Foreclosures completed in February fell to the lowest level in five years, according to a new report by CoreLogic.
Servicers completed 54,000 foreclosures in February, down 7% from January and down 19% from a year ago.
“February’s 54,000 completed foreclosures is the lowest level nationally since September 2007, with most major metropolitan areas experiencing improvements,” said Mark Fleming, chief economist for CoreLogic.
Servicers have completed 743,900 foreclosures during the previous 12 months ending in February, including 95,180 in Florida.
About 1.2 million homes are in some stage of foreclosure, compared to 1.5 million in February 2012, according to the Irvine, Calif.-based vendor.
“Even the major Florida markets are benefiting with foreclosure inventories falling the fastest in major metropolitan areas, although from a very high level,” Fleming said.