Year over year foreclosure rates have fallen by almost 30 percent. This is the largest decline in foreclosures since 2015. With the clearing of the distressed sale properties, home values and home equity should begin to rise.
In North Carolina the foreclosure market is now just 0.6 percent of the over-all home sales market. The number of NC foreclosed homes is down 26.4 percent compared to this time last year. There have been a total of 15,186 foreclosed homes completed over the past 12 months in NC.
Nationally the foreclosure market composes 0.9 percent of the total market. Foreclosures are down by almost 30 percent nationwide.
The areas with the highest foreclosure rates listed in order include New Jersey, New York, Maine, Hawaii and the District of Columbia.
The areas with the least amount of foreclosures listed in order are Colorado, Minnesota, Arizona, Utah and Michigan.
Frank Nothaft, Chief economist with Corelogic said that, “The large decline in the distressed inventory has been one of the drivers of steady home price growth which helps Americans increase their home equity to support increased spending or cushion future economic risk”.
Corelogic is a leading global property information, analytics and data-enabled solutions provider.