Foreclosures Down 30 Percent From Last Year

Househappy —  December 12, 2013 — Leave a comment

Foreclosures in the U.S. have decreased by 30 percent in the last year, AGBeat reported this week:

According to CoreLogic’s October National Foreclosure Report, completed foreclosures fell 30 percent since last year. There were 48,000 completed foreclosures in October 2013, down from 68,000 in October 2012, dropping 25.6 percent from September.

As of October 2013, approximately 879,000 homes in the U.S. were in some stage of foreclosure, compared to 1.3 million in October 2012, a year-over-year decrease of 31 percent. The foreclosure inventory as of October 2013 represented 2.2 percent of all homes with a mortgage compared to 3.1 percent in October 2012.

“Year over year, the foreclosure inventory, as a percentage of all homes with a mortgage, has declined almost a full percentage point to 2.2 percent,” said Mark Fleming, chief economist for CoreLogic. “This is good news for the housing and mortgage finance markets, but the rate remains elevated relative to the pre-crisis level of about 0.6 percent. There are almost 900,000 properties still in foreclosure, but a normal level would be only a quarter of the current stock.”

foreclosure-inventory-by-state

The five states with the highest foreclosure inventory as a percentage of all mortgaged homes were Florida (7.1 percent), New Jersey (6.7 percent), New York (4.9 percent), Maine (3.8 percent) and Connecticut (3.7 percent). The five states with the lowest foreclosure inventory as a percentage of all mortgaged homes were Wyoming (0.4 percent), Alaska (0.6 percent), Nebraska (0.6 percent), North Dakota (0.7 percent) and Colorado (0.7 percent).

This article can be found in its original form on AGBeat.

Photo: Jeffery Turner via Flickr

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