Improving: U.S. and Flagler County Foreclosure Snapshot

New Flagler foreclosures were down 53.8% YOY in October. Florida foreclosure inventory dips 44.9% over same period. Florida still second in foreclosure inventory as % of mortgaged homes.

Palm Coast, FL – December 4, 2014 – Flagler County new foreclosures dropped to 30 in October, down 53.8% year-over-year. Completed foreclosures remain high with 86 completed in October. When there are more completions than there are new filings, foreclosure inventory declines. Through October, Flagler County reports 488 new foreclosure filings, down 31.2% from the 709 reported during the same period in 2013

The CoreLogic National Foreclosure Report for October 2014 was released today. U.S. foreclosure inventory (as a percentage of mortgaged homes) dropped 26.4% year-over-year. Florida’s foreclosure inventory dropped 44.9%. 4.1% of Florida homes with mortgages are in some stage of foreclousre putting Florida in second place to N.J. (5.5%).

Foreclosure inventory and completions continue to have a dampening effect on both the resale housing market and the new home market. “While there has been a large improvement in the reduction of foreclosure inventory, completed foreclosures remain high and serve as one of the obstacles to new single-family construction. Until the flow of completed foreclosures declines to normal levels, new-home construction will not pick up because builders have little incentive to compete with foreclosure stock,” says Sam Khater, deputy chief economist at CoreLogic publisher, Toby Tobin, was featured yesterday evening on a Brighthouse Channel 13 news segment about Flagler foreclosures. Flagler's foreclosure crisis coming to an end?

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