AddThis

Foreclosures drop 17% in October

Approximately 58,000 completed foreclosures occurred in the United States in October 2012, a 17% decline from the 70,000 foreclosures in October 2011, according to a report by CoreLogic, a provider of information, analytics and business services. On a month-over-month basis, completed foreclosures fell 25%, from 77,000 in September 2012 to the current 58,000. 

Approximately 1.3 million homes, or 3.2% of all homes with a mortgage, were in the national foreclosure inventory as of October 2012 compared with 1.5 million, or 3.6%, in October 2011. Month-over-month, the national foreclosure inventory was down 1.3% from September 2012 to October 2012.

"A lower foreclosure inventory is a good indicator of improving housing markets," said Anand Nallathambi, president and CEO of CoreLogic. "The downward trend in foreclosure inventories over the past year is yet another signal that a recovery in housing is gaining traction.”

Mark Fleming, chief economist for CoreLogic, said: "As a result of completed foreclosures and alternative disposition methods, the foreclosure inventory has declined by 9% year-to-date. This is good news for housing markets as we look forward to 2013.”

• The five states with the highest number of completed foreclosures for the 12 months ended in October 2012 were: California (105,000), Florida (95,000), Michigan (68,000), Texas (59,000) and Georgia (54,000).These five states account for 49% of all completed foreclosures nationally.

• The five states with the lowest number of completed foreclosures for the 12 months ended in October 2012 were: South Dakota (19), District of Columbia (64), Hawaii (452), North Dakota (511) and Maine (643).


Want to read more?
This content is available only to registered users. Log in to read the rest of this article or create a free account.
© 2014 Home Channel News. All Rights Reserved.