Us foreclosures down by a quarter

The company’s latest report shows that there were 49,000 foreclosures completed in July 2013, a quarter lower than last July, when 65,000 foreclosures were record. Indeed, the positive news continues with less than 2.2 million mortgages that were “seriously delinquent” recorded in July – the lowest level since December 2008.

The number of foreclosed homes in the US has fallen at least 20 per cent year-on-year for seven months in a row.

Dr Mark Fleming, Chief Executive of CoreLogic, comments: “As the housing market continues to recover, the foreclosure inventory is declining quickly, down by thirty-two per cent from a year ago. Continued strength in the housing market will contribute to our outlook for on-going improvement in the stock of distressed assets through the end of the year.”

Around 949,000 homes in America were at some stage of foreclosure in July, 32 per cent lower than in July 2012. Indeed, foreclosure numbers have dropped for 21 months in a row, with every state posting a year-on-year decline in July.

The five states with the highest number of completed foreclosures for the year ending July were Florida, California, Michigan, Texas and Georgia. Together, they account for almost 50 per  cent of all foreclosures recorded across the country.

The five states with the lowest number of completed foreclosures, meanwhile, were the District of Columbia, North Dakota, West Virginia, Hawai and Maine.

Anand Nallathambi, President and CEO of CoreLogic, adds: “Completed foreclosures and delinquency rates continued their rapid descent in July. Every state posted a year-over-year decline in foreclosures and serious delinquencies fell to the lowest level since December 2008. “Not surprisingly, non-judicial states have come the farthest the fastest in reducing shadow inventory and lowering delinquency rates.”