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St. Louis Real Estate Search

 

Foreclosures decline in the U.S. in 2012 but still three times higher than before the crash

dennis-norman-realtorThere are fewer people losing their homes in foreclosure today than there were during the peak of the foreclosure crisis after the real estate market crash, however we still have a long way to go until we will see a “normal” number of foreclosures.  According to a report released today by Corelogic, there were 767,000 homes foreclosed on in the U.S. during 2012, down almost 11 percent from the total for 2011, so a definite improvement, however, this is still three-times the “normal” number of foreclosures before the real estate market crash.  From the period of 2000 – 2006, there were an average of 252,000 homes foreclosed on per year.

Highlights as of the Corelogic foreclosure report for December 2012:

  • The five states with the highest number of completed foreclosures for the 12 months ending in December 2012 were: California (100,000), Florida (98,000), Michigan (74,000), Texas (57,000) and Georgia (49,000). These five states account for almost half of all completed foreclosures nationally.
  • The five states with the lowest number of completed foreclosures for the 12 months ending in December 2012 were: District of Columbia (89), Hawaii (421), North Dakota (521), Maine (537) and West Virginia (645).
  • The five states with the highest foreclosure inventory as a percentage of all mortgaged homes were: Florida (10.1 percent), New Jersey (7.0 percent), New York (5.1 percent), Nevada (4.7 percent) and Illinois (4.5 percent).
  • The five states with the lowest foreclosure inventory as a percentage of all mortgaged homes were: Wyoming (0.4 percent), Alaska (0.6 percent), North Dakota (0.7 percent), Nebraska (0.8 percent) and Colorado (1.0 percent).
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