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SANTA ANA, Calif.,
June 29, 2012 /PRNewswire/ -- CoreLogic (NYSE: CLGX), a leading provider of information, analytics and business services, today released its National Foreclosure Report for May, which provides monthly data on completed foreclosures and the overall foreclosure inventory. According to the report, there were 63,000 completed foreclosures in the U.S. in
May 2012 compared to 77,000 in
May 2011 and 62,000* in
April 2012. Since the financial crisis began in
September 2008, there have been approximately 3.6 million completed foreclosures across the country. Completed foreclosures are an indication of the total number of homes actually lost to foreclosure.
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Approximately 1.4 million homes, or 3.4 percent of all homes with a mortgage, were in the national foreclosure inventory as of
May 2012 compared to 1.5 million, or 3.5 percent, in
May 2011 and 1.4 million, or 3.4 percent, in
April 2012. The foreclosure inventory is the share of all homes in some stage of the foreclosure process.
"There were more than 819,000 completed foreclosures over the past year, or an average of 2,440 completed foreclosures every day over the last 12 months," said
Mark Fleming, chief economist for CoreLogic. "Although the level of completed foreclosures remains high, it is down 27 percent from a peak of 1.1 million in all of 2010."
"Though the national foreclosure inventory levels remain steady, around 1.4 million homes, there have been dramatic shifts at the state level," said
Anand Nallathambi, president and CEO of CoreLogic. "
Michigan, for example, each experienced at least a 20-percent decline in the foreclosure inventory from a year ago. While foreclosure inventories in most states are declining, the foreclosure inventory is still rising in many judicial states, such as
New York and
Highlights as of May 2012
The five states with the highest number of completed foreclosures for the 12 months ending in May 2012 were: California (133,000), Florida (92,000), Michigan (60,000), Texas (58,000) and Georgia (57,000). These five states account for 48.8 percent of all completed foreclosures nationally.
The five states with the lowest number of completed foreclosures for the 12 months ending in May 2012 were: South Dakota (48), District of Columbia (74), North Dakota (547), West Virginia (620) and Hawaii (623).
The five states with the highest foreclosure inventory as a percentage of all mortgaged homes were: Florida (11.9 percent), New Jersey (6.6 percent), Illinois (5.3 percent), New York (5.0 percent) and Nevada (4.9 percent).
The five states with the lowest foreclosure inventory were: Wyoming (0.7 percent), Alaska (0.8 percent), North Dakota (0.8 percent), Nebraska (1.0 percent) and South Dakota (1.3 percent).
*April data was revised. Revisions are standard, and to ensure accuracy CoreLogic incorporates newly released data to provide updated results.