As reported by: Real Estate Economy Watch – Insight and Intelligence on Residential Real Estate.
Written by: Editor, October 5, 2012
The long-feared backlog of foreclosures that accumulated during the Robogate processing slowdown in 2010 and 2011 has declined further as the number of new foreclosures dwindled in August and completed foreclosures are being quickly absorbed in markets hungry for discount priced distress sales.
CoreLogic reported today foreclosure inventories have fallen to their lowest level since April 2010. Some 1.3 million homes, or 3.2 percent of all homes with a mortgage, were in the national foreclosure inventory as of August 2012 a decline from 1.4 million, or 3.4 percent, in August 2011. Month-over-month, the national foreclosure inventory was unchanged from July 2012 to August 2012. The foreclosure inventory is the share of all mortgaged homes in any stage of the foreclosure process.
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This is Positive News for our Economy. A Great Read – Enjoy!