Monthly Completed Foreclosures Still Double What They Were Pre-Crisis

Monthly Completed Foreclosures Still Double What They Were Pre-CrisisCoreLogic’s most recent analysis released Wednesday shows 45,000 foreclosures were completed in December 2013, a 14 percent year-over-year decline from 52,000 in December 2012.
On a month-over-month basis, completed foreclosures declined 4.1 percent.
Despite the welcome downward trend, monthly U.S. foreclosures are still more than double what they were in the years before the housing meltown.
As a point of comparison: before the housing market decline in 2007-2008, completed foreclosures averaged 21,000 per month nationwide between 2000 and 2006.
Completed foreclosures are an indication of the total number of homes actually lost to foreclosure.
“Clearly, 2013 was a transitional year for residential property in the United States,” Anand Nallathambi, president and CEO of CoreLogic. “Higher home prices and lower shadow inventory levels, together with a slowly improving economy, are hopeful signals that we are turning a long-awaited corner.The housing market should continue to heal in 2014, but we expect progress to remain very slow.”
About 837,000 homes in the United States were in some stage of foreclosure as of December 2013, compared to nearly 1.2 million in December 2012, a decrease of 31 percent.
December marks the 26th consecutive month with a year-over-year decline. As of December 2013, the foreclosure inventory represented 2.1 percent of all homes with a mortgage compared to 3.0 percent in December 2012. The foreclosure inventory declined 2.7 percent from November 2013 to December 2013.

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