Foreclosures Down 16% as Servicers Embrace Alternatives

by devteam August 28th, 2012 | Share

CoreLogic’s July NationalrnForeclosure Report, released today, reported completed foreclosures</bduring the month totaled 58,000 compared to 62,000 in June and 69,000 in Julyrn2011.  The foreclosure inventory, anrnindicator of homes in any stage of foreclosure, was unchanged from June at 1.3rnmillion homes or 3.2 percent of all homes with a mortgage.  On an annual basis, however, this was arndecrease from 1.5 million properties or 3.5 percent of mortgaged homes. </p


“The decline in completed foreclosures is yet anotherrnpositive signal that the housing market is continuing on a progressive path ofrnstabilization and recovery,” said Anand Nallathambi, president and CEO ofrnCoreLogic.  “Alternative resolutions arernhelping to reduce foreclosures and often result in a more positive transitionrnfor the borrower and lower losses for investors and lenders.” </p

Mark Fleming, chief economist for CoreLogic noted that thern16 percent year-over-year decline in foreclosure is in part because servicersrnare increasingly relying on foreclosure alternatives such as short sales andrnmodifications.  </p

Completed foreclosures are concentrated in five states.  California, Florida, Michigan, Texas, andrnGeorgia together accounted for 48 percent of all completed foreclosures in thern12 months ending in July. </p

The five states with the highest foreclosure inventory as arnpercentage of all mortgaged homes were Florida (11.2) percent, New Jersey (5.7rnpercent), New York (5.2 percent), Illinois (4.9 percent), and Nevada (4.7rnpercent.) </p

Sincernthe financial crisis began in September 2008, there have beenrnapproximately 3.8 million completed foreclosures across the country. Completedrnforeclosures are an indication of the total number of homes actually lost tornforeclosure.</p

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About the Author


Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.

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