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DS News Webcast: Thursday 8/28/2014

Foreclosure activity was down all over the nation in July, particularly in the area of foreclosure inventory – homes that are in any stage of the foreclosure process – where there was a 34.4 percent drop from July 2013, according to CoreLogic's July 2014 National Foreclosure Report released earlier this week.

CoreLogic reported a foreclosure inventory of about 640,000 for July 2014 compared to 976,000 in July 2013. Analysts believe that number could drop to as low as 500,000 by the end of the year based on current trends.

In July 2014, there were approximately 45,000 foreclosures completed, a decline of 21.2 percent from July 2013. Month-over-month, the number of completed foreclosures fell by 8.5 percent. The number of completed foreclosures is dropping but still has a way to get back to its pre-2007 levels, before the decline of the housing market. The nation averaged about 21,000 completed foreclosures per month from 2000 to 2006. Since the beginning of the financial crisis in 2008, approximately 5.1 million foreclosures have been completed nationwide.

Boosted by an increase in secondary market purchases and a decline in sales, Freddie Mac's portfolio grew for the first time this year in July. In its July 2014 Monthly Volume Summary released on earlier this week, the mortgage giant reported 0.1 percent annualized growth in its total mortgage portfolio last month—a turnaround after six straight months of declines. Year-to-date, the portfolio's annualized growth rate is minus 1.7 percent. As of July 31, Freddie Mac's portfolio value was up still slightly under $1.9 trillion.

 

About Author: Jordan Funderburk

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