Foreclosures Are Falling Across The Country

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Photo: John Moore/Getty Images

More positive news for the housing market – the one bright spot in the U.S. economy.October saw 58,000 completed foreclosures across the country, down 17 per cent, from 70,000 a year ago, according to latest CoreLogic report.

This was also down 25 per cent, from 77,000 completed foreclosures in September 2012. Completed foreclosures add to a nation’s foreclosure inventory.

And 1.3 million homes, or 3.2 per cent of all homes with a mortgage were in the national foreclosure inventory as of October, this is down 1.3 per cent month-over-month, and down 0.3 per cent from a year ago.

In a press release, Mark Fleming chief economist for CoreLogic said, “The downward trend in foreclosure inventories over the past year is yet another signal that a recovery in housing is gaining traction. As a result of completed foreclosures and alternative disposition methods, the foreclosure inventory has declined by 9 per cent year-to-date. This is good news for housing markets as we look forward to 2013.”

Here are some details from the report:

  • “The five states with the highest foreclosure inventory as a percentage of all mortgaged homes were: Florida (11.1 per cent), New Jersey (7.7 per cent), New York (5.3 per cent), Illinois (5.0 per cent) and Nevada (4.8 per cent).”
  • California, Florida, Michigan, Texas, and Georgia had the highest number of completed foreclosures in the 12-months ending October 2012. These five states account for 49.0 per cent of all completed foreclosures nationally.
  • The five states with the lowest number of completed foreclosures in the same period were South Dakota, District of Columbia, Hawaii, North Dakota and Maine.
  • The five states with the lowest foreclosure inventory as a percentage of all mortgaged homes were: Wyoming (0.5 per cent), Alaska (0.7 per cent), North Dakota (0.7 per cent), Nebraska (0.8 per cent) and South Dakota (1.0 per cent).

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