Foreclosure inventory across the U.S. is declining according to CoreLogic’s latest foreclosure report.
1.3 millions or 3.2 per cent of all homes with a mortgage were in foreclosure in August 2012, compared with 1.4 million, or 3.4 per cent a year ago.
But foreclosure inventory in Florida skyrocketed. The state posted an 11 per cent increase in foreclosure inventory in August, and completed 92,000 foreclosures in the 12-months ending August.
In judicial states like Florida, there are concerns that shadow inventory could continue to grow as it takes a long time for foreclosures to be approved.
This chart from CoreLogic shows the spike in Florida’s foreclosure inventory:
Photo: Business Insider/CoreLogic