Foreclosures Decrease in September

According to residential real estate analytics provider CoreLogic (NYSE: CLGX  ) , the number of completed foreclosures declined 39% in September 2013 compared to the same month last year, the company announced today. In September 2013 there were 51,000 reported foreclosures in the U.S., down from last year's 84,000, CoreLogic said.

September's drop in foreclosures continues the downward trend, following a 29% decline in August 2013, compared to last year. CoreLogic reported that in August 2013 there were 51,000 completed foreclosures, virtually identical to September 2013's results. There were 72,000 foreclosures in August 2012.

Though trending downward, the number of monthly foreclosures remains dramatically higher than the pre-housing decline figures, which CoreLogic said began in 2007. For example, CoreLogic reported an average of 21,000 foreclosures a month from 2000 to 2006, the period leading up to the real estate crisis.

Florida, by a wide margin, led the U.S. in the number of completed foreclosures for the year-ending in September 2013 with 115,000, more than double the 52,000 California residents endured during the same time frame. North Dakota had the fewest foreclosures the past 12 months (Other than the D.C. area) with only 454, and also had one of the lowest foreclosure inventories relative to the number of mortgaged homes, with a mere 0.07%, CoreLogic said.

President and CEO of CoreLogic Anand Nallathambi commented, "We're not out of the woods yet, but these are encouraging signs for a return to a healthier housing market in the U.S."

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  • Report this Comment On June 10, 2014, at 4:03 PM, vivicampbell1 wrote:

    That's great news for our economy! Hopefully we can build up the trust that fuels free markets when people keep paying their loans. Of course, that might make it a little harder to be a home buyer, but I'm willing to risk that difficulty to have a thriving job market again.

    Violet Campbell | http://www.faber.ca

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