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57000 Completed Foreclosures in September 2012

CoreLogic®, a leading provider of information, analytics and business services, reported its National Foreclosure Report for September and according to the press release, there were approximately 57,000 completed foreclosures in September 2012 which is down from 83,000 this same time last year down from last month where we had 59,000 foreclosures in August.

Before the crisis had started in 2007, in the years between 2000 and 2006, completed foreclosures had only averaged approximately 21,000 per month. Hence, we are still at double the averages at he beginning of the decade with no end in sight. A total of about 3.9 million homes have been lost to foreclosure since September 2008.

Completed foreclosures are an indication of the total number of homes actually lost to foreclosure. Since the financial crisis began in September 2008, there have been approximately 3.9 million completed foreclosures across the country.

CEO of CoreLogic, Anand Nallathambi said this about the crisis;

“The continuing downward trend in foreclosures along with a gradual clearing of the shadow inventory are signs of stabilization and improvement in the housing market,” said Nallathambi. “Increasingly improving market conditions and industry and government policy are allowing distressed homeowners to pursue refinancing, loan modifications or short sales rather than foreclosures.”

“Homes lost to foreclosure in September 2012 are down 50 percent since the peak month in September 2010 and 22 percent less than the beginning of the year,” said Mark Fleming, chief economist for CoreLogic. “While there is significant progress to be made before returning to pre-crisis levels, the trend is in the right direction as short sales, up 27 percent year over year in August, continue to gain popularity.”

Highlights as of September 2012:

The five states with the highest number of completed foreclosures for the 12 months ending in September 2012 were: California (108,000), Florida (92,000), Texas (59,000), Georgia (55,000) and Michigan (51,000). These five states account for 47.7 percent of all completed foreclosures nationally.

The five states with the lowest number of completed foreclosures for the 12 months ending in September 2012 were: South Dakota (20), District of Columbia (58), Hawaii (436), North Dakota (583) and Maine (625).
The five states with the highest foreclosure inventory as a percentage of all mortgaged homes were: Florida (11.5 percent), New Jersey (7.3 percent), New York (5.3 percent), Illinois (5.2 percent) and Nevada (4.9 percent).

The five states with the lowest foreclosure inventory as a percentage of all mortgaged homes were: Wyoming (0.5 percent), Alaska (0.7 percent), North Dakota (0.7 percent), Nebraska (0.9 percent) and South Dakota (1.1 percent).

Article source: http://www.loansafe.org/57000-completed-foreclosures-in-september-2012

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