This guest post is from Jillian Dohack, my wife, and short sale specialist at Winged Foot Title in Fort Myers. -Brad
Nationwide, inventory of foreclosed homes fell 32 percent in July compared to a year ago, which might be a sign that the foreclosure crisis may be coming to an end. According, to CoreLogic’s latest foreclosure report. CoreLogic is a leading residential property information, analytic and services provider.
Florida is still among the five states that had the highest foreclosure inventory along with New Jersey, New York, Connecticut and Maine. However, it was also shared that in July, 949,000 homes were in some stage of foreclosure, which is down from 1.4 million a year ago.
It also shared that in July, there were 49,000 completed foreclosures, down from 65,000 a year ago. Prior to the housing crisis, completed foreclosures were averaging 21,000 a month. This must mean that the number of foreclosures up for sale nationwide is gradually decreasing.
As the housing market continues to recover and improve, banks are starting to clear out their distressed property inventories. Fewer foreclosures flooding the housing market are positive for both borrowers and homeowners as these homes have brought property values down. The fewer that are around, the stronger prices will become.
With the improvement of the housing market and prices rising, this could relieve many households from negative equity. This all sounds like positive news for Southwest Florida!
What are your thoughts?