Foreclosures Down 25% From Last Year

report_highlights_nfr_1308_topThere were fewer foreclosures this July than one year ago according to recent data released from CoreLogic, a leading residential property information analytics and services provider. Their recently released July National Foreclosure Report says properties in the foreclosure pipeline also fell.

CoreLogic reports there were 49,000 completed foreclosures in the US in July 2013. That is down from 65,000 in July 2012—a 25 percent decrease. That’s also down 8.6 percent from the the 53,000 foreclosures reported in June.

CoreLogic reports there were approximately 949,000 homes in the US in some stage of foreclosure in July of 2013. In July of 2012, that number was 1.4 million. That’s a decrease of 32 percent in one year.

For broader comparison purposes, consider that prior to the housing market’s decline in 2007, completed foreclosures averaged 21,000 per month nationwide between 2000 and 2006. Since the housing market’s decline and financial crisis that began in September 2008, there have been approximately 4.5 million completed foreclosures in the US.

While Georgia was one of the five states with highest number of completed foreclosures for 12 months ending in July 2013 with 41,000 foreclosures, the local housing market is still showing marked signs of recovery. CoreLogic believes the numbers support continued strength in the housing market.

You can read more about CoreLogic’s report here or download the full National Foreclosure Report.

Posted in RE News.

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