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September 16, 2014

Foreclosures Rise in June, But See Big Drop for Year

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Foreclosures Rise in June, But See Big Drop for Year

Completed foreclosures rose 2.5 percent in June from May, CoreLogic reported Tuesday. Its report follows another recent one from Lending Processing Services that showed nearly a 10 percent rise in the national delinquency rate in June compared to May. 

About 1 million homes are in the foreclosure inventory as of June, CoreLogic reports. That does mark a 28 percent decrease in the foreclosure inventory compared to last year. 

Forty-nine states reported a year-over-year decline in foreclosure rates in June. 

"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,” says Anand Nallathambi, president and CEO of CoreLogic.

CoreLogic reports the five states with the largest foreclosure inventories -- as a percentage of mortgaged homes -- in June were: 

  • Florida: 8.6%
  • New Jersey: 6%
  • New York: 4.8%
  • Connecticut: 4.2%
  • Maine: 4.1%

Source: “Foreclosures Increase Again in June - CoreLogic,” Mortgage News Daily (July 30, 2013)

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