August saw a 32.8 percent decline in foreclosure inventory from August 2013, marking the 34th consecutive month with a year-over-year decrease, according to CoreLogic‘s August National Foreclosure Report released on Thursday.
According to CoreLogic, 1.6 percent of all residential mortgages, a total of approximately 629,000 homes, were in some phase of the foreclosure process in August. These numbers represent a significant downturn from the same month a year ago, when CoreLogic reported that 936,000 homes were in some stage of foreclosure, comprising 2.4 percent of all residential mortgages nationwide.
“Clearly there has been a large improvement in the market in the last few years, but five years into the economic expansion the foreclosure inventory remains at nearly three times the normal level,” said Sam Khater, deputy chief economist at CoreLogic. “Since homeownership rates peaked in the second quarter of 2004, there have been seven million completed foreclosures, which account for 15 percent of all mortgages.” (DSNEWS/CL)