Fewer homes are being lost to foreclosure, with the number of
completed foreclosures in October down 17 percent from one year
There were 58,000 homes repossessed through foreclosure in
October, according to figures released today by the data analytics
firm CoreLogic, representing a 17 percent annual decline from the
70,000 reported in October 2011.
The number of homes in foreclosure shrank as well, with 1.3
million residential properties reported in some stage of the
process, down from 1.5 million one year earlier. The current figure
represents 3.2 percent of all homes with a mortgage, down from 3.6
percent in Oct. 2011.
Called sign of recovering market
"A lower foreclosure inventory is a good indicator of improving
housing markets," said Anand Nallathambi, president and CEO of
CoreLogic. "The downward trend in foreclosure inventories over the
past year is yet another signal that a recovery in housing is
Month-to-month, completed foreclosures dropped sharply in
October, with a 25 percent decline from the 77,000 reported for
September. However, it should be noted that September's figures
were revised upward from a level of 57,000 originally reported last
month. The unusually large adjustment was attributed to an annual
auction of tax delinquent properties in Wayne County, Michigan,
home county of Detroit.
Nearly 4 million foreclosures since crash
By comparison, prior to the housing crash there were an average
of 21,000 homes lost to foreclosure each month during the period
from 2000 to 2006, according to CoreLogic. There have now been 3.9
million homes lost to foreclosure since the fiscal crisis hit in
Nearly half of all homes lost to foreclosure over the past 12
months have been in just 12 states: California, Florida, Michigan,
Texas and Georgia.
The states currently with the most homes currently in
foreclosure, as a share of all mortgaged homes, are Florida (11.1
percent), New Jersey (7.7 percent), New York (5.3 percent),
Illinois (5.0 percent) and Nevada (4.8 percent).
First published on MortgageLoan..com at: