With the rate of seriously delinquent mortgages reaching a five-year low in November, fewer foreclosures were completed than the prior month.
As of the end of November, less than 2 million mortgages, or 5%, were seriously delinquent—defined as 90 days or more past due, including those loans in foreclosure or REO.
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Florida, Michigan, California, Texas and Georgia account for almost half of all completed foreclosures, with 115,000, 54,000, 42,000, 40,000 and 36,000, respectively.
Since the financial crisis began in September 2008, there have been about 4.7 million completed foreclosures nationwide.
The national foreclosure inventory through November is approximately 812,000 homes, compared to 1.2 million a year ago. This inventory through November 2013 comprises 2.1% of all homes with a mortgage.
“Consumer confidence is definitely up as the economic rebound gathers more steam,” says Anand Nallathambi, president and CEO of CoreLogic. “As the