Foreclosures total 60,000 during June

August 2nd, 2012

Foreclosed properties may represent bargains for some transferees.

A report from CoreLogic showed that foreclosure activity in the United States appeared to stagnate in June. While these continued shifts in the market may create confusion for some transferees, the market changes also provide the motivation for transferees to discuss their housing arrangements with a mortgage consultant.

During the month, just 60,000 foreclosures were completed, which was in line with the previous month's figures, according to the firm's National Foreclosure Report. However, that figure is below June 2011, when there were 80,000 completed foreclosures.

"While completed foreclosures and real-estate owned sales virtually offset each other over the past four months, producing static levels of foreclosure inventory for most of this year, they are beginning to diverge again," said Mark Fleming, chief economist for CoreLogic.

Since the start of the financial crisis through June, the number of completed foreclosures reached 3.7 million units.

Persistent high foreclosure levels continue to make property purchases more affordable. Transferees moving to a new area who are interested in buying a distressed property should consult a mortgage service company to streamline this process. Companies should also remember that foreclosed properties may need some renovations due to idling, and the loan process may take slightly longer.