Completed Foreclosures Decline 9% in July as Crisis Eases

Completed Foreclosures Decline 9% in July as Crisis EasesThere were 49,000 completed foreclosures in July, an 8.6 percent decline compared to the previous month as the crisis continues to ease in many parts of the country, CoreLogic reported Thursday.
The 49,000 foreclosures represent a 25 percent year-over-year decline from 65,000 in July 2012.
By comparison, completed foreclosures averaged 21,000 per month nationwide between 2000 and 2006 — prior to the decline in the housing market in 2007.
“Foreclosures and delinquency rates continued their rapid descent in July. Every
state posted a year-over-year decline in foreclosures and serious delinquencies fell to the lowest level since December 2008. Not surprisingly, non-judicial states have come the farthest the fastest in reducing shadow inventory and lowering delinquency rates,” said Anand Nallathambi, president and CEO of CoreLogic.
About 949,000 homes in the U.S. were in some stage of foreclosure as of July 2013, compared to 1.4 million in July 2012, a decrease of 32 percent. This was the 21st consecutive month with a year-over-year decline.
As of July 2013, the foreclosure inventory represented 2.4 percent of all homes with a mortgage compared to 3.4 percent in July 2012. The foreclosure inventory declined 4.4 percent from June 2013 to July 2013.
Fewer than 2.2 million mortgages, or 5.4 Percent, are seriously delinquent. The rate of seriously delinquent loans is at the lowest level since December 2008.
The five states with the highest number of completed foreclosures during the past 12 months are Florida (110,000); California (65,000); Michigan (61,000); Texas (45,000); and Georgia (41,000).

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