Foreclosures Still Double Pre-Crisis Rate, Inventory Down Sharply

by devteam May 29th, 2013 | Share

The foreclosure inventory has fallen byrnnearly a quarter in the last year according to data released today byrnCoreLogic.  Approximately 1.1 millionrnhomes were in some stage of the legal process leading to foreclosure in April,rndown from 1.5 million in April 2012, a decrease of 24 percent.  The inventory was down two percent from Marchrnto April this year and now represents 2.8 percent of all homes in the countryrnwith a mortgage.   </p

There were 52,000 completed foreclosures</bin the U.S. in April, approximately the same number as in March but 10,000rnfewer than one year earlier.  By way ofrncomparison CoreLogic says that the average number of foreclosures completedrnduring the more "normal" 2000 to 2006 period was about 21,000 per month.  There have been approximately 4.4 millionrnhomes lost to foreclosure since the financial crisis began in September 2008.</p

“The shadow of foreclosure andrndistress continues to fade, with the annualized sum of completed foreclosuresrnhaving declined for 17 straight months,” said Dr. Mark Fleming, chiefrneconomist for CoreLogic. “Six states have year-over-year declines in thernforeclosure inventory of more than 40 percent, and in Arizona and Californiarnthe year-over-year decline is more than 50 percent.”</p

“The shadow inventory continuedrnto drop in April as the number of completed foreclosures fell by 16 percent onrna year-over-year basis,” said Anand Nallathambi, president and CEO of CoreLogic.rn”Fewer distressed properties combined with improving home prices and arnpickup in home purchases are significant signals that the ongoing recovery inrnthe housing and mortgage markets continues to gather steam.” </p

The states with the highestrnpercentage of homes in the foreclosure inventory are Florida (9.5 percent), NewrnJersey (7.4 percent), New York (5.1 percent), Maine (4.4 percent) and Nevadarn(4.3 percent).  The highest number ofrncompleted foreclosures over the 12 months period ending in April were in Floridarn(102,000),California (79,000), Michigan (68,000), Texas (53,000) and Georgiarn(47,000).These five states account for almost half of all completedrnforeclosures nationally.

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About the Author


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

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