Foreclosure Crisis Tally: 4.7M Homes Lost Since Sept. 2008

Foreclosure Crisis Tally: 4.7M Homes Lost Since Sept. 2008CoreLogic reports that 46,000 foreclosures were completed in November 2013, a 29 percent year-
over-year decline from 64,000 in November 2012.
Although the most recent update from CoreLogic shows a continuing positive trend away from worst of the crisis, there are some sobering statistics.
Putting into deeper perspective, completed foreclosures averaged 21,000 per month nationwide between 2000 and 2006, prior to the decline in the housing market in 2007. That’s still a long way from the 46,000 foreclosures for November 2013.
Since the financial crisis began in September 2008, about 4.7 million foreclosures have been completed, based on CoreLogic’s most recent update on filings through November 2013.
On a month-over-month basis, completed foreclosures declined 8.3 percent in November. Completed foreclosures are an indication of the total number of homes actually lost to foreclosure.
Meanwhile, mortgage loan performance across the nation continues to improve. The rate of seriously delinquent loans is at a new five-year low, down 26 percent relative to a year ago.
“The shadow inventory continues to decline as well, decreasing at an average monthly rate of 46,000 units over the last year,” said Dr. Mark Fleming, chief economist for CoreLogic Healthy market levels of shadow inventory are around 650,000 units, so there is more to be done, but the trend is in the right direction.”
About 812,000 homes in the United States were in some stage of foreclosure as of November 2013, compared to 1.2 million in November 2012, a decrease of 34 percent.
This was the 25th consecutive month with a year-over-year decline. As of November 2013, the foreclosure inventory represented 2.1 percent of all homes with a mortgage compared to 3 percent in November 2012. The foreclosure inventory declined 4.6 percent from October 2013 to November 2013.

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