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US Continues to Tame Foreclosures

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By - Monday 07 January 2013

US Continues to Tame Foreclosures

The latest data from Core Logic shows that 55,000 homes were repossessed in during November, a 23% decrease on last year's 72,000, and down 6% compared to October when 59,000 homes were repossessed according to the report.  While this reduction is very welcome, especially against the backdrop of growing positivity in the market, the number of foreclosures is still much higher than it was before the crisis; foreclosures averaged just 21,000 per month between 2000 and 2006.

Completed foreclosures are an indication of the total number of homes actually lost to foreclosure. Since the financial crisis began in September 2008, there have been approximately 4 million completed foreclosures across the country.

As of November 3% of all homes in the US were in some stage of the foreclosure process, which is known as the foreclosure inventory. This is down from 3.5% last November. Indeed the national foreclosure inventory fell by 3.5% between October and November, and by 18% during the year ending November.

"The continued fall in completed foreclosures is a positive supply-side contribution in many regions of the U.S.," said Anand Nallathambi, president and CEO of CoreLogic. "We still have a long way to go to return to historic norms, but this trend is firmly in the right direction."

"The pace of completed foreclosures has significantly improved over a year ago as short sales gain popularity as a disposition method. Additionally, the inventory of foreclosed properties continues to decline while the housing market demonstrates an on-going ability to absorb the distressed sales that result from completed foreclosures," said Mark Fleming, chief economist for CoreLogic.

Highlights of the CoreLogic report for November:

States with the highest number of completed foreclosures for the 12 months ending in November 2012:

  • California (102,000)
  • Florida (94,000)
  • Michigan (75,000)
  • Texas (58,000)
  • Georgia (52,000)

These five states account for 50 percent of all completed foreclosures nationally.

States with the lowest number of completed foreclosures for the 12 months ending in November 2012:

  • South Dakota (10)
  • District of Columbia (62)
  • Hawaii (415)
  • North Dakota (491)
  • Maine (597)

States with the highest foreclosure inventory as a percentage of all mortgaged homes:

  • Florida (10.4 percent)
  • New Jersey (7.3 percent)
  • New York (5.1 percent)
  • Nevada (4.7 percent)
  • Illinois (4.7 percent)


States with the lowest foreclosure inventory as a percentage of all mortgaged homes:

  • Wyoming (0.4 percent)
  • Alaska (0.7 percent)
  • North Dakota (0.7 percent)
  • Nebraska (0.8 percent)
  • South Dakota (1.0 percent)

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