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).
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