Connect with us

Hi, what are you looking for?

The American GeniusThe American Genius

Economic News

CoreLogic: foreclosures hit 2007 levels

While this report notes foreclosures slowing to 2007 levels and static levels for the month, foreclosure inventory can still be reduced to improve the housing sector.

foreclosure sign

National Foreclosure Report

According to the June National Foreclosure Report by information provider, CoreLogic, there were 60,000 completed foreclosures in June 2012, compared to 80,000 in June 2011 and a revised 60,000 in May 2012 which was just revised. In a statement, CoreLogic said, “since the financial crisis began in September 2008, there have been approximately 3.7 million completed foreclosures across the country. Completed foreclosures are an indication of the total number of homes actually lost to foreclosure.”

Approximately 1.4 million homes, or 3.4 percent of all homes with a mortgage, were in the national foreclosure inventory as of June 2012 compared to 1.5 million, or 3.5 percent, in June 2011. Month-over-month, the national foreclosure inventory was unchanged from May 2012 to June 2012. The foreclosure inventory is the share of all mortgaged homes in some stage of the foreclosure process.

“While completed foreclosures and real-estate owned (REO) sales virtually offset each other over the past four months, producing static levels of foreclosure inventory for most of this year, they are beginning to diverge again,” said Dr. Mark Fleming, chief economist for CoreLogic. “Over the last two months REO sales declined while completed foreclosures leveled out. So we could see foreclosure inventory rising going forward.”

“The decline in the flow of completed foreclosures to pre-financial crisis levels is more welcome news pointing to an emerging housing market recovery,” said Anand Nallathambi, president and CEO of CoreLogic. “However, we believe even more can be done to reduce the inventory of foreclosures by decreasing the level of regulatory uncertainty and expanding alternatives to foreclosure.”

Advertisement. Scroll to continue reading.

California leads the foreclosure pack

Based on number and not proportion, California had 125,000 foreclosures for the 12 months ending in June 2012, followed by Florida at 91,000, Michigan with 58,000, Texas with 56,000, and Georgia with 55,000, with these five states combining to account for half of all completed foreclosures nationally.

The five states with the lowest number of completed foreclosures for the 12 months ending in June 2012 were South Dakota (39), District of Columbia (81), Hawaii (449), North Dakota (565), and Maine (625).

The five states with the highest foreclosure inventory as a percentage of all mortgaged homes were Florida (11.5 percent), New Jersey (6.5 percent), New York (5.1 percent), Illinois (5.0 percent), and Nevada (4.8 percent).

The five states with the lowest foreclosure inventory as a percentage of all mortgaged homes were Wyoming (0.6 percent), Alaska (0.8 percent), North Dakota (0.8 percent), Nebraska (0.9 percent), and South Dakota (1.2 percent).

Advertisement. Scroll to continue reading.

Tara Steele is the News Director at The American Genius, covering entrepreneur, real estate, technology news and everything in between. If you'd like to reach Tara with a question, comment, press release or hot news tip, simply click the link below.

1 Comment

Leave a Reply

Your email address will not be published.

The
American Genius
news neatly in your inbox

Subscribe to our mailing list for news sent straight to your email inbox.

Advertisement

KEEP READING!

Real Estate Technology

(TECH NEWS) It turns out that Internet of Things, like smart bulbs in homes, are not secure and give up your info - here...

Real Estate Marketing

(MARKETING) Your fancy, self-animating website might be making people violently ill, even if it is insanely beautiful. Sorry...

Real Estate Marketing

(MARKETING) Conduit is a CRM that does more than CRM, it analyzes your networking data to help you see how to improve your relationships.

Real Estate Corporate

(REAL ESTATE) Zillow has long been a data powerhouse, but a lawsuit about a $150M listing offers a look into listings claims.

The American Genius is a strong news voice in the entrepreneur and tech world, offering meaningful, concise insight into emerging technologies, the digital economy, best practices, and a shifting business culture. We refuse to publish fluff, and our readers rely on us for inspiring action. Copyright © 2005-2022, The American Genius, LLC.