Foreclosures continue to plummet

by Ryan Smith01 Nov 2013

Foreclosures plummeted year-over-year in September, according to a leading analytics firm.

According to CoreLogic’s National Foreclosure Report, released Thursday, there were 51,000 completed foreclosures nationally in September, down 39% from September 2012’s 84,000. On a month-over-month basis, the foreclosure rate was fairly stable, creeping down only 0.7% from August.

“The foreclosure inventory continues to decline, now standing at an early 2009 level,” said Mark Fleming, chief economist for CoreLogic. “Just over 900,000 properties remain in the inventory, two thirds of them in judicial states where the foreclosure process is typically slower. Consequently, the pace of overall improvement in the inventory will slow down and distressed assets will cast a long shadow over housing markets in states with judicial foreclosure.”

“The number of seriously delinquent mortgages continues to drop across the country at a rapid rate with every state showing year-over-year declines in foreclosure inventory,” said Anand Nallathambi, president and CEO of CoreLogic. “We're not out of the woods yet, but these are encouraging signs for a return to a healthier housing market in the U.S.”

Florida had the highest number of completed foreclosures in the last 12 months at 115,000, according to CoreLogic. Rounding out the top five were California (52,000), Texas (43,000), Michigan (40,000) and Georgia (39,000). Taken together, those five states accounted for almost half of all completed U.S. foreclosures.


  • by Michael H | 11/1/2013 9:18:45 AM

    Dont be fooled... they are just calling them by different names. Loan modifications, some for the 2nd and 3rd times after prior defaults is rampants as well. Deed in Lieu of foreclosures are up and we don't even want to talk short sales. Finally there are lenders who refuse to even start the process. Wall street equity funds have swept in and paid ? questionable prices for some properties thus helping prices to "recover" and resurface a few homes from the depths of negative equity...


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