There were 58,000 completed foreclosures in the U.S. during October, down from 70,000 in October 2011 representing a year-over-year decrease of 17%, according to new data from Irvine, Calif.-based CoreLogic. On a month-over-month basis, completed foreclosures fell from 77,000 in September, representing a decrease of 25%.
Approximately 1.3 million homes, or 3.2% of all homes with a mortgage, were in the national foreclosure inventory as of October, compared to 1.5 million, or 3.6%, in October 2011. Month-over-month, the national foreclosure inventory was down 1.3 percent from September.
‘A lower foreclosure inventory is a good indicator of improving housing markets,’ says Anand Nallathambi, president and CEO of CoreLogic. ‘The downward trend in foreclosure inventories over the past year is yet another signal that a recovery in housing is gaining traction.’
The five states with the highest number of completed foreclosures for the 12 months ending in October were California (105,000), Florida (95,000), Michigan (68,000), Texas (59,000) and Georgia (54,000). These five states account for 49% of all completed foreclosures nationally.