Completed Foreclosures Down as REO Sales Rise: CoreLogic

Sales of bank-owned properties rose in February as about 1.4 million properties, or 3.4 percent of all homes with a mortgage, were in the foreclosure inventory as of February 2012, according to CoreLogic.
That compares to 1.5 million, or 3.6 percent, in the foreclosure inventory one year ago.
There were 65,000 completed foreclosures in February 2012, down from 66,000 in February 2011, and 71,000 in January 2012.
For the 12 months ending in February 2012, there were 862,000 completed foreclosures.
From the start of the financial crisis in September 2008, there have been approximately 3.4 million completed foreclosures, CoreLogic reports.
Nationally, the number of borrowers in the foreclosure inventory decreased by 115,000, a decline of 7.6 percent, in February 2012 compared to February 2011.
“Even though the pace of completed foreclosures has slowed, the overall foreclosure inventory is decreasing because REO sales were up in February,” said Mark Fleming, chief economist for CoreLogic. “With the spring buying season upon us, the inventory may decline further as the pace of distressed-asset sales rises along with the rest of the housing market.”
The share of borrowers nationally that were late 90 or more days on their mortgage payment fell to 7.3 percent in February 2012 from 7.8 percent in February 2011 – but inched up from 7.2 percent in January 2012.

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