CoreLogic Reports Foreclosure Inventory Down

By  //  October 10, 2013

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904 short sales, bank-owned properties for sale in Brevard

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BREVARD COUNTY, FLORIDA — The U.S. foreclosure inventory is down 33% according to CoreLogic’s August National Foreclosure Report featuring quarterly shadow inventory data as of July 2013.

As of October 8, there are 904 short sales and bank-owned properties for sale in Brevard County according to the Space Coast MLS ranging from $7,500 - $1,800,000.

As of October 8, there are 904 short sales and bank-owned properties for sale in Brevard County according to the Space Coast MLS ranging from $7,500 – $1,800,000.

As of October 8, there are 904 short sales and bank-owned properties for sale in Brevard County according to the Space Coast MLS ranging from $7,500 – $1,800,000.

According to the CoreLogic report, there were 48,000 completed foreclosures in the U.S. in August 2013, down from 72,000 in August 2012, a year-over-year decrease of over 33 percent.

For the past couple of years, I sometimes hear talk about an overflow of shadow inventory homes that will flood our market at anytime.  Shadow inventory is basically homes that are somewhere in the foreclosure process that have not yet closed.

The report also states that overall residential shadow inventory of homes is down 22 percent from a year ago and down 38 percent from its peak in 2010.

Mark Fleming

Mark Fleming

CoreLogic estimates the current stock of properties in the shadow inventory, also known as pending supply, by calculating the number of properties that are seriously delinquent, in foreclosure or held as REO by mortgage servicers, but not currently listed on multiple listing services (MLSs).

“The foreclosure inventory continues to improve, as exhibited by these recent numbers,” said Dr. Mark Fleming, chief economist for CoreLogic.

“A surge in completed foreclosures and a rise in the foreclosure inventory is unlikely,” however.

“With a year-over-year decrease of 22 percent in July, the shadow inventory has now declined steadily for 10 consecutive months.”

“Over the past year, the value of the U.S. shadow inventory dropped by $87 billion–a sign of increased normalcy in the housing market,” said Anand Nallathambi, president and CEO of CoreLogic.

“With a year-over-year decrease of 22 percent in July, the shadow inventory has now declined steadily for 10 consecutive months.”

If the banks are really sitting on a lot of shadow inventory then it’s a really good time to get them listed for sale. Demand is up and inventory is down.

Please contact me for a detailed list of available properties for sale at McCoyFreemanGroup@gmail.com

ABOUT THE AUTHOR

Freeman

Bobby Freeman, a life-time resident of Brevard County, has been a top Realtor in the area for two decades. In his first year as an agent, Freeman received a Rising Star award from his Brokers. Since then he has achieved numerous sales awards and has recently been presented with the prestigious RE/MAX Hall of Fame Award.

Freeman, Jennifer McCoy and Nikki McCoy Freeman are family partners for RE/MAX Elite’s McCoy-Freeman Group. Together they have more than 30 years of extensive experience in all aspects of the real estate industry and have sold over $180 million. Among McCoy-Freeman Group’s achievement are RE/MAX Hall of Fame, RE/MAX 100% Club, Certified Distressed Property Experts (CDPE), Accredited Buyer’s Representative (ABR) and voted Best Realtor in Brevard County. The group has been featured in many news publications including CNN Money Magazine, CNNMoney.com, WFTV 9 ABC News, Coastal Condo Living, & Hot Retirement Towns Magazine and SpaceCoastDaily.com.

For more information log on to BrevardRealtyConnection.com


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