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  • Housing Market Recovery Gaining Momentum Heading Into 2014

    housing marketThe global financial crisis that hit in 2008 had a ripple effect that has lasted the better part of the last five years, particularly in the housing market. But it seems that a recovery is underway, as 2013 proved to be a year of steady progress for the reduction of home foreclosures. In December of 2012 there were 52,000 completed foreclosures as reported a recent analysis by CoreLogic. By December 2013 that number fell 14% to 45,000 foreclosures. 2013 has been described by executives at CoreLogic as a “transitional year” for residential property, with increased home prices and other factors indicating an economy that is on the rebound, although the progress is slow.

    Several states experienced very low foreclosure inventories in 2013. For example, Wyoming, with the lowest inventory at 0.4% completed only 759 foreclosures in 2013. North Dakota had a foreclosure inventory of 0.6% and completed 417 foreclosures. The national foreclosure inventory measures the number of homes that are in some stage of the foreclosure process. This national inventory saw a 31% decline year over year and has dropped consistently for 12 straight months by no less than 20% year over year. While New York, Florida, and New Jersey have the highest foreclosure inventories, there are still 36 states with inventories that fall below the national average – with Wyoming, Alaska, and North Dakota having the lowest inventories.

    Between 2000 and 2006 the United States saw an average of 21,000 completed foreclosures per month. There have been 4.8 million completed foreclosures since September of 2008 when the financial crisis began. The housing market is expected to see continued recovery in 2014 but significant progress isn’t expected until well into 2015 and beyond.

    To read more from USAToday, click here.

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