Article Courtesy of The Palm
By Kimberly Miller
Published August 7, 2014
Foreclosure inventory nationwide was down 35 percent in June from a year ago as more homes continue to be processed and fewer mortgages default.
According to a report from the Irvine, Calif.-based company Core Logic, 49,000 foreclosures were completed nationally in June, down from 54,000 during the same time in 2013.
As a basis of comparison, before the decline in the housing market in 2007, completed foreclosures averaged 21,000 per month nationwide between 2000 and 2006.
“While 32 straight months of year-over-year decline in the foreclosure rate is cause for celebration, the total number of homes still in the foreclosure process remains almost four times as high as the average in the early 2000’s,” said Mark Fleming, chief economist for Core Logic. “Additionally, there is concern over whether or not we can maintain this pace of improvement as the foreclosure inventory becomes more concentrated in judicial states with lengthier, more complex processes and timelines.”