There were 60,000 completed foreclosures in the U.S. in June, unchanged from May and down from 80,000 in June 2011, according to new data from Santa Ana, Calif.-based CoreLogic.
Approximately 1.4 million homes – or 3.4% of all homes with a mortgage – were in the national foreclosure inventory as of June compared to 1.5 million in June 2011. Month-over-month, the national foreclosure inventory was unchanged from May to June. The five states with the highest number of completed foreclosures for the 12 months ending in June were California (125,000), Florida (91,000), Michigan (58,000), Texas (56,000) and Georgia (55,000). These five states accounted for 48.4% of all completed foreclosures nationally.
‘While completed foreclosures and real-estate owned (REO) sales virtually offset each other over the past four months, producing static levels of foreclosure inventory for most of this year, they are beginning to diverge again,’ says Mark Fleming, chief economist for CoreLogic. ‘Over the last two months REO sales declined while completed foreclosures leveled out. So we could see foreclosure inventory rising going forward.’