Completed foreclosures decline in May
CoreLogic released its National Foreclosure Report for May this week which
provides monthly data on completed foreclosures and the overall foreclosure
inventory. According to the report, there were 63,000 completed foreclosures in
the U.S. in May 2012 compared with 77,000 in May 2011 and 62,000 in April 2012.
Since the financial crisis began in September 2008, there have been
approximately 3.6 million completed foreclosures across the country. Completed
foreclosures are an indication of the total number of homes actually lost to
foreclosure.
Approximately 1.4
million homes, or 3.4 percent of all homes with a mortgage, were in the
national foreclosure inventory as of May 2012 compared with 1.5 million, or 3.5
percent, in May 2011 and 1.4 million, or 3.4 percent, in April 2012. The
foreclosure inventory is the share of all mortgaged homes in some stage of the
foreclosure process.
Highlights of the
report include:
- The five states with the highest number of
completed foreclosures for the 12 months ending in May 2012 were:
California, 133,000 completed foreclosures; Florida, 92,000 completed
foreclosures; Michigan, 60,000 completed foreclosures; Texas, 58,000
completed foreclosures; and Georgia, 57,000 completed foreclosures. These
five states account for 48.8 percent of all completed foreclosures
nationally.
- The five states with the lowest number of
completed foreclosures for the 12 months ending in May 2012 were: South
Dakota, 48 completed foreclosures; District of Columbia,74 completed
foreclosures; North Dakota, 547 completed foreclosures;, West Virginia,
620 completed foreclosures; and Hawaii, 623 completed foreclosures.
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