Housing Market

Foreclosure inventory declines by 30 percent in 2013

Foreclosure NoticeRecent data released by Black Knight Financial Services showed foreclosure inventory declined by nearly 30 percent in 2013, following a decrease of approximately 20 percent in 2012.

The data released as part of the Black Knight Mortgage Monitor showed foreclosures are now just 4.6 times the pre-crisis average, down from more than eight times the pre-crisis average, while delinquencies are just 1.5 times the pre-crisis average.

According to the data, foreclosure starts at the end of 2013 were at the lowest level since April 2007, and pipelines have begun to clear in most states. While delinquent inventories declined by approximately 10 percent last year, sizable delinquency inventories remain in the Northeast and Southeast regions of the U.S.

The data showed home sales in 2013 were the strongest since 2003, and national home prices continue their upward climb. Sales through November 2013 outnumbered sales for 2010, 2011 and 2012.

In November, home prices rose to an average of $232,000—an 8.5 percent increase over 2012—though they are still below their peak average of $270,000 in June 2006.

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