Completed foreclosures in the U.S. fell 27% to 52,000 in May, according to CoreLogic’s latest report. They did, however, rise 3.5% month-over-month.
This number represents the number of homes lost to foreclosure. And there have been 4.4 million completed foreclosures since the financial crisis began.
Shadow inventory fell to under 2 million or 5.3 month supply in April. This is down 34% from its peak of 3 million in 2010, and down 18% from a year ago. The value of shadow inventory was $314 billion as of April, down from $386 billion the previous month.
Meanwhile, 2.3 million mortgages or 5.6% of all mortgages were seriously delinquent. This is where mortgage payments are delinquent for 90 days or more. This is the biggest driver of foreclosure inventory, and was at the lowest level since December 2008.
“We continue to see a sharp drop in foreclosures around the country and with it a decrease in the size of the shadow inventory,” Anand Nallathambi, president and CEO of CoreLogic said in a press release.
“Affordability, despite the rise in home prices over the past year, and consumer confidence are big contributors to these positive trends,” . “We are particularly encouraged by the broad- based nature of the housing market recovery so far in 2013.”
Here are some details from the report:
- Florida has the highest number of completed foreclosures at 103,000. California, Michigan, Texas, and Georgia rounded off the top five.
- The District of Columbia had the lowest completed foreclosures at 108. Hawaii had 453 completed foreclosures.
- Florida has the highest foreclosure inventory as a per cent of all mortgages, at 8.8%. Wyoming had the lowest at 0.5%.
This chart shows the supply of shadow inventory:
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