CoreLogic: Completed Foreclosures Drop 25.6% In October

Posted by Patrick Barnard on December 09, 2013 No Comments
Categories : Mortgage Servicing

There were 48,000 completed foreclosures in the U.S. in October – a decrease of 25.6% compared to the 64,000 reported in September and down 30% compared to the 68,000 reported in October 2012, according to CoreLogic's monthly National Foreclosure Report.

As of October, approximately 879,000 homes in the U.S. were in some stage of foreclosure, known as the foreclosure inventory, compared to 1.3 million in October 2012 – a year-over-year decrease of 31%.

The foreclosure inventory as of October represented 2.2% of all homes with a mortgage compared to 3.1% in October 2012.

The foreclosure inventory was down 2.9% in October compared to September, according to the report.

Mark Fleming, chief economist for CoreLogic, says while the decrease in foreclosure inventory is good thing for the market, ‘The rate remains elevated relative to the pre-crisis level of about 0.6%. There are almost 900,000 properties still in foreclosure, but a normal level would be only a quarter of the current stock.’

Anand Nallathambi, president and CEO of CoreLogic, noted that in October ‘Every state posted a year-over-year decline in completed foreclosures, which is positive news.

‘The scourge of an elevated foreclosure inventory is easing,’ Nallathambi says. ‘Additionally, the rate of serious delinquencies, which fell more than 25% year-over-year, is at the lowest level in nearly five years, which is great news as we head into a new year.’

The five states with the highest number of completed foreclosures for the 12 months ending in October were Florida (115,000), Michigan (50,000), California (46,000), Texas (43,000) and Georgia (39,000). These five states account for almost half of all completed foreclosures nationally.

The five states with the lowest number of completed foreclosures for the 12 months ending in October were District of Columbia (57), North Dakota (411), Hawaii (491), West Virginia (514) and Wyoming (694).

The five states with the highest foreclosure inventory as a percentage of all mortgaged homes were Florida (7.1%), New Jersey (6.7%), New York (4.9%), Maine (3.8%) and Connecticut (3.7%).

The five states with the lowest foreclosure inventory as a percentage of all mortgaged homes were Wyoming (0.4%), Alaska (0.6%), Nebraska (0.6%), North Dakota (0.7%) and Colorado (0.7%).

For more, click here.

Register here to receive our Latest Headlines email newsletter




Leave a Comment