Foreclosure inventory to fall below half-million by year-end

Screen Shot 2014-10-03 at 9.19.02 AMBy Jann Swanson | Mortgage News Daily

CoreLogic says over the past 10 years the number of completed foreclosures in the U.S. has been the equivalent of 15 percent of all mortgage homes. The company’s Deputy Chief Economist Sam Khater said that since homeownership peaked in the second quarter of 2004 there have been over 7 million homes lost to foreclosure with 5.2 million of those actions occurring since the financial crisis began in September 2008.

CoreLogic, in its August National Foreclosure Report, estimates there were 45,000 completed foreclosures during the month, 13,000 fewer than during the same month in 2013, a decrease of 22.2 percent. However the number of foreclosures did rise slightly from July, by 1.1 percent. As a basis of comparison, between 2000 and 2006 completed foreclosures averaged 21,000 per month nationwide.

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