Foreclosure Inventory Down 33 Percent Nationally From a Year Ago

From CoreLogic reported that the foreclosure inventory fell by 33 percent in January 2014 to approximately 794,000 homes, or 2.0 percent of all homes with a mortgage, from 1.2 million, or 2.9 percent, in January 2013. This marks 27 months of continual year-over-year declines in the inventory of foreclosed homes, including 13 straight months of declines greater than 20 percent. Additionally, the 12-month sum of completed foreclosures was at the lowest level in January since 2007. At its peak, the seriously delinquent inventory increased 88 percent year over year in April 2008, but it was down 25.3 percent year over year in January 2014.Furthermore, pre-foreclosure filings decreased by 19.5 percent from 103,000 per month to 82,000 per month nationally in January 2014 from a year ago. As of January, pre-foreclosure filings had fallen 64.0 percent from their peak of 229,000 in March 2009. By comparison, monthly filings averaged 13,000 from 2000-2005.

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