Completed Foreclosures See 20% Drop in June from Year Ago

Completed Foreclosures See 20% Drop in June from Year Ago

Prior to the housing market collapse in 2007, completed foreclosures averaged 21,000 per month.

In sharp contrast, there were 55,000 foreclosures in June 2013, a 20 percent year-over-year decline, according to CoreLogic’s new data released Tuesday.

On a month-over-month basis, completed foreclosures actually increased 2.5 percent.

But about 1 million homes in the United States were in some stage of foreclosure as of June 2013, compared to 1.4 million in June 2012, a decline of 28 percent. This marks the 20th consecutive month with a year-over-year decline.

Since the financial crisis that began in September 2008, about 4.5 million foreclosures have been completed.

“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, he added.

The five states with the highest number of completed foreclosures during the past 12 months: Florida (107,000); California (72,000); Michigan (63,000); Texas (48,000); and Georgia (44,000).

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