CoreLogic has released its June National Foreclosure Report which provides data on completed U.S. foreclosures and the national foreclosure inventory. According to CoreLogic, there were 55,000 completed foreclosures in the U.S. in June 2013, down from 68,000 in June 2012, a year-over-year decrease of 20 percent. On a month-over-month basis, completed foreclosures increased 2.5 percent from the 53,000 reported in May.
As a basis of comparison, prior to the decline in the housing market in 2007, 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. Since the financial crisis began in September 2008, there have been approximately 4.5 million completed foreclosures across the country.
As of June 2013, approximately one million homes in the U.S. were in some stage of foreclosure, known as the foreclosure inventory, compared to 1.4 million in June 2012, a year-over-year decrease of 28 percent. Month over month, the foreclosure inventory was down 2.9 percent from May 2013 to June 2013. The foreclosure inventory as of June 2013 represented 2.5 percent of all homes with a mortgage compared to 3.4 percent in June 2012.
“So far this year, distressed inventories have fallen dramatically, down 14.4 percent, and serious delinquencies are down 15.9 percent,” said Dr. Mark Fleming, chief economist for CoreLogic. “In the first six months of 2013, the stock of seriously delinquent mortgages has dropped by 412,000.”
“Completed foreclosures continued to drop for the 19th straight month. The improvement is broad-based, with 49 states posting a year-over-year decline in foreclosure rates in June,” said Anand Nallathambi, president and CEO of CoreLogic. “The housing market is clearly on the mend, but we expect the ultimate conclusion of the present housing down cycle to be another several years away.”
►The five states with the highest number of completed foreclosures for the 12 months ending in June 2013 were: Florida (107,000), California (72,000), Michigan (63,000), Texas (48,000) and Georgia (44,000). These five states account for almost half of all completed foreclosures nationally.
►The five states with the lowest number of completed foreclosures for the 12 months ending in June 2013 were: District of Columbia (106), Hawaii (397), North Dakota (481), West Virginia (534) and Maine (692).
►The five states with the highest foreclosure inventory as a percentage of all mortgaged homes were: Florida (8.6 percent), New Jersey (6.0 percent), New York (4.8 percent), Connecticut (4.2 percent) and Maine (4.1 percent).
►The five states with the lowest foreclosure inventory as a percentage of all mortgaged homes were: Wyoming (0.5 percent), Alaska (0.6 percent), North Dakota (0.7 percent), Nebraska (0.7 percent) and Colorado (0.8 percent).