from 1.1 million homes (2.7% of all homes with a mortgage). This represented the 30th consecutive month of declines in the inventory of foreclosed homes with the past 16 months showing declines of 20% or more. Pre-foreclosure filings also decreased by 28.6% in April from one year ago, declining from 100,000 to 71,000. This represented a 69% drop from the peak of 229,000 in March of 2009. CoreLogic noted that this was still substantially higher than the average monthly figure of 13,000 from the 2000 to 2005 period.
CoreLogic released another recent report which showed declines in sales from April 2013 to April 2014, particularly with distressed sales which declined by 50%. Overall, sales declined by 2%. Short sales fell by 88% to just 0.9% of all transfers with REO sales falling by 25% to 8.9% of all sales. The largest share of distressed transactions were found in Michigan (28.5%) followed by Illinois (24.8%), Florida (23.2%), Nevada (23.0%) and Georgia (21.3%) and constituted just 1% of all transfers.
For all your Residential and Commercial Real Estate Appraisal needs please contact: James M. Hanson Associates, Inc. Phone: (609) 884-9185 Email: Info@AppraiseNewJersey.com