There were 57,000 completed foreclosures in the U.S. in September, down from 59,000 in August and sharply down from 83,000 in September 2011, according to new data from Irvine, Calif.-based CoreLogic.
Approximately 1.4 million homes, or 3.3% of all homes with a mortgage, were in the national foreclosure inventory as of September, compared to 1.5 million, or 3.5%, in September 2011. Month-over-month, the national foreclosure inventory was down 1.1% from August.
The five states with the highest number of completed foreclosures for the 12 months ending in September were California (108,000), Florida (92,000), Texas (59,000), Georgia (55,000) and Michigan (51,000). These five states account for 47.7% of all completed foreclosures nationally.
‘Homes lost to foreclosure in September 2012 are down 50 percent since the peak month in September 2010 and 22 percent less than the beginning of the year,’ says Mark Fleming, chief economist for CoreLogic. ‘While there is significant progress to be made before returning to pre-crisis levels, the trend is in the right direction as short sales, up 27 percent year over year in August, continue to gain popularity.’