Last month saw 58,000 completed foreclosures in the U.S., down from 62,000 in June and down from 69,000 in July 2011, according to new data from Santa Ana, Calif.-based CoreLogic.
CoreLogic reports that approximately 1.3 million homes – or 3.2% of all homes with a mortgage – were in the national foreclosure inventory as of July, compared to 1.5 million (or 3.5%); the month-over-month foreclosure inventory was unchanged.
The five states with the highest number of completed foreclosures for the 12 months ending in July were California (118,000), Florida (92,000), Michigan (61,000), Texas (57,000) and Georgia (54,000). These five states account for 48.1% of all completed foreclosures nationally.
‘The decline in completed foreclosures is yet another positive signal that the housing market is continuing on a progressive path of stabilization and recovery,’ says Anand Nallathambi, president and CEO of CoreLogic. ‘Alternative resolutions are helping to reduce foreclosures and often result in a more positive transition for the borrower and lower losses for investors and lenders.’