This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Foreclosure Inventory Drops 31% in October

NEW YORK ( TheStreet) -- The foreclosure inventory rate continued to drop sharply, though the current levels still remain well above normal.

The number of completed foreclosures in October dropped to 48,000, down 25.6% from the previous month and more thanr 30% from a year earlier, according to the latest report from CoreLogic.

The current pace is still more than double the foreclosure rate of 21,000 a month that prevailed prior to the bubble.

As of October 2013, 879,000 homes were in some stage of foreclosure, down 31% from 1.3 million homes a year earlier. That represents 2.2% of all homes with a mortgage and is down from 3.1% a year earlier. Still, in normal times, the foreclosure inventory rate was just about 0.6%.

Must Read: Jobs Report Signals 'Paradigm Shift' in Equity Investing

But the improvement in the level of distressed loans is nevertheless a sign that the housing market is healing and it bodes well for home prices.

"The scourge of an elevated foreclosure inventory is easing. In October, every state posted a year-over-year decline in completed foreclosures, which is positive news," said Anand Nallathambi, president and CEO of CoreLogic in a statement. "Additionally, the rate of serious delinquencies, which fell more than 25% year over year, is at the lowest level in nearly five years, which is great news as we head into a new year."

-- Written by Shanthi Bharatwaj in New York.

Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
XLF $23.20 0.54%
AAPL $110.23 -0.97%
FB $92.17 -0.68%
GOOG $638.23 -1.10%
TSLA $233.40 -3.30%


Chart of I:DJI
DOW 16,862.48 +72.29 0.43%
S&P 500 1,986.33 +6.41 0.32%
NASDAQ 4,758.5070 +10.1460 0.21%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs