Foreclosures Down a Third Compared to a Year Ago
In its monthly foreclosure report, CoreLogic reveals that the number of foreclosures has dropped by a third compared to the same time last year. In July 2013 there were 976,000 homes approaching foreclosure, compared to the 640,000 homes a year later.
Sam Khater, chief economist at CoreLogic, said that distressed debt is continuing its rapid decline and even more so in western states. He further commented that “the number of seriously delinquent loans fell by more than 25 percent from the prior year in 10 states and seven of those states were in the west.”
Last month, only 1.6 percent of all homes with a mortgage were in a stage of foreclosure, compared to 2.4 percent in July of last year. This July is also the 33rd consecutive month of declines in foreclosures.
Read the full article in Housing Wire.