IE Business Daily Business news for the Inland Empire.
The national foreclosure rate fell dramatically on October, another sign that the housing market is in recovery mode.
About 41,000 foreclosures were completed during that month, down from 55,000 foreclosures in October 2013, a decline of 26.4 percent, according to Irvine-based CoreLogic, which provides property information and other data to the public and private sector.
Foreclosures were also down 34.1 percent from September, and were down 65 percent from the peak foreclosure month of September 2011, CoreLogic’s recent monthly report on the foreclosure market stated.
During October, about 605,000 single-family homes were in some state of foreclosure, down from 875,000 one year earlier, a drop of 31 percent. That marked three consecutive years of year-over-year declines, the report stated.
