IRVINE, Calif.—The number of foreclosures nationally continues to drop.
Data released by CoreLogic as part of its September National Foreclosure Report, which provides data on completed U.S. foreclosures and the foreclosure inventory, found that for September 2014 there were 46,000 completed foreclosures nationally, down from 68,000 in September 2013. That’s a year-over-year decrease of 32.6% and is down 61% from the peak of completed foreclosures in 2010.
On a month-over-month basis, completed foreclosures were up by 4.7% from the 44,000 reported in August 2014. CoreLogic said that as a basis of comparison, before the decline in the housing market in 2007, completed foreclosures averaged 21,000 per month nationwide between 2000 and 2006.
“Completed foreclosures are an indication of the total number of homes actually lost to foreclosure,” CoreLogic said. “Since the financial crisis began in September 2008, there have been approximately 5.2 million completed foreclosures across the country, and since homeownership rates peaked in Q2 of 2004, there have been approximately seven-million homes lost to foreclosure.”
As of September 2014, approximately 607,000 homes nationally were in some stage of foreclosure, known as the foreclosure inventory, compared to 924,000 in September 2013, a year-over-year decrease of 34.3%. The foreclosure inventory as of September 2014 made up 1.6% of all homes with a mortgage, compared to 2.3% in September 2013. The foreclosure inventory was down 2.8% from August 2014, representing 35 consecutive months of year-over-year declines, according to the company.
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