According to a report released this week from CoreLogic, there were 48,000 completed foreclosures in the U.S. in August of 2013, down from 72,000 in August 2012, a year-over-year decrease of 33 percent. As exhibited by the numbers, foreclosure inventory continues to improve. Completed foreclosures are an indication of the total number of homes actually lost to foreclosure.
Overall residential shadow inventory, as of July 2013, was 1.9 million homes, accounting for a value of $293 billion and representing a supply of 3.7 months. This was down 22 percent from a year ago, when it was at 2.4 million and down 38 percent from its peak in 2010, when it reached 3 million homes, according to CoreLogic.
This past year, the value of the U.S. shadow inventory dropped by $87 billion- a sign of increased normalcy in the housing market. Highlights from the report include:
• The five states with the highest number of completed foreclosures for the 12 months ending in August 2013 were: Florida (111,000), Michigan (60,000), California (58,000), Texas (43,000) and Georgia (40,000).
• The five states with the highest foreclosure inventory as a percentage of all mortgaged homes were: Florida (7.9 percent), New Jersey (6.2 percent), New York (4.9 percent), Maine (4.0 percent) and Connecticut (3.9 percent).
Shadow inventory highlights include:
• As of July, shadow inventory was under 2 million properties, representing 3.7 months’ supply or 85 percent of the 2.2 million properties that were seriously delinquent, in foreclosure or REO.
• Of the fewer than 2 million properties in the shadow inventory, 874,000 properties were seriously delinquent (1.8 months’ supply), 661,000 were in some stage of foreclosure (1.3 months’ supply) and 318,000 were already in REO (0.6 months’ supply).
• The value of shadow inventory was $293 billion as of July 2013, down from $380 billion in July 2012.
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Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.