Friday, December 8, 2023 | The Latest Buzz for the Appraisal Industry

Foreclosure Inventory a Hurdle for New Home Construction

By Jann Swanson

Posted To: MND NewsWire

Completed foreclosure dropped precipitously in October compared to September, although they were down to a significantly lesser extent from a year earlier. While the foreclosure crisis is no longer front-page news, CoreLogic’s October National Foreclosure Report, released today points out that completed foreclosures in October were nearly double the number in more “normal” times and are a major factor inhibiting a return to normal levels of new home construction. During the month there were 41,000 completed foreclosures nationally compared to 62,000 in September, a -34.1 percent change . The October number was down 14,000 or 26.4 percent from a year earlier and was 65 percent below the peak of completed foreclosures in September 2010. It was the 25 th month of double digit year-over-year declines…(read more)

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