That’s based on recently released numbers from July, when the inventory stood at 640,000 homes. A year earlier, that number was 976,000. Foreclosed homes account for 1.6 percent of all homes with a mortgage. In July 2013, foreclosed homes were 2.4 percent of all mortgaged homes.
“The stock of distressed debt continues to rapidly decline, especially in western states,” said Sam Khater, deputy chief economist at CoreLogic. “The number of seriously delinquent loans fell by more than 25 percent from the prior year in 10 states, and seven of those states were in the West.”
The number of completed foreclosures (45,000) was also down in July. That’s a 21.2 percent decline from July 2013.
Other findings from CoreLogic’s report:
Article compliments of Community Investor magazine.