Foreclosure inventories nationwide
fell 32 percent in July compared to a year ago, another sign that the
foreclosure crisis may finally be over, according to CoreLogic's latest
foreclosure report released Thursday.
In July, 949,000 homes were in some stage of foreclosure, down from
1.4 million a year ago. That represents a decrease in foreclosure
inventory from 3.4 percent of all homes with a mortgage in July 2012 to
2.4 percent in July 2013.
Completed foreclosures — which is a measure of all homes actually
lost to foreclosure — were also down. In July, there were 49,000
completed foreclosures, down from 65,000 a year ago. That's a drop of 25
percent year-over-year. Prior to the housing crisis, completed
foreclosures were averaging 21,000 a month. That means the number of
foreclosures up for sale nationwide is gradually shrinking.
“Completed foreclosures and delinquency rates continue their rapid
descent in July,” says Anand Nallathambi, president and CEO of
CoreLogic. “Every state posted a year-over-year decline in foreclosures,
and serious delinquencies fell to the lowest level since December 2008.
Not surprisingly, non-judicial states have come the farthest the
fastest in reducing the shadow inventory and lowering delinquency
rates.”
Source: CoreLogic