LAUREN BUNTING ■ Contributing Writer
(April 5, 2013) In its recent National Foreclosure Report, CoreLogic reported that foreclosures were down 19 percent nationally since February 2012.
According to its research, there were 54,000 completed foreclosures in the U.S. in February 2013, down from 67,000 in February 2012. On a month-over-month basis, completed foreclosures fell from 58,000 in January 2013 to the February 2013 level of 54,000, a decrease of 7 percent.
“February’s 54,000 completed foreclosures is the lowest level nationally since September 2007,” said Dr. Mark Fleming, chief economist for CoreLogic.
As it relates to our local tri-county area of Worcester, Wicomico and Somerset counties, the statistical figures were similar. We had 17 completed foreclosures in February 2013 compared to 21 in February 2012, showing a 20-percent decrease.
Interesting to note on a national level, CoreLogic reported that the five states with the highest number of completed foreclosures for the previous 12-month period account for almost half of all completed foreclosures nationally. Those five states were Florida, California, Michigan, Texas and Georgia.
Another important statistic reported in the National Foreclosure Report was a 21 percent decrease in foreclosure shadow inventory. Shadow inventory are the homes that are in some stage of foreclosure, but have not become completed foreclosures yet. There were approximately 1.2 million homes in shadow inventory as of February 2013, compared to 1.5 million in February 2012, a decrease of 21 percent.
“We continue to see a declining trend in foreclosure activity, with major markets leading the way,” said Anand Nallathambi, president and CEO of CoreLogic. “The drop in delinquencies and foreclosure starts will help support a resurgence in the home purchase market this year and next.”
CoreLogic is a leading residential property information, analytics and services provider.
— Lauren Bunting is a member of the Coastal Association of Realtors and a licensed REALTOR® with Bunting Realty, Inc. in Berlin.