CoreLogic: Foreclosure Inventory Continues To Decrease

Posted by Orb Staff on February 01, 2013 No Comments
Categories : Mortgage Servicing

13220_house_clock CoreLogic: Foreclosure Inventory Continues To Decrease There were 56,000 completed foreclosures in the U.S. in December 2012, down from 71,000 in December 2011, a year-over-year decrease of 21%, according to new data from Irvine, Calif.-based CoreLogic. On a month-over-month basis, completed foreclosures fell from 58,000 in November 2012 to the current 56,000, a decrease of 3%.

CoreLogic reports that approximately 1.2 million homes were in the national foreclosure inventory as of December 2012, compared to 1.5 million in December 2011, a 19.5% year-over-year decrease. Month-over-month, the national foreclosure inventory was down 4.2% from November 2012 to December 2012.

The five states with the highest number of completed foreclosures for the 12 months ending in December 2012 were California (100,000), Florida (98,000), Michigan (74,000), Texas (57,000) and Georgia (49,000). These five states account for almost half of all completed foreclosures nationally.

‘The most encouraging foreclosure trend reported here is that the inventory of foreclosed properties is almost 20 percent smaller than a year ago,’ says Mark Fleming, chief economist for CoreLogic. ‘This big improvement indicates we are working toward resolving the backlog of the most distressed assets in the shadow inventory.’

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