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CoreLogic: 767,000 completed foreclosures in 2012

Foreclosures dropped 21% between Dec. 2011 and Dec. 2012, according to CoreLogic. Fla. tops with 10.1% inventory in Dec. but als

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IRVINE, Calif. – Feb. 4, 2013 – CoreLogic has issued its foreclosure report for Dec. and all last year, and the result mirrored those announced last week by RealtyTrac. According to CoreLogic, the U.S. had 56,000 completed foreclosures in December 2012, down from 71,000 in December 2011 – a year-over-year decrease of 21 percent.

On a month-over-month basis, completed foreclosures fell from 58,000 in November 2012 to the 56,000 in December, a decrease of 3 percent. Prior to the housing market’s decline, completed foreclosures averaged 21,000 per month between 2000 and 2006.

CoreLogic created two charts to compare states – one for judicial states, such as Florida, where foreclosures go through the courts and generally take longer; and one for non-judicial states that have seen more of their foreclosures back on the market.

Florida had the highest foreclosure inventory with 10.1 percent. The national rate was 2.9 percent, and the second-place state, New Jersey, had 7.0 percent.

CoreLogic also listed selected cities in its report, with two mentioned in Florida. The Tampa-St. Petersburg-Clearwater area had a 10.6 percent foreclosure inventory in December 2012; the Orlando-Kissimmee-Sanford area had 10.1 percent. In both cases, the cities had 31 mortgages for every completed foreclosure in 2012. Florida’s statewide average was 30 mortgages for every completed foreclosure.

Completed foreclosures are an indication of the total number of homes actually lost to foreclosure. Since the financial crisis began in September 2008, there have been approximately 4.1 million completed foreclosures across the U.S.

Month over month, the national foreclosure inventory dropped 4.2 percent from November 2012 to December 2012. The foreclosure inventory is the share of all mortgaged homes in any stage of the foreclosure process. The national foreclosure inventory as of December 2012 represented 3 percent of all homes with a mortgage.

“The most encouraging foreclosure trend reported here is that the inventory of foreclosed properties is almost 20 percent smaller than a year ago,” says Mark Fleming, chief economist for CoreLogic. “This big improvement indicates we are working toward resolving the backlog of the most distressed assets in the shadow inventory.”

“The rate of foreclosures continues to trend down, albeit at a slower rate as we exit 2012,” said Anand Nallathambi, president and CEO of CoreLogic. “This trend should continue into 2013 and is another positive signal that the gradual healing process in the housing market is gaining traction.”

December 2012 highlights

• The five states with the highest total number of completed foreclosures for the 12 months ending in December 2012 were: California (100,000), Florida (98,000), Michigan (74,000), Texas (57,000) and Georgia (49,000). These five states account for almost half of all completed foreclosures nationally.

• The five states with the lowest number of completed foreclosures for the 12 months ending in December 2012 were: District of Columbia (89), Hawaii (421), North Dakota (521), Maine (537) and West Virginia (645).

• The five states with the highest foreclosure inventory as a percentage of all mortgaged homes were: Florida (10.1 percent), New Jersey (7.0 percent), New York (5.1 percent), Nevada (4.7 percent) and Illinois (4.5 percent).

• The five states with the lowest foreclosure inventory as a percentage of all mortgaged homes were: Wyoming (0.4 percent), Alaska (0.6 percent), North Dakota (0.7 percent), Nebraska (0.8 percent) and Colorado (1.0 percent).

CoreLogic’s full foreclosure report is available on its website.

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