Completed foreclosures in September totaled
51,000 nationwide, down 39 percent from a year earlier when banks repossessed
84,000 homes. CoreLogic said, in its September National
Foreclosure Report, that the number of foreclosures last month was virtually
identical to that in August.
By way of comparison, CoreLogic said
that in what might be considered a more normal market, the period from 2001 to
2006, there were an average of 21,000 foreclosures completed each month. The approximately 4.6 million foreclosures
completed in the 60 months since the financial crisis began in September 2008 average
76,700 per month.
In September the foreclosure inventory,
that is the number of homes in some stage of foreclosure, stood at
approximately 902,000, down one third from 1.4 million one year earlier. The inventory decreased by 3.3 percent from
August to September. The inventory in
September represented approximately 2.3 percent of mortgages homes in the U.S.,
down from 3.2 percent in September 2012.
"The foreclosure inventory continues
to decline, now standing at an early 2009 level," said Mark Fleming, chief
economist for CoreLogic. "Just over 900,000 properties remain in the inventory,
two thirds of them in judicial states where the foreclosure process is
typically slower. Consequently, the pace of overall improvement in the
inventory will slow down and distressed assets will cast a long shadow over
housing markets in states with judicial foreclosure."
"The number of seriously delinquent
mortgages continues to drop across the country at a rapid rate with every state
showing year-over-year declines in foreclosure inventory," said Anand
Nallathambi, president and CEO of CoreLogic. "We're not out of the woods yet,
but these are encouraging signs for a return to a healthier housing market in
Five states accounted for almost
half of all completed foreclosures over the 12 months ended in September. Florida had 115,000 foreclosures, California
52,000, Texas 43,000, Michigan, 40,000, and Georgia 39,000. The states with the
highest foreclosure inventory as a percent of mortgaged homes were Florida (7.4
percent), New Jersey (6.5 percent), New York (4.8 percent), Maine (4.0 percent)
and Connecticut (3.7 percent).