Foreclosures Down a Third Compared to a Year Ago

Published: Aug 28, 2014
Sign Of The Times - Foreclosure
In its monthly foreclosure report, CoreLogic reveals that the number of foreclosures has dropped by a third compared to the same time last year. In July 2013 there were 976,000 homes approaching foreclosure, compared to the 640,000 homes a year later.

Sam Khater, chief economist at CoreLogic, said that distressed debt is continuing its rapid decline and even more so in western states. He further commented that “the number of seriously delinquent loans fell by more than 25 percent from the prior year in 10 states and seven of those states were in the west.”

Last month, only 1.6 percent of all homes with a mortgage were in a stage of foreclosure, compared to 2.4 percent in July of last year. This July is also the 33rd consecutive month of declines in foreclosures.

Read the full article in Housing Wire.

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Victor Lance is the founder and president of Lance Surety Bond Associates, Inc. He began his career as an officer in the U.S. Marine Corps, serving two combat tours. As president of Lance Surety, he now focuses on educating and assisting small businesses throughout the country with various license and bond requirements. Victor graduated from Villanova University with a degree in Business Administration and holds a Masters in Business Administration (MBA) from the University of Michigan's Ross School of Business.