Evaporating Foreclosure Inventory

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It’s amazing what a year’s time can do for the housing industry.  The national foreclosure inventory shrank by 27.4% from 2014 to 2015.  In May of 2014, the stock totaled 676,000 homes, while May 2015 ended with 491,000 homes.

Along with a quarter of the homes in the national foreclosure inventory being absorbed, completed foreclosures also saw slightly less improvement.  Mortgaged Homes in foreclosure were at 1.7% in 2014, but shrank to 1.3% in the year span.

The states that still have the largest foreclosure inventory as a percent of mortgaged homes are New Jersey (4.9%), New York (3.7%), Florida (2.9%), Hawaii (2.5%), and the District of Columbia (2.4%).

May ended with 41,000 completed foreclosures, while that time last year it was at 51,000, so a 19.2% decrease.  This is even a 64.9% decrease from the peak of the foreclosure period which was in September of 2010.