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Completed Foreclosures Plummet but Foreclosure Inventories Remain High

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  • The Great Foreclosure Trick or Treat | Marrocco De | | 01 Nov 2012, 02:40 AM Agree 0
    [...] as high as it was a year ago and has fallen less than 7 percent since March, according to the latest report from CoreLogic released this morning. The national inventory stands at million homes, or 3.3 percent of all homes [...]
  • William Matz | | 01 Nov 2012, 07:21 PM Agree 0
    By itself this number tells us nothing. We don't know if the decline is due to overall fewer mortgages in distress, or whether the distressed mortgages are being resolved with a different mix of solutions (short sales, deeds in lieu, mortgage mods, or forbearances). HARP 2.0 may also save some homes that might have gone to foreclosure. New laws are pushing alternatives over foreclosure, which is likely contributing to the shift. Hopefully, we are starting to emerge from the crisis, but that is not yet clear.
  • Steve Cook | | 02 Nov 2012, 05:31 AM Agree 0

    Thanks for your comment.

    The foreclosure inventory numbers reported by CoreLogic are mortgages that are in the foreclosure process, e.g. they are not short sales, deeds in lieu, mortgage mods or forebearances, which CoreLogic categorizes as shadow inventory along with delinquencies older than 30 days.

    I agree with you that we are emerging from the crisis and the larger picture has been improving for more than two years. The situation I described is a short term view and distressed sales generally are improving significantly. Defaults are down 40 percent from a year ago and, unless we should suffer another serious economic downturn, the days of the Foreclosure Era are numbered.
  • Sistem Inventory Asset | | 06 Nov 2012, 01:45 AM Agree 0
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  • Steve Cook | | 06 Nov 2012, 05:42 AM Agree 0
    Thanks, Lily!
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