According to the latest foreclosure report from CoreLogic, there were 57,000 completed foreclosures in the U.S. in August 2012, down from 75,000 in August 2011 and 58,000 in July 2012.
Mark Fleming, chief economist for CoreLogic reveals:
“August marks the fourth month in a row there were fewer completed foreclosures, which is more evidence that the housing industry is finding its footing. While we are seeing improvement on a national level, there remain higher concentrations of foreclosures in some areas with five states accounting for nearly half of all completed foreclosures nationwide during the last year.”
The five states with the highest number of completed foreclosures for the 12 months ending in August 2012 account for 48.1 percent of all completed foreclosures nationally. They are:
- California (110,000)
- Florida (92,000)
- Michigan (62,000)
- Texas (58,000)
- Georgia (55,000)
The five states with the lowest number of completed foreclosures for the 12 months ending in August 2012:
- South Dakota (25)
- District of Columbia (113)
- Hawaii (435)
- North Dakota (564)
- Maine (612)
We still must realize that part of the reason completed foreclosures are declining is that banks are finding other ways to liquidate their distressed properties. According to Anand Nallathambi, president and CEO of CoreLogic:
“The reduction in foreclosure volumes is to some degree being facilitated by the rising popularity of alternative resolution methods, such as short sales and loan modifications.”
Tomorrow we will address what is happening with shadow inventory (houses that will probably enter the market as distressed sales in the future).
