US Foreclosure Inventory Falls 19.5% From A Year Ago


Photo: Joe Raedle/Getty Images

Completed foreclosures fell 21 per cent year-over-year in December to 56,000, according to CoreLogic’s latest foreclosure report.And foreclosure inventory decreased to 1.2 million homes as of December 2012, down 19.5 per cent on the year, and 4.2 per cent on the month.

This represents 3 per cent of all homes with a mortgage. 

“The rate of foreclosures continues to trend down, albeit at a slower rate as we exit 2012,” Anand Nallathambi, president and CEO of CoreLogic, said in a press release. “This trend should continue into 2013 and is another positive signal that the gradual healing process in the housing market is gaining traction.”

Here are some details from the report:

  • “The five states with the highest number of completed foreclosures for the 12 months ending in December 2012 were: California (100,000), Florida (98,000), Michigan (74,000), Texas (57,000) and Georgia (49,000).These five states account for almost half of all completed foreclosures nationally.”
  • The five states with the lowest number of completed foreclosures for the 12 months ending in December 2012 were: District of Columbia, Hawaii, North Dakota, Maine, and West Virginia.
  • “The five states with the highest foreclosure inventory as a percentage of all mortgaged homes were: Florida (10.1 per cent), New Jersey (7.0 per cent), New York (5.1 per cent), Nevada (4.7 per cent) and Illinois (4.5 per cent).”

Here’s a chart that shows foreclosure inventory in judicial and non-judicial states as of December 2012:

foreclosure inventory chart

Photo: CoreLogic


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