Distressed properties down again

by Diana Aqra10 Jul 2013
The number of homes in foreclosure is down again in May, according a recent report. 
Foreclosure inventory in May 2013 stood at 1m homes, or 2.6% of all homes with mortgages, compared to the 1.4m homes, or 3.5% of homes with mortgages, in May 2012, a report by CoreLogic said. 
The five states with the higest number of completed foreclosures during the last 12 months are Florida (103,000), California (76,000), Michigan (64,000), Texas (51,000) and Georgia (47,000), which in total, make up about half of all completed foreclosures nationally, the report said. 
There were approximately 2m properties in shadow inventory as of May 2013, which is down 34% since its peak in 2010, the report said. This figure includes properties with mortgages that are 90-days-plus delinquent, in some stage of foreclosure, and in REO status.



Is TILA-RESPA a good or bad thing long term?