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Douglas Zeller's Blog

By Douglas Zeller | Broker in El Dorado County, CA

Recovery Finds 'Footing' as Foreclosures Fall?

Completed foreclosures continued their progressive decline, and foreclosure inventory fell to its lowest level since April 2010, CoreLogic reported Thursday.

“The reduction in foreclosure volumes is to some degree being facilitated by the rising popularity of alternative resolution methods, such as short sales and loan modifications,” said Anand Nallathambi, president and CEO of CoreLogic.

While the national numbers are down, certain states are still seeing a high number of foreclosures, with five states accounting for 48.1 percent of all completed foreclosures, according to the report.

California led among the five states with 110,000 completed foreclosures over a one-year period ending in August. Florida ranked second, with 92,000 foreclosures, followed by Michigan (62,000), Texas (58,000) and Georgia (55,000).

More information at source: http://www.dsnews.com/articles/recovering-finds-footing-as-foreclosures-fall-corelogic-2012-10-04

Comments

By Daniel Alvarez,  Sun Oct 7 2012, 18:03
While this may apper to be good news at face value, here in NJ we're running into a new set of problems: Low inventory levels. If you're primarily a buyer's agent, its becoming really difficult to earn a dollar. I have about 30 buyers but nothing that meets their criteria and fairly priced.

Banks are also holding on to REOs for longer duration and unwinding them slowly. It makes sense on their part, but i'd wish they would let a few more out on the market.
By Douglas Zeller,  Mon Oct 8 2012, 19:33
Great comment, we're seeing similar conditions in our region of California.

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