More positive news for the housing market – the one bright spot in the U.S. economy.
October saw 58,000 completed foreclosures across the country, down 17 percent, from 70,000 a year ago, according to latest CoreLogic report.
This was also down 25 percent, from 77,000 completed foreclosures in September 2012. Completed foreclosures add to a nation's foreclosure inventory.
And 1.3 million homes, or 3.2 percent of all homes with a mortgage were in the national foreclosure inventory as of October, this is down 1.3 percent month-over-month, and down 0.3 percent from a year ago.
In a press release, Mark Fleming chief economist for CoreLogic said, "The downward trend in foreclosure inventories over the past year is yet another signal that a recovery in housing is gaining traction. As a result of completed foreclosures and alternative disposition methods, the foreclosure inventory has declined by 9 percent year-to-date. This is good news for housing markets as we look forward to 2013.”
Here are some details from the report:
- "The five states with the highest foreclosure inventory as a percentage of all mortgaged homes were: Florida (11.1 percent), New Jersey (7.7 percent), New York (5.3 percent), Illinois (5.0 percent) and Nevada (4.8 percent)."
- California, Florida, Michigan, Texas, and Georgia had the highest number of completed foreclosures in the 12-months ending October 2012. These five states account for 49.0 percent of all completed foreclosures nationally.
- The five states with the lowest number of completed foreclosures in the same period were South Dakota, District of Columbia, Hawaii, North Dakota and Maine.
- The five states with the lowest foreclosure inventory as a percentage of all mortgaged homes were: Wyoming (0.5 percent), Alaska (0.7 percent), North Dakota (0.7 percent), Nebraska (0.8 percent) and South Dakota (1.0 percent).
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