According to a report from the real estate data company CoreLogic, the rate of serious mortgage delinquency in the U.S. was at its lowest level in October since November, 2008.
There were 48,000 foreclosures completed nationally in October. This represents a 30 percent drop from the 68,000 completed foreclosures during the same month in 2012.
To put this in perspective, there were “just” 879,000 homes in the U.S. in October. Last year, there were 1.3 million properties in some stage of foreclosure.
These declines are great news for duplex owners who have been longing to sell, but found themselves underwater. As the volume of distressed properties in the marketplace declines, and in the event interest rates remain low, we should see continued price gains.
However, it’s important to remember prior to the housing crisis, the average number of completed foreclosures per month was around 21,000; less than half the current rate.
In other words, while things are better, we’re far from done.