I know I know, it has been a long time since I have posted. And I meant to post this a few weeks ago, a HAPPY NEW YEAR and WELCOME 2013 post if you will. So consider it a belated one of those… 🙂
2012 was a very interesting, and depending on who you ask, a good year for jobs, the economy, and real estate (I of course will be focusing on the latter).
Completed Foreclosures were down a whopping 23% year over year (Nov 2012 compared to Nov 2011). The number is still too high but has been shrinking month after month, and year after year, for long enough to call it a trend.
There were approximately 1.2 million homes in some stage of foreclosure (the foreclosure inventory) in November, about 3.0 percent of all homes with a mortgage. In November 2011 there were 1.5 million homes or3.5 percent of all mortgaged homes in the inventory. This is a decrease of 18 percent year-over-year.
CoreLogic’s Mark Fleming said, “The pace of completed foreclosures has significantly improved over a year ago as short sales gain popularity as a disposition method. Additionally, the inventory of foreclosed properties continues to decline while the housing market demonstrates an ongoing ability to absorb the distressed sales that result from completed foreclosures.”
All data points show a continuing trend of ever improving housing markets, jobs increasing, and improvements to the economy. As mentioned these are not good enough, but I have a good feeling about the future!
Images and data courtesy of CoreLogic. http://www.corelogic.com