Wednesday January 14, 2014

// January 14th, 2015 // Daily News

Foreclosures down, but will take 2 more years to normalize: Corelogic

The number of completed foreclosures continued to fall in November, with 41,000 borrowers losing their homes, down from 46,000 in November 2013, according to CoreLogic, a real estate analytics firm. That’s a 64 percent drop from the peak in September 2010.
“It will be about two more years until we are back to historical norms,” said Molly Boesel, a senior economist at CoreLogic.
Before the housing crisis, the average monthly foreclosure count was about 21,000. Foreclosures are now running at the pace last seen in 2007, the start of the crisis. Boesel said they will likely remain at this elevated rate, leveling off, until the pipeline of distressed loans, mostly from the worst lending of the housing boom, is cleared.
About 567,000 homes nationally were still in some stage of foreclosure in November. This so-called foreclosure inventory, compares with 880,000 in November 2013, a year-over-year decrease of 35.5 percent. The inventory has been falling on an annual basis for 37-consecutive months.
“At current foreclosure rates, we expect to see the foreclosure inventory in the U.S. to drop below 500,000 homes sometime in the first quarter of 2015, which would be another milestone in the healing of the housing market,” said Anand Nallathambi, president and CEO of CoreLogic.
The foreclosure rate fell in every state, with only the District of Columbia seeing a small increase. Rates vary dramatically by state, however, due to differing laws for processing foreclosed properties. Some states have twice the national rate due to delays.
Five states accounted for nearly half of all completed foreclosures nationally for the 12 months ended in November. They were Florida (118,000), Michigan (50,000), Texas (36,000), California (29,000) and Ohio (29,000), according to CoreLogic.

Today’s Inspiration

It Takes a Team

by Joyce Meyer – posted January 14, 2015

Two are better than one, because they have a good [more satisfying] reward for their labor; for if they fall the one will lift up his fellow.
—Ecclesiastes 4:9-10

In 1867, John Roebling had a vision and a passion to do something experts said couldn’t be done: build a bridge from Manhattan to Brook¬lyn, in New York City. No one believed it could be done, but Roebling and his son Washington, a young engineer, persevered.

The Roeblings hired their crew and finally got to work on John’s dream. Only a few months into the project, a worksite accident took John’s life. But the project continued, with Washington as its leader.

Three years later, Washington was severely injured. He was unable to talk, walk, or even move most of his body. But his mind was sharp, and his dream of building the bridge still burned in his heart.

Washington had two things in his favor: one finger that still worked and a wife who loved him. Roebling and his wife figured out a com¬munication system in which he tapped on her arm. For eleven years, Washington tapped out messages and instructions for the bridge, until it was finally complete.

Washington Roebling needed a dependable team of people to achieve his dream. He needed his father, his crew, and his wife. We need other people too; we can love, support, help, and encourage them, and they can do the same for us.

Love Others Today: Who do you need on your team in life? Who needs you on their team?

Comments are closed.