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Foreclosure Stock Falls, Apt. Vacancy to Rise Slightly

IRVINE, CA-The national foreclosure inventory drops 9% year-to-date, while the multifamily vacancy rate is expected to increase “modestly” in 2013, according to industry research.

By Carrie Rossenfeld | Updated on December 05, 2012

IRVINE, CA-October was a good month for the housing market. Completed foreclosures nationwide for the month decreased to 58,000, a 17% year-over-year decrease from October 2011 and a 9% drop since the beginning of the year, according to CoreLogic. In addition, the firm reports that home prices nationwide, including distressed sales, increased on a year-over-year basis by 6.3% in October compared to October 2011—the largest increase since June 2006 and the eighth consecutive increase in home prices nationally on a year-over-year basis.

 “The housing recovery that started earlier in 2012 continues to gain momentum,” said Mark Fleming, chief economist for CoreLogic, in a prepared statement. “The recovery is geographically broad-based with almost all markets experiencing some appreciation. Sand and energy states continue to experience the most robust appreciation and some judicial foreclosures states are even recording increasing prices.”

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