Completed foreclosures in the U.S. dropped to almost one third of last year’s level, falling to 48,000 in October from 68,000 a year ago, CoreLogic’s latest National Foreclosure report revealed.
Month-over-month, completed foreclosures tumbled 25.6%, from 64,000 filings in September.
"The scourge of an elevated foreclosure inventory is easing. In October, every state posted a year-over-year decline in completed foreclosures, which is positive news," said Anand Nallathambi, president and CEO of CoreLogic. "Additionally, the rate of serious delinquencies, which fell more than 25 percent year over year, is at the lowest level in nearly five years, which is great news as we head into a new year."
Meanwhile, as of October 2013, approximately 879,000 homes in the U.S. were in the foreclosure inventory, opposed to 1.3 million in October 2012, a year-over-year decrease of 31%.
"Year over year, the foreclosure inventory, as a percentage of all homes with a mortgage, has declined almost a full percentage point to 2.2%," said Mark Fleming, chief economist for CoreLogic. This is compared to 3.1% in October 2012 and is down 2.9% from September 2013 to October.
"This is good news for the housing and mortgage finance markets, but the rate remains elevated relative to the pre-crisis level of about 0.6%," he added. "There are almost 900,000 properties still in foreclosure, but a normal level would be only a quarter of the current stock."
Since the start of the financial crisis in September 2008, there have been approximately 4.6 million completed foreclosures across the country.
Meanwhile, the five states with the highest number of completed foreclosures for the 12 months ending in October were: Florida, Michigan, California, Texas and Georgia. These five states combined accounted for almost half of all completed foreclosures nationally.
On the other side, the five states with the lowest amount of completed foreclosures for the 12 months ending in October 2013 were the District of Columbia, North Dakota, Hawaii, West Virginia and Wyoming.