CoreLogic: 14 Months To Move Remaining Foreclosures Through The Pipeline

Posted by Patrick Barnard on May 29, 2014 No Comments
Categories : Mortgage Servicing

About 46,000 foreclosures were completed in the U.S. in April, down about 0.4% compared to the approximately 47,000 reported in March and down 18% from the 56,000 reported in April 2013, according to CoreLogic's monthly National Foreclosure Report.

CoreLogic notes that it revised its March foreclosure data.

According to the report, the number of homes that are in some state of foreclosure has dropped from 1.1 million in April 2013 to 694,000 in April of this year – a decrease of 35%. The foreclosure inventory as of April represented 1.8% of all homes with a mortgage, compared to 2.7% in April 2013.

April's foreclosure inventory was down 4.7% compared to March. It was the 30th consecutive month that the foreclosure inventory declined.

‘Over the last 12 months, completed foreclosures fell to 599,000, the lowest level since the Great Recession began in 2007,’ says Sam Khater, deputy chief economist for CoreLogic, in a release. ‘At the current pace of completed foreclosures, and given the current foreclosure inventory, it will take 14 months to move all of the foreclosed inventory through the pipeline.’

‘We have now registered two-and-a-half years of continuous decreases in the number of homeowners who are in some stage of the foreclosure process. This consistent decline means fewer Americans are experiencing the distress of delinquency and default,’ adds Anand Nallathambi, president and CEO of CoreLogic. ‘The recovery may be slow, but it is steady.’

According to the report, every state, excluding New York and the District of Columbia, posted double-digit, year-over-year declines in foreclosures.

For more, including a breakdown of foreclosure activity by state, click here.

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