National foreclosure inventory declines

At the end of August, there were an estimated 1.3 million properties in the foreclosure inventory.The national foreclosure inventory thinned in August to the lowest level seen since the middle of 2010, which could be an indicator that the housing market recovery is well underway.At the end of the month, there were an estimated 1.3 million properties in this supply, which accounted for 3.2 percent of all mortgaged properties, according to a report from CoreLogic.”The continuing downward trend in foreclosures and a gradual clearing of the shadow inventory are important signals that the recovery in housing is gaining traction,” said CoreLogic chief executive Anand Nallathambi.While much of the nation still struggles to get its foreclosure inventory under control, Houston real estate has been relatively resilient following the housing market collapse.According to RealtyTrac, at the end of August, one in every 914 properties in Harris County were in some stage of the foreclosure process. This was well below the national average of one in every 681.??Although distressed properties add downward pressure to home prices, they provide a number of affordable options to buyers, especially first-timers with a limited financial history.? Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.

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