Inventory of foreclosed homes decreases during April

The national shadow inventory was down during April.Recent data compiled by CoreLogic revealed a reduction in the country's pre-sale foreclosed inventory during April.According to the report, 1.8 million homes entered the foreclosure process during the month – down 18 percent from its peak – as fewer mortgages became delinquent and an increasing number of distressed properties were sold.If the current sales trends continue, the “shadow inventory” will run out in roughly five months, the report states. This inventory is often viewed as a barometer for the national real estate market's health, as foreclosures can lead to reduce home prices and weakened confidence among potential homebuyers.”It's showing there are improvements in some segments of the market,” Sam Khater, CoreLogic's chief economist, told Reuters. “It doesn't mean housing distress is over, but it does show that the pipeline of distress is beginning to ease.”Foreclosures are affecting the Houston real estate market less each month, according to a recent report from the Houston Association of Realtors. During May, 19.8 percent of all home sales involved distressed properties, down from 22 percent in April and 23.5 percent in March.Courtesy of 2M Realty News?

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