According to a recently released report by the data services provider CoreLogic, Christmas officially came early as far as the U.S. real estate market is concerned.
Indeed, the report shows that we've come a long way from the nightmare that was the recent recession, which saw record foreclosures and plummeting home prices across the nation, with the market here in Florida hit especially hard.
What exactly did the report determine on a national level?
According to CoreLogic, the number of completed foreclosures during the 12-month period ending in October fell by 27.1 percent when compared to the same time last year, while the foreclosure inventory -- meaning those homes in some stage of the foreclosure process -- fell by 21.5 percent and sits at roughly 463,000 homes.
In addition, the report found that the number of mortgages considered to be in serious delinquency -- meaning at least 90 days past due, owned by lenders or in foreclosure -- stood at 3.4 percent, which represents a near-eight-year low.
What did the report find concerning Florida?
Closer to home, the report found that the even though Florida was one of the leaders in completed foreclosures, the overall number nevertheless fell by 29 percent from 2014. Furthermore, while the state's foreclosure inventory fell by 2.5 percent, a welcome decline from last year's 4.1 percent, this figure is still more than double the U.S. rate of 1.2 percent.
As for the number of mortgages in the state considered to be in serious delinquency, the report found 5.6 percent can be classified as such, a drop from 8.3 percent in 2014, but still good for third-highest in the country.
Why is the foreclosure inventory still so high in Florida?
According to CoreLogic, states like Florida, New York and New Jersey have a significant foreclosure inventories owing to the fact that their laws require court action to complete a foreclosure (i.e., judicial foreclosure).
From sales and closings to foreclosures and eminent domain issues, consider speaking with an experienced legal professional if you have questions or concerns regarding a residential real estate matter.