Foreclosures Down 29% From Year Ago

Foreclosures are continuing a steady fall, as home prices rise and the housing market picks up nationwide.

About 1 million homes were in some stage of foreclosure in May, down from 1.4 million in May 2012, a 29 percent decline, according to CoreLogic’s latest foreclosure report. As of May, the foreclosure inventory represented 2.6 percent of all homes with a mortgage — down from 3.5 percent a year prior.

There were 52,000 foreclosures completed nationwide in May, down 27 percent year over year. However, the numbers are still elevated compared to what’s considered normal for the market. Prior to the decline in the housing market in 2007, completed foreclosures averaged 21,000 per month between 2000 and 2006, according to CoreLogic.

Since September 2008 — the start of the financial crisis — about 4.4 million foreclosures have been completed, CoreLogic’s data shows.

Meanwhile, shadow inventory is down 34 percent from reaching its 2010 peak. It was under 2 million units in April, representing a 5.3 month supply.

“We continue to see a sharp drop in foreclosures around the country and, with it, a decrease in the size of the shadow inventory,” says Anand Nallathambi, president and CEO of CoreLogic. “Affordability, despite the rise in home prices over the past year, and consumer confidence are big contributors to these positive trends. We are particularly encouraged by the broad-based nature of the housing market recovery so far in 2013.”

The stock of seriously delinquent homes, which is the main driver of shadow inventory, is at the lowest level since December 2008, adds Mark Fleming, chief economist for CoreLogic.  “Over the last year, it has decreased in 42 states by double-digit figures, resulting in rapid declines in shadow inventory for the first quarter of 2013,” Fleming says.

The following five states account for nearly half of all completed foreclosures nationally and had the highest number of completed foreclosures in the last 12 months ending in May:

  • Florida
  • California
  • Michigan
  • Texas
  • Georgia

The author of this article is:

 See the original post at:

At, we keep you updated with all the gay realtor, lesbian realtor, gay realty, gay real estate and general real estate news affecting the LGBT community coast to coast, and in your neighborhood.

Click here for list of gay realtors, lesbian realtors and gay friendly realtors Nationwide.

If you have a real estate story that you’d like to share with us with the gay and lesbian real estate community, please contact us at:

Author: admin

In the mid 1990’s Jeff Hammerberg a Gay REALTOR working at a successful ReMax Office in Colorado witnessed discrimination first hand and has spent his career changing the way the Gay & Lesbian Community buys or sells a home. “My goal is to make sure when you walk in to or call a real estate office, you have an appointment with a top producing agent that you know stands in full support of you as a gay or lesbian person and works with you as your advocate throughout any transaction. Let’s make sure the commissions earned by an agent you employ, are not being used to fund positions or causes that don’t stand in full support of the LGBT Community. Many of our Gay & Lesbian REALTORS are Top Producers in their communities, offering unparalleled service today and in the future. There is no cost or obligation to use any of our services or directories.”