As of July 2013, approximately 949,000 homes in the U.S. were in some stage of foreclosure, known as the foreclosure inventory, compared to 1.4 million in July 2012, a year-over-year decrease of 32 percent. Month over month, the foreclosure inventory was down 4.4 percent from June 2013 to July 2013. The foreclosure inventory as of July 2013 represented 2.4 percent of all homes with a mortgage compared to 3.4 percent in July 2012.
“As the housing market continues to recover, the foreclosure inventory is declining quickly, down by 32 percent from a year ago,” says Mark Fleming, chief economist for CoreLogic. “Continued strength in the housing market will contribute to our outlook for ongoing improvement in the stock of distressed assets through the end of this year.”
“Completed foreclosures and delinquency rates continued their rapid descent in July. Every state posted a year-over-year decline in foreclosures and serious delinquencies fell to the lowest level since December 2008,” says Anand Nallathambi, president and CEO of CoreLogic. “Not surprisingly, non-judicial states have come the farthest the fastest in reducing shadow inventory and lowering delinquency rates.”