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National foreclosure inventory falls again

Wed, Oct 31, 2012

News

National foreclosure figures continue to decline, according to a report from CoreLogic, a real estate analytics firm.

There were 57,000 completed foreclosures nationally in September, down from 83,000 in September 2011. While the current rate is still more than double the average 21,000 completed foreclosures between 2000 and 2006 prior to the decline of the housing market in 2007, it’s a dramatic improvement. Completed foreclosures are down more than 50 percent from the peak in 2010.

And the figures continue to slip. About 3.3 of all mortgages were in the national foreclosure inventory in September compared to 3.5 percent a year ago. Only 1.3 percent of all Colorado mortgages were in foreclosure.

“The continuing downward trend in foreclosures along with a gradual clearing of the shadow inventory are signs of stabilization and improvement in the housing market,” CoreLogic president and CEO Anand Nallathambi said in a statement. “Increasingly improving market conditions and industry and government policy are allowing distressed homeowners to pursue refinancing, loan modifications or short sales rather than foreclosures.”

“Homes lost to foreclosure in September 2012 are down 50 percent since the peak month in September 2010 and 22 percent less than the beginning of the year,” said Mark Fleming, chief economist for CoreLogic. “While there is significant progress to be made before returning to pre-crisis levels, the trend is in the right direction as short sales, up 27 percent year over year in August, continue to gain popularity.”

The five states with the highest number of completed foreclosures for the 12 months ending in September 2012 were: California (108,000), Florida (92,000), Texas (59,000), Georgia (55,000) and Michigan (51,000). These five states account for 47.7 percent of all completed foreclosures nationally.

The five states with the lowest number of completed foreclosures for the 12 months ending in September 2012 were: South Dakota (20), District of Columbia (58), Hawaii (436), North Dakota (583) and Maine (625).

The five states with the highest foreclosure inventory as a percentage of all mortgaged homes were: Florida (11.5 percent), New Jersey (7.3 percent), New York (5.3 percent), Illinois (5.2 percent) and Nevada (4.9 percent).

The five states with the lowest foreclosure inventory as a percentage of all mortgaged homes were: Wyoming (0.5 percent), Alaska (0.7 percent), North Dakota (0.7 percent), Nebraska (0.9 percent) and South Dakota (1.1 percent).

 

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