Like many prospective home sellers across the nation, you might understandably be concerned about the state of foreclosures, since this has an impact on both demand and your likelihood to sell. Thankfully, the latest data from CoreLogic’s National Foreclosure Report is quite encouraging. It is just the latest indication of the market’s increasing healthiness and stability.
Here are the main takeaways:
- Comparing May 2015 to May of last year, total foreclosures dropped by an astounding 27.4 percent. Completed foreclosures (in which a home is lost to foreclosure) saw a decline of 19.2 percent during that same span of time.
- In absolute numbers, this year-over-year decline was from 51,000 in May 2014 to 41,000 this past May – that is 10,000 fewer properties in distress! Compared to the peak of foreclosures in September 2010, this was a steep fall of 64.9 percent!
- As of this past May, 1.3 percent of all homes with a mortgage (approximately 491,000) were foreclosed, compared with 1.7 percent about (676,000 homes) in the same time last year. A fall of 0.4 percent may not sound like much, but consider that this is the lowest rate in almost eight years.
- The number of mortgages in serious delinquency (defined as those 90 days or more past due, such as loans in foreclosure or REO) declined 22.7 percent from May 2014 to May 2015. Moreover, only 3.5 percent of mortgages fall into this category, making it the lowest rate of serious delinquency since January 2008, shortly after the crisis started.
Thanks to a stronger economy, higher job growth, and a relaxed borrowing environment, the real estate marketing is looking increasingly – and sustainably – bullish. Plenty of opportunities abound for sellers looking to take advantage of the ever growing demand for homes. Make sure you get the most of it by knowing your home’s value! Visit FreeValues.com to access tips and resources like our Home Value Estimator