Nearly 800,000 Foreclosures Completed in 2012

The national rate of foreclosures continues to slow, which is a strong indicator that the ailing housing market is starting to heal. “The rate of foreclosures continues to trend down, albeit at a slower rate as we exit 2012,” said Anand Nallathambi, president and CEO of CoreLogic. “This trend should continue into 2013 and is another positive signal that the gradual healing process in the housing market is gaining traction.” The overall inventory of foreclosure houses is shrinking, by the end of 2012  - it’s almost 20% smaller than one year ago in 2011. The backlog of shadow inventory is being worked through slowly but surely. Foreclosures are still happening the most in California, Florida, Michigan, Texas, and Georgia, while the District of Columbia, Hawaii, North Dakota, Maine, and West Virginia had the fewest foreclosures. In December alone, the rate of foreclosures from one year ago was down 21%.

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