Foreclosures decline nationally in December
Foreclosures declined nationally in December, new data show, extending a critical component of the recent housing recovery into the new year.
The sizable 19.5% decline in foreclosure inventory, accompanied by a similar drop in completed foreclosures, should help lay a path for a faster recovery in 2013. Fewer repossessed homes on the market will probably lead to higher home prices and a healthier real estate market.
“The most encouraging foreclosure trend reported here is that the inventory of foreclosed properties is almost 20% smaller than a year ago,” said Mark Fleming, chief economist for CoreLogic, the mortgage tracking firm which reported the data Friday. “This big improvement indicates we are working toward resolving the backlog...
