There were 60,000 completed foreclosures in the U.S. in June 2012, according to CoreLogic’s National Foreclosure Report for June released today.
This is a 24% drop from last year when there were 80,000 completed foreclosures reported. This significant decrease puts foreclosures back to 2007 levels.
Roughly 1.4 million homes, or 3.4% of all homes with a mortgage, were recorded in the national foreclosure inventory as of June 2012 versus 1.5 million, or 3.5%, in June 2011.
Although the statistics for foreclosures experienced a significant drop from June 2011 to June 2012, the month-over-month foreclosure statistics are more leveled.
“The decline in the flow of completed foreclosures to pre-financial crisis levels is more welcome news pointing to an emerging housing market recovery,” said Anand Nallathambi, CoreLogic’s president and CEO. “However, we believe even more can be done to reduce the inventory of foreclosures by decreasing the level of regulatory uncertainty and expanding alternatives to foreclosure.”
Since the financial crisis began in September 2008, there have been roughly 3.7 million completed foreclosures across the nation.
The report also highlighted other statistics for June. The five states with the highest number of completed foreclosures for the year ending in June of this year were California (125,000), Florida (91,000), Michigan (58,000), Texas (56,000) and Georgia (55,000). These comprise 48.4% of all completed foreclosures in the country.
By contrast, the five states with the lowest number of completed foreclosures for the twelve months ending in June were South Dakota (39), District of Columbia (81), Hawaii (449), North Dakota (565), and Maine (625).
In addition, CoreLogic reported that the five states with the highest foreclosure inventory as a percentage of all mortgaged homes were Florida (11.5%), New Jersey (6.5%), New York (5.1%), Illinois (5.0%) and Nevada (4.8%).
Meanwhile, the five states with the lowest foreclosure inventory as a percentage of all mortgaged homes were Wyoming (0.6%), Alaska (0.8%), North Dakota (0.8%), Nebraska (0.9%) and South Dakota (1.2%).