CoreLogic: Foreclosed Homes Cut by More Than One Third

April 29, 2014
Housing Wire 
mortgage lending news
The latest statistics from CoreLogic reflect modest improvement in foreclosure activity.

According to the numbers, 48,000 foreclosures were completed in this country last month -- down 10 percent from March 2013 but up 5.9 percent from February 2014. The share of U.S. homes in foreclosure, meanwhile, settled at 720,000 in March 2014, which represents a 37 percent slide from a year earlier.

"The inventory of homes in foreclosure and serious delinquency status are back to 2008 levels, yet remain elevated from a historical perspective," remarked CoreLogic chief economist Mark Fleming. He pointed to a supply of distressed properties that is still "three times higher than the levels of the early 2000s, before the most-recent housing boom and subsequent financial crisis."

The company's president and CEO, Anand Nallathambi, added that states with judicial foreclosure processes are the primary markets dealing with higher stockpiles of distressed homes. The states with the highest foreclosure supply as a share of all homes with a mortgage, according to the data, are New Jersey, Florida, New York, Maine, and Hawaii.

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