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CoreLogic Reports Foreclosures Down And Home Sales Up Slightly

Foreclosures Down In June

It is very interesting how the news can be manipulated to reflect what the writer wants. The following article is from DS News indicating that foreclosures are “continuing to decline” and yet yesterday MND Newswire reported that June saw a 2.5% increase in the number of foreclosures.

So how is this possible? Well technically both are correct. But they are presented from different perspectives. Yesterday’s article is comparing June 2013 foreclosures over May 2013 which was 55,000 over 53,000. While today’s article from CoreLogic is reporting June 2013 over June 2012.

What is significant for me is that while we have been seeing a steady decline in foreclosures, many financial institutions have predicted that there are still a lot of foreclosures to come to market. The lull in activity has been attributed to the many lawsuits brought against lending banks, which are now settled – new rules firmly in place and the banks are set to release these “shadow inventories”.

 

Now Here is the DS News Article

Completed foreclosures and distressed inventory continued their downfall in June, CoreLogic reported Tuesday.

Sherry Fields Real Estate - News

Data for last month showed 55,000 homes were lost to foreclosure, down 20 percent from June 2012. The decrease represents the 19th month-in-a-row completed foreclosures have ticked down. However, on a monthly basis, completed foreclosures inched up by 2.5 percent.

Since the financial crisis began in September 2008, about 4.5 million homes have been lost to foreclosure.

The level of foreclosure inventory also came down in June. According to CoreLogic’s estimate, about 1 million homes were in some stage of foreclosure, which represents a 28 percent annual decrease and a 2.9 percent decline from May 2013. The yearly decline marks the 20th consecutive month inventory has trended down.

read more …

 

And Other News Homeownership shows Slight Increase

The number of households owning homes rose a scant 32,000 in the second quarter, but the homeownership rate remained at 65.0 percent, the lowest level in 18 years, the Census Bureau reported Tuesday.

Sherry Fields Real Estate - News

At the same time, the Census Bureau data showed the number of new household formations dropped dramatically in the first half of the year, an average of about 500,000 new households per month compared with 1.4 million new households per month in 2012.

The homeownership rate peaked at 69.2 percent in the second quarter of 2004. The rate measures the proportion of households owning their primary residence and is computed by dividing the number of household that are occupied by owners by the total number of occupied homes.

read more …

 

So to conclude Foreclosures are slowly increasing and predictors are that it will continue until the shadow inventory is eliminated. And while nationally we are seeing recovery in many markets we are still behind on the number of closed transactions. This is largely due to the shortfall in inventory. After the debacle of the real estate market for the last 5 years many homeowners are still waiting to sell afraid they won’t get the asking price.

 

CoreLogic

CoreLogic (Photo credit: Wikipedia)

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About the author

Sherry Fields Written by Sherry Fields: Working in real estate for over 12 years, Sherry Fields is certified in Foreclosures, Short Sales and Negotiations along with many support computer platforms on the web. She has been helping her clients buy & sell homes by building relationships so that they can buy and sell with confidence. You can find her at Twitter, LinkedIn, ActiveRain Facebook and

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