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Ft Lauderdale Real Estate News 09/01/13


completed foreclosures in U.S. down 25% in July as distressed property market declines


CoreLogic’s July National Foreclosure Report finds 49,000 completed foreclosures in the U.S. in July 2013, down from 65,000 in July 2012 – a year-over-year decrease of 25 percent.

On a month-over-month basis, completed foreclosures decreased 8.6 percent from the 53,000 reported in June.

Florida again led the list of states with the highest number of completed foreclosures year-to-year in July: Florida (110,000 completed foreclosures), California (65,000), Michigan (61,000), Texas (45,000) and Georgia (41,000). Altogether, the top five states account for almost half of all completed foreclosures nationally.

The five states with the highest foreclosure inventory – homes in the foreclosure process but not yet under a bank – as a percentage of all mortgaged homes were: Florida (8.1 percent), New Jersey (5.9 percent), New York (4.7 percent), Connecticut (4.0 percent) and Maine (4.0 percent).

As a basis of comparison, prior to the decline in the housing market in 2007, completed foreclosures averaged 21,000 per month nationwide between 2000 and 2006. Completed foreclosures are an indication of the total number of homes actually lost to foreclosure. Since the financial crisis began in September 2008, there have been approximately 4.5 million completed foreclosures across the country.

As of July 2013, approximately 949,000 U.S. homes were in some stage of foreclosure, known as the foreclosure inventory, compared to 1.4 million in July 2012 – a year-over-year decrease of 32 percent.

Month over month, the foreclosure inventory was down 4.4 percent from June 2013 to July 2013. The foreclosure inventory as of July 2013 represented 2.4 percent of all homes with a mortgage compared to 3.4 percent in July 2012.

“As the housing market continues to recover, the foreclosure inventory is declining quickly, down by 32 percent from a year ago,” says Mark Fleming, chief economist for CoreLogic.

© 2013 Florida Realtors®



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