This week, Core Logic, a provider of consumer, financial and property data, released their foreclosure report for the month of May of 2014. Their findings show a year-over-year decrease in the number of completed foreclosures nationwide.
According to the report there were 47,000 completed foreclosures, and the overall foreclosure inventory was down 4.8 percent from April of 2014. Realtor Mag says that that every state in the report achieved double-digit year-over-year declines, but industry professionals say that the decrease could be temporary.
The biggest declines in foreclosure rates were felt in Arizona, Utah, Nebraska and Minnesota, according to the report, whereas Florida, Michigan, Texas, California and Georgia had the highest rates.
"There is still much more hard work to do to clear the backlog of foreclosed properties," the president and CEO of Core Logic, Anand Nallathambi, told Realtor Mag. "Although difficult, we need to continue to aggressively clear distressed homes to ensure the return of a healthy housing market."
In much of the United States, the foreclosure market is still impacted by 'zombie foreclosures,' which are homes that have started, but never finished the foreclosure process and have been vacated by their owners. These homes take up 21 percent of foreclosures, and are especially popular in metro markets.
The decrease in the number foreclosures overall is great news for the rebound of the housing market. It is also a great way for new homeowners to get into the market. These homes tend to be cheaper because of their foreclosure status. If you are interested in learning about distressed or foreclosure homes in your area, contact the top real estate agents at Jon Hesse Realty today.