The number of homes in foreclosure and the number that completed the foreclosure process in October decreased substantially from last year, but still remained bloated.

Completed foreclosures in October dropped by 30 percent year over year to 48,000 from 68,000 a year earlier, according to CoreLogic’s latest national foreclosure report. Month over month, the firm said that completed foreclosures fell 25.6 percent.

As a basis of comparison, completed foreclosures averaged 21,000 per month nationwide between 2000 and 2006, according to CoreLogic. Since the financial crisis began in September 2008, approximately 4.6 million homes have completed the foreclosure process, CoreLogic said.

Meanwhile, the number of homes in some stage of foreclosure, known as foreclosure inventory, dropped 31 percent to 879,000 from 1.3 million a year before. Despite the improvement, foreclosure inventory is still four times higher than a normal level, according to Mark Fleming, chief economist for CoreLogic.

“The scourge of an elevated foreclosure inventory is easing,” said Anand Nallathambi, president and CEO of CoreLogic, in a statement. “In October, every state posted a year-over-year decline in completed foreclosures, which is positive news.”

“Additionally, the rate of serious delinquencies, which fell more than 25 percent year over year, is at the lowest level in nearly five years, which is great news as we head into a new year.”

 Source: CoreLogic

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
TODAY ONLY: Lock in a full year of monthly digital events to keep you at the top of your game.Register now×
Cyber Week Sale: Get 1 year of Inman Select for $75.SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription