The number of foreclosures completed in July totaled 58,000, down 16% from 69,000 a year earlier and 62,000 in June, according to analytics firm CoreLogic.
“Completed foreclosures remain concentrated in five states, California, Florida, Michigan, Texas and Georgia, accounting for 48% of all completed foreclosures,” CoreLogic Chief Economist Mark Fleming said.
About 1.3 million homes, or 3.2% of all homes with a mortgage, were in the national foreclosure inventory as of July, slightly down from the year-ago figure of 1.5 million, or 3.5%. The national foreclosure inventory — the share of all mortgaged homes in any stage of the foreclosure process — did not change from June to July, CoreLogic reports.
“Alternative resolutions are helping to reduce foreclosures and often result in a more positive transition for the borrower and lower losses for investors and lenders,” CoreLogic Chief Executive Anand Nallathambi said.
Since the financial crisis began in September 2008, about 3.8 million homes have been lost to foreclosure.