According to a report issued Friday by CoreLogic, completed home and duplex levels are now at their lowest level since 2007.
In fact, in February the 54,000 properties lost to foreclosure were also down 7 percent from January, and a whopping 19 percent from February 2012.
February marked the 16th straight month that we’ve seen a decline in foreclosure inventory. At this time last year, there were 1.5 million homes and duplexes of foreclosure inventory. This year, that number is down to 1.2 million.
However, it’s important to note that while this news is encouraging, it’s a long way from great. Prior to the financial crisis, in a normal month, there were an average of 21,000 foreclosures. So today’s number of 54,000 is still more than twice the size it was in the past.
What this means for duplex buyers is there is still some time to get a good value on an investment property.
And what this means for duplex sellers is while prices are recovering, it might be a while yet before we see prices comparable to 2005 and 2006 levels.
Little inventory, however, has nonetheless made it a great time to sell.