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CoreLogic: National foreclosures down

Tue, Jul 31, 2012

News

There were 25 percent fewer completed foreclosures nationally in June 2012 than there were in June 2011, according to a report from real estate analytics firm CoreLogic.

The number of completed foreclosures dropped from 80,000 nationally in June of last year to 60,000 this year.

Since the financial crisis began in September 2008, there have been approximately 3.7 million completed foreclosures across the country, according to CoreLogic.

Completed foreclosures are an indication of the total number of homes actually lost to foreclosure.

Approximately 1.4 million homes, or 3.4 percent of all homes with a mortgage, were in the national foreclosure inventory as of June 2012 compared to 1.5 million, or 3.5 percent, in June 2011.

Month-over-month, the national foreclosure inventory was unchanged from May 2012 to June 2012. The foreclosure inventory is the share of all mortgaged homes in some stage of the foreclosure process.

“While completed foreclosures and real-estate owned (REO) sales virtually offset each other over the past four months, producing static levels of foreclosure inventory for most of this year, they are beginning to diverge again,” said Mark Fleming, chief economist for CoreLogic. “Over the last two months REO sales declined while completed foreclosures leveled out. So we could see foreclosure rates rising.”

 

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