US completed foreclosures for May total 47,000.
M2 EQUITYBITES-July 10, 2014--US completed foreclosures for May total 47,000
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10 July 2014 - California-based real estate information analytics and data-enabled services provider CoreLogic (NYSE: CLGX) has released its May National Foreclosure Report which provides data on completed US foreclosures and foreclosure inventory.
According to CoreLogic, for the month of May 2014, there were 47,000 completed foreclosures nationally, down from 52,000 in May 2013, a year-over-year decrease of 9.4%. On a month-over-month basis, completed foreclosures were up by 3.8% from the 45,000* reported in April 2014.
As a basis of comparison, before the decline in the housing market in 2007, completed foreclosures averaged 21,000 per month nationwide between 2000 and 2006.
Completed foreclosures are an indication of the total number of homes actually lost to foreclosure. Since the financial crisis began in September 2008, there have been approximately 5m completed foreclosures across the country.
As of May 2014, approximately 660,000 homes in the United States were in some stage of foreclosure, known as the foreclosure inventory, compared to 1m in May 2013, a year-over-year decrease of 37%.
The foreclosure inventory as of May 2014 represented 1.7% of all homes with a mortgage, compared to 2.6% in May 2013. The foreclosure inventory was down 4.8% from April 2014, representing 31months of consecutive year-over-year declines.
A completed foreclosure occurs when a property is auctioned and results in the purchase of the home at auction by either a third party, such as an investor, or by the lender.
CoreLogic's combined data from public, contributory and proprietary sources includes over 3.3bn records spanning more than 40 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information.
Find out more at www.corelogic.com.
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