CoreLogic's July National Foreclosure Report, released today, reported completed foreclosures during the month totaled 58,000 compared to 62,000 in June and 69,000 in July 2011.  The foreclosure inventory, an indicator of homes in any stage of foreclosure, was unchanged from June at 1.3 million homes or 3.2 percent of all homes with a mortgage.  On an annual basis, however, this was a decrease from 1.5 million properties or 3.5 percent of mortgaged homes.

"The decline in completed foreclosures is yet another positive signal that the housing market is continuing on a progressive path of stabilization and recovery," said Anand Nallathambi, president and CEO of CoreLogic.  "Alternative resolutions are helping to reduce foreclosures and often result in a more positive transition for the borrower and lower losses for investors and lenders."

Mark Fleming, chief economist for CoreLogic noted that the 16 percent year-over-year decline in foreclosure is in part because servicers are increasingly relying on foreclosure alternatives such as short sales and modifications. 

Completed foreclosures are concentrated in five states.  California, Florida, Michigan, Texas, and Georgia together accounted for 48 percent of all completed foreclosures in the 12 months ending in July.

The five states with the highest foreclosure inventory as a percentage of all mortgaged homes were Florida (11.2) percent, New Jersey (5.7 percent), New York (5.2 percent), Illinois (4.9 percent), and Nevada (4.7 percent.)

Since the financial crisis began in September 2008, there have been approximately 3.8 million completed foreclosures across the country. Completed foreclosures are an indication of the total number of homes actually lost to foreclosure.