Approximately 65,000 foreclosures were completed in February, compared to 71,000 in January and 66,000 in February 2011, according to the latest National Foreclosure Report issued by Santa Ana, Calif.-based CoreLogic. Approximately 1.4 million homes, or 3.4% of all homes with a mortgage, were in the foreclosure inventory as of February 2012, which is unchanged since January.
The number of completed foreclosures for the 12 months ending in February was 862,000, according to CoreLogic, which also recorded approximately 3.4 million completed foreclosures since the start of the financial crisis in September 2008.
The five states with the largest number of completed foreclosures during the 12 months ending in February were: California (154,000), Florida (87,000), Michigan (64,000), Arizona (63,000) and Texas (58,000). These five states accounted for 49.4% of all completed foreclosures nationally.
‘The pace of completed foreclosures is down slightly compared to January, running at an annualized pace of 670,000, but compares favorably to the pace of completed foreclosures in February a year ago,’ says Mark Fleming, chief economist for CoreLogic. ‘Even though the pace of completed foreclosures has slowed, the overall foreclosure inventory is decreasing, because REO sales were up in February. With the spring buying season upon us, the inventory may decline further as the pace of distressed-asset sales rises along with the rest of the housing market.’