Foreclosure outlook continues to brighten

Seeming to provide the latest indication that the foreclosure crisis continues to recede, both completed foreclosures and the overall number of homes in some stage of foreclosure dropped in July compared to June, according to data released by CoreLogic today.

“As the housing market continues to recover, the foreclosure inventory is declining quickly, down by 32 percent from a year ago,” said Mark Fleming, chief economist at CoreLogic. “Continued strength in the housing market will contribute to our outlook for ongoing improvement in the stock of distressed assets through the end of this year.”

Completed foreclosures in July fell by 8.6 percent month over month to 49,000, and were down 25 percent from the 65,000 recorded a year before, CoreLogic reported. The data aggregator said foreclosure inventory dropped 4.4 percent month over month in July to 949,000 homes, and was down 32 percent from a year ago, when the foreclosure inventory stood at 1.4 million.

Source: CoreLogic