IRVINE, CA-The national foreclosure inventory fell 18% between November 2011 and November 2012, and the number of completed foreclosures nationally dipped 23% in the same time period, according to a newly released report from CoreLogic, a provider of information, analytics and business services here. The report says that there were 55,000 completed foreclosures in the US in November 2012, down from 72,000 in November 2011.
“The pace of completed foreclosures has significantly improved over a year ago as short sales gain popularity as a disposition method,” said Mark Fleming, chief economist for CoreLogic, in a prepared statement. “Additionally, the inventory of foreclosed properties continues to decline while the housing market demonstrates an ongoing ability to absorb the distressed sales that result from completed foreclosures.”
As GlobeSt.com reported last week, the current national residential shadow inventory as of October 2012 fell to 2.3 million units, a 12.3% drop from October 2011, when shadow inventory stood at 2.6 million units, according to a CoreLogic report. This inventory continues to “shrink from peak levels in terms of numbers of units and the dollars they represent,” said Anand Nallathambi, president and CEO of CoreLogic, in a prepared statement.
*Charts courtesy of CoreLogic
For the complete report, click here.