Dwindling Foreclosures Still at Historically High Levels

Declining foreclosures and rising home prices continue to show the housing market is strengthening nationwide, according to the June 2013 edition of the Obama Administration’s Housing Scorecard.

The number of foreclosure actions started were down in June to 57,300, compared to 72,700 taken in the previous month. Additionally, foreclosure completions also saw a decrease in June as they ranked in at 35,000 for the month, compared to 38,900 in May 2013. 

While foreclosure activity was on the decline, home sales were on an upward trajectory in June, according to the data jointly issued by the Obama Administration and the Department of Housing and Urban Development (HUD). 

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June reported 39,700 new home sales, a modest increase from the previous month’s total of 38,000. Existing home sales were also up, with June posting 431,700 sales. 

“Foreclosure starts and completions are down significantly from one year ago; and since January 2012, rising home values have lifted 2.4 million homeowners back above water,” said Kurt Usowski, deputy assistant secretary for economic affairs at HUD.

Although foreclosure activity has been trending downward, the number of mortgage delinquencies remain “quite high compared to historic norms,” Usowski added. 

Written by Jason Oliva

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