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Foreclosure inventory drops nearly one-third

5/14/2014

Despite some troubled states, the inventory of homes in foreclosure fell 31 percent in 2013, twice the decline of a year ago, according to analytics provider CoreLogic.

At the end of 2013, approximately 837,000 homes were in some stage of foreclosure, down from 1.2 million at the end of 2012. That is 2.1 percent of all mortgaged homes, compared to 3 percent in 2012.

"Clearly, 2013 was a transitional year for residential property in the United States," said CoreLogic president and CEO Anand Nallathambi. "The housing market should continue to heal in 2014, but we expect progress to remain very slow."

Since the financial crisis began in September 2008, there have been approximately 4.8 million foreclosures across the country, according to CoreLogic. Foreclosure filings peaked in 2010 and have been falling since.

The number of new homes entering foreclosure in 2013 dropped to a seven-year low, approximately 620,000 nationwide. To give the numbers perspective, before the housing market began its decline in 2007, foreclosures across America averaged about 250,000 a year from 2000 to 2006.

States with highest foreclosure inventory
State % of all mortgages
1. Florida 6.7%
2. New Jersey 6.5%
3. New York 4.9%
4. Connecticut 3.6%
5. Maine 3.6%
States with lowest foreclosure inventory
State % of all mortgages
1. Wyoming .4%
2. Alaska .5%
3. North Dakota .6%
4. Colorado .6%
5. Nebraska .6%
States with most foreclosures in 2013
State Number of homes
1. Florida 119,000
2. Michigan 53,000
3. California 39,000
4. Texas 39,000
5. Georgia 39,000
States with least foreclosures in 2013
State Number of homes
1. District of Columbia 63
2. North Dakota 417
3. Hawaii 493
4. West Virginia 505
5. Wyoming 759
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