A recent report detailing the nation’s foreclosure rates show that the housing market is continuing its rebound. Based on October’s numbers, the country’s foreclosure stock decreased, and the portion of all loans that are in the foreclosure process fell to 1.2 percent from 1.5 percent. If you’re considering a home purchase, then now is a good time to begin searching for one.
Foreclosure Rates Decline
According to the October report, rates fell by 21 percent, which is about 463,000 homes across the nation. Since 2011, the foreclosure stock has decreased each year. The October numbers show that foreclosures have dropped by about 70 percent from their peak in January of 2011. In fact, just four states reported increases. Of the 47 states that confirmed foreclosure decreases, 15 of them reported decreases that were more than 20 percent. Florida, Oregon, Michigan, Idaho and Colorado posted the largest inventory drops. For these five states, the drop percentages ranged from just over 26 percent to as high as 40 percent. The states that saw a rise in foreclosure percentages included Massachusetts, Wyoming, the District of Columbia and Rhode Island.
Seriously Delinquent Rates Fall
The latest reports even show a decline in the number of loans that were delinquent by 90 days or more. In October of 2014, the seriously delinquent rate was at 4.1 percent. This year, the percentage dropped to 3.4 percent.
An Improving Economy
Better economic conditions and lower unemployment rates are responsible for the foreclosure rate decline. In addition, the October foreclosure numbers are the lowest that they’ve been for the last eight years. For buyers, home purchasing conditions appear to be close to ideal.