Foreclosures continue to fall as the
number of short sales inch up, according to CoreLogic’s National
Foreclosure Report for September.
“The continuing downward trend in foreclosures along with a gradual
clearing of the shadow inventory are signs of stabilization and
improvement in the housing market,” says Anand Nallathambi, president
and CEO of CoreLogic. “Increasingly improving market conditions and
industry and government policy are allowing distressed home owners to
pursue refinancing, loan modifications, or short sales rather than
foreclosures.”
CoreLogic reports that 57,000 foreclosures were completed in
September, down from 83,000 in September 2011. Still, from 2000 and
2006, foreclosures for a more balanced market averaged about 21,000 per
month — so today’s numbers still remain elevated.
Homes lost to foreclosure in September are down about 50 percent
since peaking September 2010. Foreclosures are also down 22 percent
compared to the beginning of the year, says Mark Fleming, CoreLogic’s
chief economist.