The housing market has been healing for several years now. There's no doubt about that. Yet, the key question is: Are we back to normal? The short answer is we're getting closer--but still not all the way back.
Sifting through the most recent batch of indicators shows delinquency and foreclosure numbers that are starting to replicate levels seen before the crash. And while the May numbers are very promising, the early June numbers appear even better.
Take, for example, the May 2015 National Foreclosure Report numbers from CoreLogic, Irvine, California. The report found that the serious delinquency rate tracked by CoreLogic hit its lowest level since January 2008. And while 2008 was not "normal" by any stretch of the imagination, it was not as bad as things would subsequently become.
CoreLogic's own report reminds us that with 41,000 foreclosures completed in May 2015, there was definite improvement--especially from the 51,000 recorded in that month the year before. But true normal looks more like 21,000 per month. At least that was the monthly average from 2000 to 2006, according to CoreLogic.
So what about June? Jacksonville, Florida-based Black Knight Financial Services' First Look report on June mortgage performance data shows that the...