CoreLogic: Foreclosures in June drop 20%

The number of foreclosures recorded in the U.S. fell 20% year-over-year in June, with only 55,000 homes completing the process, CoreLogic said.

Just a year earlier, 68,000 foreclosures were recorded in the same survey.

Yet, when compared to the previous month of May, foreclosures edged up 2.5% from 53,000 foreclosures.

While foreclosures are down from last year, they have yet to reach the normal benchmark of 21,000 foreclosures per month – a level held between the years 2000 and 2006.

Since the onset of the 2008 financial crisis, 4.5 million completed foreclosures have been recorded by CoreLogic   ($27.73 0%).

As of June, one million homes remain in some stage of the foreclosure process, down from 1.4 million a year earlier.

The number of distressed homes on the market also remains in free fall.

“So far this year, distressed inventories have fallen dramatically, down 14.4%, and serious delinquencies are down 15.9%,” said Dr. Mark Fleming, chief economist for CoreLogic. “In the first six months of 2013, the stock of seriously delinquent mortgages has dropped by 412,000.”

Source: Housingwire.com