August 30th, 2012
The level of completed U.S. foreclosures fell significantly in July when compared to the same point last year, according to a report from CoreLogic.
Overall, approximately 58,000 foreclosures were finalized during the month, which was 11,000 fewer than the same month in 2011. In addition, the figure was slightly lower than the level of 62,000 recorded during June. With the latest figure factored in, 3.8 million foreclosures have been completed since September 2008.
"The decline in completed foreclosures is yet another positive signal that the housing market is continuing on a progressive path of stabilization and recovery," said Anand Nallathambi, president and CEO of CoreLogic.
A continued stream of foreclosed homes may be positive for transferees looking for an affordable living option in the new area. However, it is important that those interested in this option be aware that some of these properties may need repairs once purchased. When considering a foreclosure purchase, it may benefit to speak with a mortgage consultant, who could make the process easier.