Foreclosure Activity Decreases to Lowest since 2006

CF Funding is happy to share that foreclosure activity has been reported at its lowest levels since before the housing crash. In the first half of 2014 (January through June) there were 613,874 foreclosure filings, which is a 23 percent decrease from the first half of last year. As CF Funding mentioned earlier this month on their blog, the Obama administration is taking steps to continue to decrease foreclosures, and the lender expects that more improvement is to come in the next few years as the economy improves.

The Midyear 2014 U.S. Foreclosure Market Report, released this week by RealtyTrac, revealed that one in 214 homes in the U.S. reported a foreclosure in the first six months of this year (about 0.47 percent). Foreclosure activity for June totaled 107,194 properties, which is down 2 percent from May 2014 and down 16 percent from a year ago. Ten states reached their lowest levels of foreclosure activity since the housing crash in 2006, including Texas, Georgia, Colorado, Tennessee, Arizona, and Nevada. CF Funding is licensed in Texas, Florida, and Colorado, and the lender was happy to see such high foreclosure improvement in those states.

Only nine states saw an increase in foreclosure activity in the first half of 2014 in comparison to the first half of 2013. Those states include New Jersey (up 54 percent), Maryland (up 18 percent), and Iowa (up 10 percent).

It may be disheartening to see that Illinois is ranked at the country’s third highest foreclosure rate in the first half of 2014, at one in every 123 housing units. However, Illinois has a longer foreclosure filing process than many other states in the country. This means that although foreclosures are recovering in Illinois, the statistics reporting a decrease in filings may lag behind other states by a few months. CF Funding is happy to share that Illinois foreclosure activity did decrease 16 percent in comparison to the second half of 2013, and 32 percent from a year ago. The Chicago metro area also saw a 30 percent decrease in foreclosure activity in the first half of 2014 compared to a year ago.

Those who are in danger of foreclosure should contact CF Funding today to take advantage of free credit repair services with a refinance. The lender has assisted thousands of homeowners to regain positive equity in their homes. Call 888-344-4080 or visit www.cffunding.com today. 

Consumer Confidence Rises in May

CF Funding is pleased to share that consumer confidence has risen in May to a score of 83.0. The Consumer Confidence Index, provided by the Conference Board, had decreased in April to 81.7. The index is now at its second-highest reading since 2008, with March of this year slightly higher at a score of 83.9.

The lowest score seen in the Consumer Confidence Index was 25.3 in February of 2009. Consumer confidence has risen significantly since then, but is not yet at its peak  pre-recession levels. In 1985, the index was at a score of 100. Consumer confidence in regards to present-day conditions improved in May, with those stating business conditions as “bad” declining from 24.8 to 24.1 percent. Those who believe jobs are “plentiful” rose about 1 percent from 13.0 to 14.1, and those who believe jobs are “hard to get” decreased from 32.8 to 32.3 percent.

Consumer expectations increased in May, with those expecting business conditions to improve (over the next 6 months) increasing from 17.2 to 17.5 percent. Those expecting business conditions to worsen decreased from 10.5 to 10.2 percent. Confidence in the labor market improved slightly, with those expecting more jobs increasing from 14.7 to 15.4 percent, and those expecting their incomes to grow increasing from 16.8 to 18.3 percent. According to Lynn Franco, Director of Economic Indicators at The Conference Board, “Consumers assessed current conditions, in particular the labor market, more favorably. Expectations regarding the short-term outlook for the economy, jobs, and personal finances were also more upbeat. In fact, the percentage of consumers expecting their incomes to grow over the next six months is the highest since December 2007 (20.2 percent).”

Home prices rose slowly in March, according to the S&P/Case-Shiller Index released this week. The index for March revealed a 12.4 percent increase in home prices in comparison to February’s 12.9 percent. Home price gains were high in Chicago, with a year-over-year gain of 11.5 percent. Price gains were also high in Cleveland, Detroit, Miami, Minneapolis, and New York. Las Vegas had one of the highest annual returns at about 21 percent. Only two cities in the index have set record highs since the housing crisis: Dallas, TX and Denver, CO. CF Funding is happy to be a part of the growing housing industry in these cities as the lender is licensed in both Texas and Colorado.

For more updates on home prices, mortgage rates, and housing industry news, follow CF Funding on Facebook at www.facebook.com/cffundingcorp or visit the lender’s news feed at www.cffunding.com/index.php/news.