All the Real Estate News That’s Fit to RE-Print™

Welcome to our weekly edition of Real Estate Investing News This Week. Highlights this week include:

  • 39,000 Completed Foreclosures in December
  • November Sales: 36% All Cash
  • Foreclosure Activity Increases 5%


39,000 Completed Foreclosures in December

According to Corelogic’s National Foreclosure Report there were 39,000 completed foreclosures nationwide in December 2014, down from 46,000 in December 2013.
This represents a year-over-year decrease of 13.7 percent and a decrease of 66 percent from the peak of completed foreclosures in September 2010.  The 12-month sum of completed foreclosures for 2014, at 563,294, is at its lowest point since November 2007 when it was 589,570.
On a month-over-month basis, completed foreclosures were down 4.9 percent from the 41,000 reported in November 2014. As a basis of comparison, before the decline in the housing market in 2007, completed foreclosures averaged 21,000 per month nationwide between 2000 and 2006.
As of December 2014, approximately 552,000 homes were in some stage of foreclosure, known as the foreclosure inventory, compared to 840,000 in December 2013, a year-over-year decrease of 34.3 percent.

Cash Transactions Made Up 36 Percent of All Home Sales in November

According to Corelogic, cash sales made up 36.1 percent of total home sales in November 2014, down from 38.8 percent in November 2013.
Peak cash sales occurred in January 2011 when cash transactions made up 46.4 percent of total home sales. Prior to the housing crisis, the cash sales share of total home sales averaged approximately 25 percent.
Michigan had the largest share of any state at 54.4 percent, followed by West Virginia (53.3 percent), Florida (51.4 percent), Alabama (50.7 percent) and South Dakota (45.5 percent).
all cash sales

Foreclosure Activity Increases 5 Percent in January

RealtyTrac’s U.S. Foreclosure Market Report™ for January 2015 shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 119,888 properties in January, an increase of 5 percent from the previous month but still down 4 percent from a year ago.
Bank repossessions were up 55 percent from December.