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Foreclosure Inventory a Hurdle for New Home Construction

Completed foreclosure dropped
precipitously
in October compared to September, although they were down to a
significantly lesser extent from a year earlier.  While the foreclosure crisis is no longer
front-page news, CoreLogic’s October National Foreclosure Report, released
today points out that completed foreclosures in October were nearly double the
number in more “normal” times and are a major factor inhibiting a return to
normal levels of new home construction.

During
the month there were 41,000 completed foreclosures nationally compared to
62,000 in September, a -34.1 percent change
The October number was down 14,000 or 26.4 percent from a year earlier
and was 65 percent below the peak of completed foreclosures in September 2010.  It was the 25th month of double
digit year-over-year declines in the
inventory of foreclosed homes.

 

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