Mortgage Foreclosures Drop 20% in June

Homeowners (and investors in the banks holding their mortgages) received a double dose of good news Tuesday, when residential property data provider CoreLogic (NYSE: CLGX  ) announced, first, that the number of new home foreclosure cases dropped 20% in June, and second, that the number of houses in any stage of foreclosure whatsoever dropped even faster -- down 28%.

According to CoreLogic's data, 55,000 homes were foreclosed upon in June, versus 68,000 completed foreclosures in June 2012. (Sequentially, the number ticked up from 53,000 foreclosures in May).

Granted, even 55,000 foreclosures is a big number relative to the 21,000 foreclosures-per-month we were averaging between 2000 and 2006. Then again, back then, home prices that seemed only to go up helped to keep foreclosures a rarity.

Expect them to get rarer still, in the months to come, because CoreLogic says there are currently only about 1 million homes in the U.S. in any stage of foreclosure whatsoever (the "foreclosure inventory"). That's down from 1.4 million homes in the foreclosure supply chain one year ago. Year over year, this works out to a 28% -- and here, the news is doubly good, because the foreclosure inventory also shrank sequentially, falling 2.9% from May 2013.

As of today, only 2.5% of all homes under mortgage are in the foreclosure process, says CoreLogic.


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2570876, ~/Articles/ArticleHandler.aspx, 9/19/2014 4:12:46 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated Moments ago Sponsored by:
DOW 17,302.05 36.06 0.21%
S&P 500 2,010.54 -0.82 -0.04%
NASD 4,583.04 -10.39 -0.23%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

9/19/2014 3:56 PM
CLGX $27.94 Down -0.23 -0.82%
CoreLogic CAPS Rating: *****

Advertisement