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57,000 Foreclosures Completed in September; Down Nearly a Third from Last Year

by devteam October 31st, 2012 | Share

While completed foreclosures continuedrnto drop in September, CoreLogic’s NationalrnForeclosure Report points out that they are still nearly triple what could bernconsidered the typical level prior to 2006. rnAccording to the report released on Wednesday, there were 57,000</bcompleted foreclosures across the country in September, down from 59,000 inrnAugust (-3.4 percent) and 83,000 in September 2011 (-31.3 percent.)  In the period between 2001 and 2006 completedrnforeclosures averaged 21,000 per month. rnSince the financial crisis began in September 2008 there have beenrnapproximately 3.9 million foreclosures completed nationwide.</p

The three-month moving average ofrncompleted foreclosures is continuing to increase in those states using arnjudicial foreclosure process but it has leveled off at a much lower level inrnnon-judicial states.</p

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Largely due to a backlog in judicialrnstates the foreclosure inventory is dwindling more slowly than the number ofrncompleted foreclosures.  There were approximatelyrn1.4 million homes in some stage of foreclosure in September compared to 1.5rnmillion a year earlier and September’s number was down 1.1 percent fromrnAugust.  The September foreclosurerninventory represents 3.3 percent of all homes in the U.S. with a mortgage whilerna year earlier it represented 3.5 percent.</p

“The continuing downward trendrnin foreclosures along with a gradual clearing of the shadow inventory are signsrnof stabilization and improvement in the housing market,” said AnandrnNallathambi, president and CEO of CoreLogic. “Increasingly improvingrnmarket conditions and industry and government policy are allowing distressedrnhomeowners to pursue refinancing, loan modifications or short sales rather thanrnforeclosures.”</p

“Homes lost to foreclosure inrnSeptember 2012 are down 50 percent since the peak month in September 2010 andrn22 percent less than the beginning of the year,” said Mark Fleming, chiefrneconomist for CoreLogic. “While there is significant progress to be madernbefore returning to pre-crisis levels, the trend is in the right direction asrnshort sales, up 27 percent year over year in August, continue to gainrnpopularity.” </p

Completed foreclosures were highestrnin California (108,000), Florida (92,000), Texas (59,000) Georgia (55,000) andrnMichigan (51,000).  These five statesrnaccount for almost half of all completed foreclosures nationally.  </p

Florida had by far the highestrnforeclosure inventory on a percentage basis at 11.5 percent followed by NewrnJersey (7.3 percent), New York (5.3 percent), Illinois (5.2 percent), andrnNevada (4.9 percent). Nevada is the only non-judicial foreclosure state amongrnthe top five. </p

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About the Author

devteam

Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.

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