Foreclosure inventory falls 19.5 percent in 2012
This is a good sign for the real estate industry and also an indicator that first time home buyers might want to start getting serious about pulling the trigger because as foreclosures decrease, home prices will rise.
According to CoreLogic, there were 56,000 completed foreclosures in the U.S. in December 2012, down from 71,000 in December 2011, marking a 21 percent decrease over the year, and a three percent decrease from revised data for November 2012. In December 2012, approximately 1.2 million homes were in the national foreclosure inventory, down 4.2 from the month prior, and down 19.5 percent compared to December 2011. The current national foreclosure inventory represents 3.0 percent of all homes with a mortgage.
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