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: