With Decline in Foreclosures, CoreLogic Sees End in Sight

Aprilrnsaw a further improvement in late stage foreclosure activity CoreLogic reportedrnon Thursday.  Both completed foreclosuresrnand the number of properties in the process of foreclosure declined by doublerndigits from levels in April 2013, and both categories were down slightly fromrnMarch.   The company’s chief economist said the foreclosurernpipeline could clear in a little more than a year.</p

Completedrnforeclosures numbered 46,000 nationally, down by 1,000 or 0.4 percent from Marchrnbut 10,000 fewer than in April 2013, a year-over-year decrease of 18rnpercent.  With the exception of thernDistrict of Columbia, and New York every state posted double-digitrnyear-over-year declines in foreclosures. CoreLogic said, as a basis ofrncomparison that completed foreclosures averaged 21,000 per month nationwidernbetween 2000 and 2006.  Since thernfinancial crisis began in September 2008, there have been approximately 5rnmillion completed foreclosures across the country.  </p

The foreclosure inventory, that isrnthe homes in some stage of foreclosure, contained approximately 694,000 homes</bin April compared to 1.1 million in April 2013, a year-over-year decrease of 35rnpercent. The foreclosure inventory as of April represented 1.8 percent of allrnhomes with a mortgage, compared to 2.7 percent in April 2013. The foreclosurerninventory was down 4.7 percent from March 2014, representing the 30th month ofrnyear-over-year declines. Foreclosure inventories declined more than 30 percent year-over-yearrnin 37 states and Arizona, Utah, Minnesota and California experienced declinesrngreater than 50 percent. </p