Last month saw the completion of 63,000 foreclosures in the U.S., up from 62,000 in April but down from 77,000 in May 2011, according to new data from Santa Ana, Calif.-based CoreLogic.
Completed foreclosures are an indication of the total number of homes actually lost to foreclosure. Approximately 1.4 million homes, or 3.4% of all homes with a mortgage, were in the national foreclosure inventory as of May, unchanged from April and down from 1.5 million (3.5%) in May 2011.
The five states with the highest number of completed foreclosures for the 12 months ending in May were California (133,000), Florida (92,000), Michigan (60,000), Texas (58,000) and Georgia (57,000). These five states accounted for 48.8% of all completed foreclosures nationally.
‘There were more than 819,000 completed foreclosures over the past year, or an average of 2,440 completed foreclosures every day over the last 12 months,’ says Mark Fleming, chief economist at CoreLogic. ‘Although the level of completed foreclosures remains high, it is down 27 percent from a peak of 1.1 million in all of 2010.’
Since the financial crisis began in September 2008, CoreLogic estimates there have been approximately 3.6 million completed foreclosures across the country.