57,000 Completed Foreclosures in the U.S. in August, CoreLogic Reports

CoreLogic, in its National Foreclosure Report, announced that there were 57,000 completed foreclosures in the U.S. in August this year.

According to CoreLogic, the total completed foreclosures last August nationwide was down from the 75,000 completed foreclosures in August 2011.

Since September 2008, according to CoreLogic, there have been 3.8 million completed foreclosures in the U.S.

As of August 2012, CoreLogic reported that 3.2% of all homes with a mortgage or approximately 1.3 million homes were in the national foreclosure inventory – down compared to the 1.4 million foreclosure inventory in August 2011.

Foreclosure inventory is defined as the “share of all mortgaged homes in any stage of the foreclosure process.”

Mark Fleming, chief economist of CoreLogic, said in a statement, “August marks the fourth month in a row there were fewer completed foreclosures, which is more evidence that the housing industry is finding its footing.”

Despite the decrease in completed foreclosures and foreclosure inventory nationwide in August this year, some U.S. states have high concentrations of foreclosures.

The chief economist of CoreLogic added, “While we are seeing improvement on a national level, there remain higher concentrations of foreclosures in some areas with five states accounting for nearly half of all completed foreclosures nationwide during the last year.”

For the 12 months ending in August 2012, these five states account for nearly half of all completed foreclosures in the U.S.: California (110,000), Florida (92,000), Michigan (62,000), Texas (58,000) and Georgia (55,000).

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