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Completed foreclosures decline in July 2012 compared to a year ago and June
CoreLogic’s National Foreclosure Report for July shows there were 58,000 completed foreclosures in the U.S. in July 2012, down from 69,000 in July 2011 and 62,000 in June 2012. Since the financial crisis began in September 2008, there have been approximately 3.8 million completed foreclosures across the country. Completed foreclosures are an indication of the total number of homes actually lost to foreclosure. Approximately 1.3 million homes, or 3.2 percent of all homes with a mortgage, were in the national foreclosure inventory as of July 2012 compared with 1.5 million, or 3.5 percent, in July 2011. Month-over-month, the national foreclosure inventory was unchanged from June 2012 to July 2012.
The foreclosure inventory is the share of all mortgaged homes in any stage of the foreclosure process. “Completed foreclosures were down again in July, this time by 16 percent versus a year ago, as servicers increasingly rely on alternatives to the foreclosure process, such as short sales and modifications,” said Mark Fleming, chief economist for CoreLogic. “Completed foreclosures remain concentrated in five states, California, Florida, Michigan, Texas and Georgia, accounting for 48 percent of all completed foreclosures nationwide in July.”
Highlights as of July 2012: •
- The five states with the highest number of completed foreclosures for the 12 months ending in July 2012 were: California, 118,000; Florida, 92,000; Michigan, 61,000; Texas, 57,000; and Georgia, 54,000. These five states account for 48.1 percent of all completed foreclosures nationally.
- The five states with the lowest number of completed foreclosures for the 12 months ending in July 2012 were: South Dakota, 32; District of Columbia, 120; Hawaii, 445; North Dakota, 575; and Maine, 608.