As of January 2013, foreclosure inventory has fallen for 15 months straight. Nationwide, the number of homes in foreclosure is down by 1.2 million as of January. This is a good sign that the real estate market and neighborhoods are stabilizing. A major boost to the decline in foreclosure was also due to the holiday seasons in which banks traditional hold off.
With a decline in foreclosure, real estate prices are soaring upward and appraisals are meeting the soaring prices. Let us watch and see if this trend continues throughout the year.
According to CoreLogic, here are the top five states in the foreclosure inventory:
1. California (96,000)
2. Florida (95,000)
3. Michigan (74,000)
4. Texas (59,000)
5. Georgia (50,000)
For a list of recent foreclosures, click here.
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