Francys Vallecillo |
“The number of foreclosed homes in the United States in May was 27 percent lower than a year ago, according to the latest numbers from CoreLogic.
There were 52,000 completed foreclosures in May, compared to 71,000 in May 2012. But the levels are still far above the pre-crash foreclosure rate. In comparison, before the market crash the average number of completed foreclosures was 21,000 a month between 2000 and 2006.
“We continue to see a sharp drop in foreclosures around the country and with it a decrease in the size of the shadow inventory,” Anand Nallathambi, president of CoreLogic, said in a release. “We are particularly encouraged by the broad-based nature of the housing market recovery so far in 2013.”
The data also is good news about the so-called “shadow inventory,” homes that are in some level of distress but may not show up in the foreclosure rolls.”