Completed Foreclosures Down 23% as Short Sales Gain Momentum

Completed mortgage foreclosures have
declined 23 percent in the last year according to information released this
morning by CoreLogic.  There were 55,000
completed foreclosures nationwide in November compared to 72,000 in November
2011.  The November total is 6 percent
below the 59,000 completed foreclosures in October.

Completed foreclosures are a measure of
the number of homes taken by lenders; since the financial crisis began in 2008
there have been over 4.0 million.   Even
with the recent improvements in the rate of these transactions, CoreLogic
points out that foreclosures are still running at better than twice the rate of
more normal times.  Between 2000 and 2006
completed foreclosures averaged 21,000 per month.

There were approximately 1.2 million homes
in some stage of foreclosure (the foreclosure inventory) in November, about 3.0
percent of all homes with a mortgage.  In
November 2011 there were 1.5 million homes or3.5 percent of all mortgaged homes
in the inventory.  This is a decrease of
18 percent year-over-year.

Mark Fleming, chief economist for
CoreLogic said, “The pace of completed foreclosures has significantly
improved over a year ago as short sales gain popularity as a disposition
method. Additionally, the inventory of foreclosed properties continues to
decline while the housing market demonstrates an ongoing ability to absorb the
distressed sales that result from completed foreclosures.”

The five states with the highest
number of completed foreclosures for the 12 months ending in November 2012
were: California (102,000), Florida (94,000), Michigan (75,000), Texas (58,000)
and Georgia (52,000).These five states account for 50 percent of all completed
foreclosures nationally.

The five states with the highest
foreclosure inventory as a percentage of all mortgaged homes were: Florida
(10.4 percent), New Jersey (7.3 percent), New York (5.1 percent), Nevada (4.7
percent) and Illinois (4.7 percent).

Article source: http://www.mortgagenewsdaily.com/01032013_foreclosures_core_logic.asp

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