There were about 41,000 completed foreclosures nationally in November, down 12.6% compared to about 47,000 in October and down 9.6% compared to about 46,000 in November 2013, according to CoreLogic.
Foreclosures were down 64% from the peak of completed foreclosures in September 2010, the firm says in its November National Foreclosure Report.
For comparison purposes, CoreLogic points out that for the six years prior to the decline in the housing market in 2007, completed foreclosures averaged 21,000 per month.
As of November, about 567,000 homes nationally were in some stage of foreclosure, known as the foreclosure inventory, compared to 880,000 in November 2013, a year-over-year decrease of 35.5%. On a month-over-month basis, the foreclosure inventory was down 3.3%.
The current foreclosure rate of 1.5% is the lowest inventory level since March 2008, CoreLogic notes.
‘The foreclosure rate fell in every state, with only the District of Columbia seeing a small increase,’ says Molly Boesel, senior economist for the firm, in a statement. ‘However, some states still have foreclosure rates of more than twice the national rate. [Although] the national level of foreclosures may normalize in the next two years, there will always be the potential for some pockets of distress in the mortgage market.’
States with the highest number of completed foreclosures for the 12 months ended in November were (as approximated) Florida (118,000), Michigan (50,000), Texas (36,000), California (29,000) and Ohio (29,000). These five states accounted for almost half of all completed foreclosures nationally.
The lowest number of completed foreclosures for the month occurred in South Dakota (54), District of Columbia (62), North Dakota (298), West Virginia (534) and Wyoming (573).
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