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CoreLogic: U.S. Had 49,000 Completed Foreclosures in June; Foreclosure inventory down 35 percent nationally from a year ago
According to CoreLogic, for the month of June 2014, there were 49,000 completed foreclosures nationally, down from 54,000 in June 2013, a year-over-year decrease of 9.9 percent. On a month-over-month basis, completed foreclosures were up by 2.7 percent from the 48,000* reported in May 2014. As a basis of comparison, before the decline in the housing market in 2007, completed foreclosures averaged 21,000 per month nationwide between 2000 and 2006.
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 5.1 million completed foreclosures across the country.
As of June 2014, approximately 648,000 homes in the United States were in some stage of foreclosure -- known as the foreclosure inventory -- compared to 1 million in June 2013, a year-over-year decrease of 35 percent. The foreclosure inventory as of June 2014 made up 1.7 percent of all homes with a mortgage, compared to 2.5 percent in June 2013. The foreclosure inventory was down 3.9 percent from May 2014,representing 32 months of consecutive year-over-year declines.
“While 32 straight months of year-over-year decline in the foreclosure rate is cause for celebration, the total number of homes still in the foreclosure process remains almost four times as high as the average in the early 2000s,” said Mark Fleming, chief economist for CoreLogic. “Additionally, there is concern over whether or not we can maintain this pace of improvement as the foreclosure inventory becomes more concentrated in judicial states with lengthier, more complex processes and timelines.”
“The national inventory of foreclosed homes fell for the 32nd straight month to just under 650,000 in June. Most of the U.S. has reduced its shadow inventory to pre-recession levels but the Northeast, Florida and the Pacific Northwest remain elevated,” said Anand Nallathambi, president and CEO of CoreLogic. “The great news here is that the basic underpinnings of the housing market are strengthening, but there is still work to do.”
Highlights as of June 2014:
- June represents 17 consecutive months of at least a 20-percent year-over-year decline in the national inventory of foreclosed homes.
- All but one state posted double-digit declines in foreclosures year over year. The state of Wyoming saw a 5.1-percent increase in foreclosures year over year.
- Thirty-six states show declines in year-over-year foreclosure inventory of greater than 30 percent, with Arizona and Utah experiencing declines greater than 50 percent.
- The five states with the highest number of completed foreclosures for the 12 months ending in June 2014 were: Florida (123,000), Michigan (43,000), Texas (33,000), California (34,000) and Georgia (31,000).These five states account for almost half of all completed foreclosures nationally.
- The five states (including the District of Columbia) with the lowest number of completed foreclosures for the 12 months ending in June 2014 were: the District of Columbia (83), North Dakota (324), West Virginia (543), Wyoming (718) and Hawaii (836).
- The five states with the highest foreclosure inventory as a percentage of all mortgaged homes were: New Jersey (5.7 percent), Florida (5.0 percent), New York (4.3 percent), Hawaii (3.1 percent) and Maine (2.7 percent).
- The five states with the lowest foreclosure inventory as a percentage of all mortgaged homes were: Alaska (0.4 percent), Nebraska (0.4 percent), North Dakota (0.5 percent), Minnesota (0.5 percent) and Wyoming (0.5 percent).
*May data was revised. Revisions are standard, and to ensure accuracy, CoreLogic incorporates newly released data to provide updated results.