NEW YORK (TheStreet) -- The housing market continues to heal with the number of completed foreclosures declining 29% year-over-year in November, according to the latest data from CoreLogic.
According to the report, there were 46,000 completed foreclosures during November. That is still more than double the normal rate of foreclosures. In the pre-bubble days between 2000 and 2006, foreclosures averaged 21,000 a month.
However, the pace of foreclosures has been declining rapidly. Foreclosures were down 8% from the previous month. About 812,000 homes were in some stage of foreclosure, down 29% from a year earlier.
Completed foreclosures are an indication of the total number of homes actually lost to foreclosure. Since Sept.2008, 4.7 million homes have been lost to foreclosure.
For more on the current state of the foreclosure crisis, read Foreclosure Crisis Is in Last Inning.
-- Written by Shanthi Bharatwaj in New York
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