Completed foreclosures in the U.S. fell 20% year-over-year to 55,000 in June, according to CoreLogic’s latest foreclosure report. On an annual basis this was the 19th straight month of declines in completed foreclosure But this was up 2.5% from the previous month.
This number represents the number of homes lost to foreclosure. And there have been 4.5 million completed foreclosures since the financial crisis began.
Meanwhile, foreclosure inventory, or the homes that are in some stage of foreclosure fell to 1 million as of June 2013, down 28% from 1.4 million a year ago. This represents 2.5% of all homes with a mortgage.
The stock of distressed homes has “fallen dramatically” according to Mark Fleming, chief economist of CoreLogic. And seriously delinquencies are also down 15.9%.
“The housing market is clearly on the mend, but we expect the ultimate conclusion of the present housing down cycle to be another several years away,” Anand Nallathambi, CEO of CoreLogic said in a press release.
Here are some details from the report:
Florida has the highest number of completed foreclosures for the 12 months ending June at 107,000. California, Michigan, Texas and Georgia were the other states with the highest number of completed foreclosures.
The District of Columbia has the lowest at 106, with Hawaii, North Dakota, West Virginia, and Maine rounding off the states with the lowest completed foreclosures.
Florida has the highest foreclosure inventory as a percent of all mortgages at 8.6%. And Wyoming has the lowest at 0.5%.