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CoreLogic: 51,000 completed foreclosures in Sept.

U.S. homes facing foreclosure dropped 33% year-to-year, but Fla. in top spot for percent of homes in the process (7.4%) and tota

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IRVINE, Calif. – Oct. 31, 2013 – CoreLogic released its September National Foreclosure Report. It found 51,000 completed foreclosures in the U.S. in September 2013, down from 84,000 in September 2012 – a year-over-year decrease of 39 percent.

On a month-over-month basis, completed foreclosures were virtually unchanged, decreasing a scant 0.7 percent, from 51,000 reported in August.

Florida held the top spot nationally for the highest number of completed foreclosures with 115,000. It’s followed by California (52,000), Texas (43,000), Michigan (40,000) and Georgia (39,000). The five states accounted for almost half of all completed foreclosures nationally.

Florida also held the top spot for number of homes within the foreclosure process – the foreclosure inventory – with 7.4 percent of all Florida homes with a mortgage affected. New Jersey (6.5 percent) comes in second, followed by New York (4.8 percent), Maine (4.0 percent) and Connecticut (3.7 percent).

The five states with the lowest number of completed foreclosures for the 12 months ending in September 2013 were: District of Columbia (52), North Dakota (454), Hawaii (490), West Virginia (521) and Wyoming (719). 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 (0.7 percent) and Colorado (0.7 percent).

“The foreclosure inventory continues to decline, now standing at an early 2009 level,” says Mark Fleming, chief economist for CoreLogic. “Just over 900,000 properties remain in the inventory – two thirds of them in judicial states where the foreclosure process is typically slower.”

Fleming says judicial foreclosure states, which include Florida, will see a slower improvement in inventory and “distressed assets will cast a long shadow over housing markets in states with judicial foreclosure.”
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