Completed foreclosures total 767,000 in 2012
February, 2013
There were 767,000 completed foreclosures in 2012, with 56,000 being reported in December alone.
CoreLogic, one of the leading source of residential property information, analytics and services, recently released its National Foreclosure Reports, showing a decrease in foreclosures on a year-over-year basis. There were 71,000 completed foreclosures reported in December 2011, showing an annual decrease of 21 percent when compared to the same month in 2011.
The number of foreclosures also decreased 3 percent on a month-over-month basis from November to December. Considering the number of foreclosures are still high around the country, first-time homebuyers might think now is a great time to invest in the housing market and take advantage of the low prices.
"The most encouraging foreclosure trend reported here is that the inventory of foreclosed properties is almost 20 percent smaller than a year ago," said Mark Fleming, chief economist for CoreLogic. This big improvement indicates we are working toward resolving the backlog of the most distressed assets in the shadow inventory.
There were close to 1.2 million homes in the national foreclosure inventory by December 2012 compared to 1.5 million that were reported in the same month of the previous year.
Most affected states
The five states with the highest number of completed foreclosures were California, Florida, Michigan, Texas and Georgia, ranking from the highest to the lowest, respectively. These five states also accounted for close to half of all the completed foreclosures reported nationally.
The five states with the highest number of completed foreclosures were California, Florida, Michigan, Texas and Georgia, ranking from the highest to the lowest, respectively. These five states also accounted for close to half of all the completed foreclosures reported nationally.
"The rate of foreclosures continues to trend down, albeit at a slower rate as we exit 2012," said Anand Nallathambi, president and CEO of CoreLogic. This trend should continue into 2013 and is another positive signal that the gradual healing process in the housing market is gaining traction.
Americans who are looking to purchase a new home might find Realtypin.com's recently released tips helpful. The source suggests finding your own lender, hiring your own home inspector and finding out how much your options will costs before making any definite deals. Proper planning could prevent many new home buyers from making the mistakes that are common among those investing in property.
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