As busy as everyone in the mortgage business was this past year (not now though) it comes as no surprise what the reporting companies are announcing. CoreLogic reported in their December report that the 12 month sum of completed foreclosures is at the lowest level since 2007, with the rate of serious delinquency at the lowest level since November 2008. They also reported that foreclosure inventory was down 31% year ending December 2013. RealtyTrac announced that the shrinking number of distressed properties in 2013 helped reduce foreclosure filings 26% year to year. Both companies have many other great stats that will make everyone in the lending industry much happier.
Being positive to our customer, the borrower is important. I encourage you to keep these numbers in mind in your daily conversations. We, as a nation, are slowly climbing out of the real estate hole we were in. But even with all of the good news, home prices nationally, are 23% below the first-quarter 2006 peak. Our heads may be above the hole, but we’re not out of it yet!
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