Home Foreclosures Down 29% Year-over-Year in May

Foreclosed home
Foreclosed home

In the month of May, 52,000 U.S. homes were foreclosed, more than a revised total of 50,000 in April and down from 71,000 in May 2012, according to research firm CoreLogic Inc. (NYSE: CLGX). While an improvement, the number of foreclosures is still well above the 2000 to 2006 average of 21,000 foreclosures per month. CoreLogic notes that since September 2008, some 4.4 million foreclosures have been completed in the United States.

The five states with the highest number of completed foreclosures in the past 12 months were Florida (103,000), California (76,000), Michigan (64,000), Texas (51,000) and Georgia (47,000). The five states with the fewest foreclosures in the 12 months through May were District of Columbia (108), Hawaii (453), North Dakota (467), West Virginia (517) and Maine (644).

The five states with the largest inventories of foreclosed properties are Florida (8.8%), New Jersey (6%), New York (4.8%), Maine (4.1%) and Connecticut (4.1%). The five states with the lowest inventories of foreclosed properties are Wyoming (0.5%), Alaska (0.6%), North Dakota (0.6%), Nebraska (0.8%) and Virginia (0.8%).

CoreLogic executives noted:

The stock of seriously delinquent homes, which is the main driver of shadow inventory, is at the lowest level since December 2008. Over the last year it has decreased in 42 states by double-digit figures, resulting in rapid declines in shadow inventory for the first quarter of 2013. … Affordability, despite the rise in home prices over the past year, and consumer confidence are big contributors to these positive trends

The research firm also noted that about a million homes were in some stage of foreclosure during May, down from 1.4 million in May 2012. CoreLogic said the foreclosure inventory in May represented 2.6% of all mortgaged homes, compared with 3.5% in May a year ago.

Filed under: Housing Tagged: CLGX