According to real estate police CoreLogic National Foreclosure Report released today, the U.S. had 61,000 completed foreclosures in January 2013, down from 75,000 in January 2012, for a year-over-year decrease of 17.8 percent.
On a month-over-month basis, completed foreclosures rose from 56,000 in December 2012 to January’s 61,000, an increase of 10.5 percent. (Completed foreclosures averaged 21,000 per month before the recession.)
About 1.2 million homes were in some stage of foreclosure in the U.S. – the foreclosure inventory – in January. One year earlier, that number was 1.5 million, for a 21 percent drop, according to CoreLogic. The foreclosure inventory dropped 3.3 percent from December to January. About 3 out of every 100 homes with a mortgage (2.9 percent) were part of the foreclosure inventory in January.
“The backlog of distressed assets continues to fade,” says Mark Fleming, chief economist for CoreLogic. “The foreclosure inventory has fallen to a level not seen since mid-2009 … The improvement is widespread as only six states and 13 of the largest 100 metro areas had an increase in the foreclosure rate year over year.”
January 2013 report highlights
• The five states with the highest number of completed foreclosures for the 12 months ending in January 2013 were: California (96,000), Florida (95,000), Michigan (74,000), Texas (59,000) and Georgia (50,000). These five states account for almost half of all completed foreclosures nationally.
• The five states with the lowest number of completed foreclosures for the 12 months ending in January 2013 were: District of Columbia (96), Hawaii (458), North Dakota (508), Maine (538) and West Virginia (602).
• The five states with the highest foreclosure inventory as a percentage of all mortgaged homes were: Florida (10 percent), New Jersey (7.2 percent), New York (5.1 percent), Nevada (4.7 percent) and Illinois (4.6 percent).
• The five states with the lowest foreclosure inventory as a percentage of all mortgaged homes were: Wyoming (0.4 percent), Alaska (0.6 percent), North Dakota (0.7 percent), Nebraska (0.8 percent) and Colorado (0.9 percent).