Report: 57,000 completed foreclosures in August
October, 2012
According to CoreLogic, a leading provider of information, analytics and business services, there were 57,000 completed foreclosures in August.The report showed that the 57,000 foreclosures were down from 75,000 that were reported in the previous year.
“The continuing downward trend in foreclosures and a gradual clearing of the shadow inventory are important signals that the recovery in housing is gaining traction,” said Anand Nallathambi, president and CEO of CoreLogic. “The reduction in foreclosure volumes is to some degree being facilitated by the rising popularity of alternative resolution methods, such as short sales and loan modifications.”
According to the CoreLogic statistics, the five states with the highest number of completed foreclosures for the 12 months ending on August 2012 were California, Florida, Michigan, Texas and Georgia.
While the number of foreclosures are decreasing, mortgage rates are also falling, making now a perfect time for first-time buyers to dive into the housing market and take advantage of the low prices.
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