Last year saw 830,000 completed foreclosures, down from 1.1 million in 2010, according to new data from Santa Ana, Calif.-based CoreLogic. Since the start of the financial crisis in September 2008, there have been approximately 3.2 million completed foreclosures, according to CoreLogic.
CoreLogic also reports that December 2011 saw a month-over-month decrease in completed foreclosures: 55,000, down from 57,000 in November 2011. The December 2011 completed foreclosures figure was also down from one year ago, when it stood at 67,000.
The new data from CoreLogic shows that, nationally, 1.4 million homes – or 3.4% of all homes with a mortgage – were in the foreclosure inventory as of December 2011. Nationally, the number of loans in the foreclosure inventory decreased 8.4% in December 2011 compared to December 2010, a decline of 130,000 properties. The number of loans in the foreclosure inventory decreased by 5.3% in November 2011 compared to November 2010.
‘While foreclosure filings are being curtailed by a variety of judicial and regulatory constraints, mortgage servicers are completing real estate owned (REO) sales faster than they are completing foreclosures,’ says Mark Fleming, chief economist at CoreLogic. ‘This is the first time in a year that REO sales have outpaced completed foreclosures, and it is part of the reason for the decrease in the foreclosure inventory.’