SANTA ANA, Calif.
Aug. 28, 2012
/PRNewswire/ -- CoreLogic (NYSE: CLGX), a leading provider of information, analytics and business services, today released its National Foreclosure Report for July which provides monthly data on completed foreclosures and the overall foreclosure inventory. According to the report, there were 58,000 completed foreclosures in the U.S. in
compared to 69,000 in
and 62,000* in
. Since the financial crisis began in
, 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.
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Approximately 1.3 million homes, or 3.2 percent of all homes with a mortgage, were in the national foreclosure inventory as of
compared to 1.5 million, or 3.5 percent, in
. Month-over-month, the national foreclosure inventory was unchanged from
to July 2012. The foreclosure inventory is the share of all mortgaged homes in some stage of the foreclosure process.
"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
, 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."
"Completed foreclosures were down again in July, this time by 16 percent versus a year ago, as servicers increasingly rely on alternatives to the foreclosure process, such as short sales and modifications," said
, chief economist for CoreLogic. "Completed foreclosures remain concentrated in five states,
, accounting for 48 percent of all completed foreclosures nationwide in July."
Highlights as of July 2012:
- The five states with the highest number of completed foreclosures for the 12 months ending in July 2012 were: California (118,000), Florida (92,000), Michigan (61,000), Texas (57,000) and Georgia (54,000). These five states account for 48.1 percent of all completed foreclosures nationally.
- The five states with the lowest number of completed foreclosures for the 12 months ending in July 2012 were: South Dakota (32), District of Columbia (120), Hawaii (445), North Dakota (575), and Maine (608).
- 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).
- The five states with the lowest foreclosure inventory as a percentage of all mortgaged homes were: Wyoming (0.5 percent), Alaska (0.8 percent), North Dakota (0.8 percent), Nebraska (0.9 percent) and South Dakota (1.1 percent).
*June data was revised. Revisions are standard, and to ensure accuracy CoreLogic incorporates newly released data to provide updated results.