CoreLogic released its National Foreclosure Report for May this week which provides monthly data on completed foreclosures and the overall foreclosure inventory. According to the report, there were 63,000 completed foreclosures in the U.S. in May 2012 compared with 77,000 in May 2011 and 62,000 in April 2012. Since the financial crisis began in September 2008, there have been approximately 3.6 million completed foreclosures across the country. Completed foreclosures are an indication of the total number of homes actually lost to foreclosure.
Approximately 1.4 million homes, or 3.4 percent of all homes with a mortgage, were in the national foreclosure inventory as of May 2012 compared with 1.5 million, or 3.5 percent, in May 2011 and 1.4 million, or 3.4 percent, in April 2012. The foreclosure inventory is the share of all mortgaged homes in some stage of the foreclosure process.
Highlights of the report include:
- The five states with the highest number of completed foreclosures for the 12 months ending in May 2012 were: California, 133,000 completed foreclosures; Florida, 92,000 completed foreclosures; Michigan, 60,000 completed foreclosures; Texas, 58,000 completed foreclosures; and Georgia, 57,000 completed foreclosures. These five states account for 48.8 percent of all completed foreclosures nationally.
- The five states with the lowest number of completed foreclosures for the 12 months ending in May 2012 were: South Dakota, 48 completed foreclosures; District of Columbia,74 completed foreclosures; North Dakota, 547 completed foreclosures;, West Virginia, 620 completed foreclosures; and Hawaii, 623 completed foreclosures.
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