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November 22, 2014

Market Chips Away at Foreclosure Inventory

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Market Chips Away at Foreclosure Inventory

The number of nationwide completed foreclosures fell 19 percent year-over-year, according to the latest report by CoreLogic, reflecting February data. There were 54,000 completed foreclosures in the country in February, the lowest level since September 2007. 

Still, foreclosures are elevated by historical standards. In a more balanced market, completed foreclosures tend to average about 21,000 per month — less than half where they are at today. 

As of February, about 1.2 million homes were in some state of foreclosure. The nation’s foreclosure inventory has fallen 21 percent in the past year, according to CoreLogic. February marked the 16th consecutive month in which the foreclosure inventory has fallen. 

“We continue to see a declining trend in foreclosure activity, with major markets leading the way,” says Anand Nallathambi, president and CEO of CoreLogic. “The drop in delinquencies and foreclosure starts will help support a resurgence in the home-purchase market this year and next.” 

The five states with the highest number of foreclosures for the past year, according to CoreLogic’s February data, were: 

  • Florida
  • California
  • Michigan
  • Texas
  • Georgia

These states accounted for nearly half of all completed foreclosures nationwide over the past year.

On the other hand, the states with the lowest number of completed foreclosures were: 

  • District of Columbia
  • Hawaii
  • North Dakota
  • Maine
  • West Virginia

Source: “CoreLogic Reports 54,000 Completed Foreclosures in February,” RISMedia (April 1, 2013) and CoreLogic 

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