Foreclosures Increase Again in June – CoreLogic

There were 55,000 completed foreclosures in the U.S.rnin June CoreLogic reported this morning. rnThis is a 2.5 increase from May when there were a reported 53,000 bankrnrepossessions but the June figure represented a 20 percent drop from 68,000rnforeclosures in June 2012.   </p

CoreLogic is the second company to report an uptickrnin foreclosure activity for June although the area of increased activityrndiffers.  Lender Processing Services saidrnits June Mortgage Monitor, due outrnnext week, will show a near 10 percent spike in the national delinquency raternfrom May to June.</p

CoreLogic says that as of June there were approximatelyrn1 million homes in the foreclosure inventory, i.e. properties for which thernformal process of foreclosure had begun. rnThis is a decrease of 400,000 since June 2012, a year-over-year decreasernof 28 percent and a foreclosure inventory that is 2.9 percent smaller than inrnMay.  The current foreclosure inventoryrnrepresents 2.5 percent of all homes in the U.S. with a mortgage compared to 3.4rnpercent in June 2012.    </p

“So far this year, distressedrninventories have fallen dramatically, down 14.4 percent, and seriousrndelinquencies are down 15.9 percent,” said Dr. Mark Fleming, chiefrneconomist for CoreLogic. “In the first six months of 2013, the stock ofrnseriously delinquent mortgages has dropped by 412,000.”</p

“Completed foreclosures<bcontinued to drop for the 19th straight month. The improvement is broad-based,rnwith 49 states posting a year-over-year decline in foreclosure rates inrnJune,” said Anand Nallathambi, president and CEO of CoreLogic. “Thernhousing market is clearly on the mend, but we expect the ultimate conclusion ofrnthe present housing down cycle to be another several years away.”</p

Since the foreclosure crisis began in 2008 therernhave been approximately 4.5 million properties lost to foreclosure in the U.S.,rnan average of 900,000 per year.  CoreLogicrnsays that prior to 2007 foreclosures averaged about 250,000 per year.</p

The five states with the highest number of completedrnforeclosures in the 12 months ending in June were Florida (107,000), Californiarn(72,000), Michigan (63,000), Texas (48,000) and Georgia (44,000). These fivernstates account for almost half of all completed foreclosures nationally.</p

The largest foreclosure inventories</bas a percentage of mortgages homes in June were Florida (8.6 percent), NewrnJersey (6.0 percent), New York (4.8 percent), Connecticut (4.2 percent) andrnMaine (4.1 percent).