America's Supply Of Cheap, Distressed Homes For Sale Is Shrinking

florida foreclosure

U.S. foreclosure inventory, which refers to properties in some stage of foreclosure, equaled 1.1 million in April, according to CoreLogic’s latest report.

This was down 24% from 1.5 million a year ago. It was also down 2 per cent from March.

Foreclosure inventory represented 2.8% of all homes with a mortgage, compared with 3.5% a year ago.

Meanwhile, there were 52,000 completed foreclosures in April, the same as March. But this was down from 62,000 a year ago. Before the housing bust, completed foreclosures averaged about 21,000 a month.

Home prices have been boosted by tight supply, especially a decline in the stock of distressed properties.

“Fewer distressed properties combined with improving home prices and a pickup in home purchases are significant signals that the ongoing recovery in the housing and mortgage markets continues to gather steam,” said Anand Nallathambi, president of CoreLogic in a press release.

Here are some details from the report:

  • “The five states with the highest number of completed foreclosures for the 12 months ending in April 2013 were: Florida (102,000), California (79,000), Michigan (68,000), Texas (53,000) and Georgia (47,000). These five states account for almost half of all completed foreclosures nationally.”
  • “The five states with the highest foreclosure inventory as a percentage of all mortgaged homes were: Florida (9.5 per cent), New Jersey (7.4 per cent), New York (5.1 per cent), Maine (4.4 per cent) and Nevada (4.3 per cent).”
  • “The five states with the lowest foreclosure inventory as a percentage of all mortgaged homes were: Wyoming (0.5 per cent), Alaska (0.6 per cent), North Dakota (0.7 per cent), Nebraska (0.8 per cent) and Virginia (0.9 per cent).”

Here’s a look at foreclosure inventory by state:

foreclosure inventory by state

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