Many say that we are currently seeing a “housing recovery”. According to the 2013 CoreLogic’ National Foreclosure Report An analysis shows 52,000 foreclosures were completed in May 2013, a 27 percent year-over-year decline from 71,000 in May 2012. Completed foreclosures are an indication of the total number of homes actually lost to foreclosure.
“We continue to see a sharp drop in foreclosures around the country and with it a decrease in the size of the shadow inventory. Affordability, despite the rise in home prices over the past year, and consumer confidence are big contributors to these positive trends. We are particularly encouraged by the broad-based nature of the housing market recovery so far in 2013.” ~ Anand Nallathambi, president and CEO of CoreLogic.
This statistic is based on foreclosures completed, those properties that have completed the foreclosure process and are new Bank Owned properties. This statistic does not take into consideration the thousands of foreclosures that are backlogged in the courts of Judicial foreclosure states. These properties have not yet been completed and in some states will not be completed for several years.