Foreclosure Inventory to fall below Half-Million by Year-End

CoreLogic said this morning that overrnthe last 10 years the number of completed foreclosures in the U.S. has been thernequivalent of 15 percent of all mortgage homes. rnThe company’s Deputy Chief Economist Sam Khater said that sincernhomeownership peaked in the second quarter of 2004 there have been over 7 millionrnhomes lost to foreclosure with 5.2 million of those actions occurring since thernfinancial crisis began in September 2008.</p

CoreLogic, in its August NationalrnForeclosure Report, estimates there were 45,000 completed foreclosures duringrnthe month, 13,000 fewer than during the same month in 2013, a decrease of 22.2rnpercent.  However the number ofrnforeclosures did rise slightly from July, by 1.1 percent.  As a basis of comparison, between 2000 andrn2006 completed foreclosures averaged 21,000 per month nationwide.  </p

“The number of foreclosures completed during the last 12rnmonths is at the lowest level since November of 2007,” said Anand Nallathambi,rnpresident and CEO of CoreLogic. “At current foreclosure rates, the shadowrninventory could fall below 500,000 units by year-end which could provide arnsolid boost to the recovery in housing in 2015.”</p

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It was the 19th consecutive month</bthat the number of foreclosures exceeded 20 percent nationwide and only twornstates did not have double-digit decreases in their year-over-year foreclosurernnumbers.  Washington, D.C. declined byrnonly 2.5 percent and Wyoming saw a 13.4 percent increase. </p