All the Real Estate News That’s Fit to RE-Print™
Welcome to our weekly edition of Real Estate Investing News This Week. Here’s the best of this week’s real estate news:
- Foreclosure Activity Decreases 15 Percent in November
- CoreLogic Reports 48,000 Completed Foreclosures in October
- Cautious Consumers Stalling Housing Momentum
We hope these real estate news items help you stay up-to-date with your real estate investing strategies and inspire some profitable real estate deals for you.
Biggest Monthly Drop Since November 2010
On Tuesday, RealtyTrac® released its U.S. Foreclosure Market Report™ for November, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 113,454 U.S. properties in November, a 15 percent decrease from the previous month and a 37 percent decrease from a year ago.
A total of 52,826 U.S. properties started the foreclosure process for the first time in November, down 10 percent from the previous month and down 32 percent from a year ago to the lowest level since December 2005.
There were a total of 30,461 U.S. bank repossessions (REO) in November, down 19 percent from the previous month and down 48 percent from a year ago to the lowest level since July 2007, a 76-month low.
Foreclosure inventory down 31 percent nationally from one year ago…
On Monday, CoreLogic® released its October National Foreclosure Report which provides data on completed U.S. foreclosures and the national foreclosure inventory. There were 48,000 completed foreclosures in October 2013, down from 68,000 in October 2012, a year-over-year decrease of 30 percent.
As of October 2013, approximately 879,000 homes were in some stage of foreclosure, known as the foreclosure inventory, compared to 1.3 million in October 2012, a year-over-year decrease of 31 percent. The foreclosure inventory as of October 2013 represented 2.2 percent of all homes with a mortgage compared to 3.1 percent in October 2012.
FannieMae News Release:
“Positive momentum in the housing market continues to lose steam as Americans remain cautious about their personal finances and the state of the economy, according to Fannie Mae’s November National Housing Survey results.
Among those surveyed, nearly two-thirds believe the economy is on the wrong track while the share expecting their personal finances to worsen during the next year has increased during the past few months to 22 percent.
Meanwhile, consumers’ home price expectations have declined steadily since summer. The share who say prices are going to increase within the next 12 months fell to 45 percent and the average home price change expectation dipped to 2.5 percent from 2.9 percent.
In addition, the share of those who expect mortgage rates to climb in the next 12 months has remained at an elevated level since it spiked in June.”