US housing recovery continues: CoreLogic

Property investors looking at the U.S. market will find that the housing recovery is well on its way, with new statistics revealing a huge reduction in foreclosures over the year.

In their recently released July National Foreclosure Report, CoreLogic, a California-based research house, recorded a 32% reduction nationally in foreclosure inventory since July 2012.

Prior the housing market decline in 2007, completed foreclosures averaged 21,000 per month nationwide between 200 and 2006. In July 2012 there were 65,000 completed foreclosures with 1.4 million in the inventory. July 2013 figures point to a recovery, with 53,000 completed and 949,000 counted in the inventory.

CoreLogic’s chief economist, Mark Fleming, said that this reduction of foreclosure stock will continue.

“As the housing market continues to recover, the foreclosure inventory is declining quickly, down by 32% from a year ago,” Fleming said.

“Continued strength in the housing market will contribute to our outlook for ongoing improvement in the stock of distressed assets through the end of this year.”

This was seen across the market, with every state recording a year-over-year decline.

Florida, New Jersey, New York, Connecticut and Maine were the states with the highest recorded foreclosure inventory, while Wyoming, Alaska, North Dakota, Nebraska and Colorado recorded the least.