The latest data from CoreLogic showed a drop in both foreclosure and shadow inventory figures, exemplifying more positive news in the
In May, the number of completed foreclosures year-over-year fell by 27%. There were 52,000 foreclosures finalized this May, compared to 71,000 a year ago.
However, on a monthly basis, foreclosures increased 3.5%. The Irvine, Calif.-based analytic firm said approximately 1 million homes in the U.S. are in some stage of foreclosure through May. At this time last year, the foreclosure inventory accounted of 1.4 million properties.
For the 12 months ending in May 2013, the judicial state of Florida had the highest number of completed foreclosures with 103,087. The Sunshine State was followed on these rankings by California (76,063), Michigan (63,624), Texas (51,101) and Georgia (47,069).
Also, CoreLogic reported a steep decline of 34% in shadow inventory figures as of April from its peak in 2010. The current residential shadow inventory is under 2 million properties, or a 5.3-month supply.
CoreLogic said the shadow inventory properties represent 85% of the 2.3 million assets that are seriously delinquent, in foreclosure or REO. Overall, 890,000 of this pending supply are seriously delinquent, 761,000 are in some stage of foreclosure and 336,000 are already in REO.
“The stock of seriously delinquent homes, which is the main driver of shadow inventory, is at the lowest level since December 2008,” said Mark Fleming, chief economist for CoreLogic. “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.”
