Foreclosure inventory declines markedly in May

Foreclosures are down across the country in May.Homeowners in the Houston real estate market likely have become better at making on-time mortgage payments, with the national foreclosure inventory showing a marked decline in May.?The U.S. foreclosure inventory stood at 1 million homes at the end of May, down from 1.4 million a year ago at this time, which represents a 29 percent year-over-year decline, according to CoreLogic's National Foreclosure Report. The number of seriously delinquent homes decreased as well, to fewer than 2.3 million – the lowest level since December 2008.?”The stock of seriously delinquent homes, which is the main driver of shadow inventory, is at the lowest level since December 2008,” said Mark Fleming, chief economist for CoreLogic. “Over the last year it has decreased in 42 states by double-digit figures, resulting in rapid declines in shadow inventory for the first quarter of 2013.”Home value appreciation has been one of the driving factors behind the easing foreclosure problem, as more homeowners have been able to regain positive equity as a result. May proved to be another strong month for values, as they jumped 5.4 percent year-over-year.?Overall, fewer foreclosures and higher home values leads to a healthier Houston real estate market.?Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.

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