Francys Vallecillo | World Property Channel |
“The total number of completed foreclosures in the U.S. dropped 24 percent in 2013, compared to 2012, according to the latest report from CoreLogic.
There were 620,111 homes lost to foreclosure nationwide in 2013, compared to a total of 820,498 homes in 2012.
Foreclosure numbers have been dropping for months and December was no exception. A total of 45,000 homes were foreclosed on in December, down 14 percent from the 52,000 foreclosed homes in December 2012. On a monthly basis, completed foreclosures dropped 4.1 percent from the 47,000 reported in November .
Since the beginning of the financial crisis in September 2008, a total of 4.8 million homes have been foreclosed on, CoreLogic reports. In comparison, completed foreclosures averaged 21,000 per month nationwide between 2000 and 2006.
“Clearly, 2013 was a transitional year for residential property in the United States,” Anand Nallathambi, president of CoreLogic, said in the report. “Higher home prices and lower shadow inventory levels, together with a slowly improving economy, are hopeful signals that we are turning a long-awaited corner.””