Completed Foreclosures Continue to Fall in September

The total number of homes actually lost to foreclosure decreased by 39% in September compared to a year ago, CoreLogic data revealed.

Lenders seized or sold at auction 51,000 housing units nationwide in September, down from 84,000 last year.

On a month-over-month basis, completed foreclosures remained unchanged.

Before the housing crash, foreclosures averaged 21,000 per month between 2000 and 2006, the Irvine, Calif.-based analytic provider says. Since the foreclosure crisis started five years ago, there have been approximately 4.6 million completed foreclosures.

The number of seriously delinquent mortgages continues to drop across the country at a rapid rate with every state showing year-over-year declines in foreclosure inventory, said Anand Nallathambi, president and CEO of CoreLogic. Were not out of the woods yet, but these are encouraging signs for a return to a healthier housing market in the U.S.

As of September, about 902,000 homes in the U.S. made up the foreclosure inventory, which CoreLogic says is near early 2009 levels. Out of this total, approximately two-thirds of them are located in judicial states where the foreclosure process takes longer because it has to go through the court system.

In September 2012, there were 1.4 million homes in some stage of foreclosure.

Currently, 2.3% of all homes with a mortgage account for the foreclosure inventory. The top five states that have the highest percentage of properties that have been foreclosed upon are Florida, New Jersey, New York, Maine and Connecticut, CoreLogic says.

On the other hand, Wyoming, Alaska, North Dakota, Nebraska and Colorado have the lowest percentage of homes sitting in foreclosure.

Article source: http://www.nationalmortgagenews.com/dailybriefing/Completed-Foreclosures-Continue-to-Fall-September-1039663-1.html

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