At the end of October, there were about 605,000 homes in the United States in some stage of foreclosure, compared to 875,000 a year ago, according to the newest data released by CoreLogic.
The foreclosure inventory was down 34.1 percent, marking the 36th month of consecutive year-over-year declines.
But for those Americans who are in the process of losing their homes, it’s no comfort that the worse of the foreclosure crisis is over.
CoreLogic found that 41,000 foreclosures were completed in October 2014, a 26.4 percent year-over-year decline from 55,000 in October 2013.
However, completed foreclosures averaged 21,000 per month nationwide between 2000 and 2006, before the decline of the housing market and the 2007-2008 financial crisis.
“While there has been a large improvement in the reduction of foreclosure inventory, completed foreclosures remain high and serve as one of the obstacles to new single-family construction. Until the flow of completed foreclosures declines to normal levels, new-home construction will not pick up because builders have little incentive to compete with foreclosure stock,” said Sam Khater, deputy chief economist at CoreLogic.
Meanwhile, the seriously delinquent rate Is at 4.2 Percent, the lowest level since July 2008, a positive sign as lenders adopt new mortgage qualification rules to ensure that borrowers can afford the homes they are purchasing.