According to Mortgage News Daily, “CoreLogic's October National Foreclosure Report puts the foreclosure inventory, the number of residential properties in process of foreclosure that month at 463,000. That is 1.2 percent of all mortgaged properties in the U.S and the lowest rate since November 2007.”
The drop, along with the 2016 housing market prediction, is good news for potential home buyers, and indicates a strengthening market.
So what do we have to thank for this drop? A combination of a few factors, namely, improved overall economic conditions and a noticeable drop in the unemployment rate.
Source: Mortgage News Daily