MHProNews has learned from nationalmortgagenews that while the number of foreclosures is down, there are still many REO houses that have not seen the light of day in several years. CoreLogic reports foreclosure activity was down in March from the previous March 2012 by 17 percent, but April numbers show a decrease year-over-year of 23 percent. Randy Wussler of DataQuick says that while new foreclosures fell in 29 of 42 of the largest counties in the nation, they increased in 13, or 30 percent of the counties. He adds, “Inventory is tight, but there are more nondistressed properties on the market now than in the recent past and the discount rates buyers have enjoyed on distressed properties aren’t as high as they used to be. As a result, the incentive for a buyer to consider a distressed property—and all the added challenges associated with this type of property—isn’t as great as it used to be, which will lead to lingering distressed inventory.”
