58,000 Completed Foreclosures in July Concentrated in Five States

(Newsroom America) -- CoreLogic's National Foreclosure Report says there were 58,000 completed foreclosures in the U.S. in July 2012 compared to 69,000 in July 2011 and 62,000 in June 2012.

Since the financial crisis began in September 2008, there have been approximately 3.8 million completed foreclosures across the country. Completed foreclosures are an indication of the total number of homes actually lost to foreclosure.

Approximately 1.3 million homes, or 3.2 percent of all homes with a mortgage, were in the national foreclosure inventory as of July 2012 compared to 1.5 million, or 3.5 percent, in July 2011.

Month-over-month, the national foreclosure inventory was unchanged from June 2012 to July 2012. The foreclosure inventory is the share of all mortgaged homes in some stage of the foreclosure process. The five states with the highest number of completed foreclosures for the 12 months ending in July 2012 were: California (118,000), Florida (92,000), Michigan (61,000), Texas (57,000) and Georgia (54,000). These five states account for 48.1 percent of all completed foreclosures nationally.

The five states with the lowest number of completed foreclosures for the 12 months ending in July 2012 were: South Dakota (32), District of Columbia (120), Hawaii (445), North Dakota (575), and Maine (608).

The five states with the highest foreclosure inventory as a percentage of all mortgaged homes were: Florida (11.2 percent), New Jersey (5.7 percent), New York (5.2 percent), Illinois (4.9 percent) and Nevada (4.7 percent).

The five states with the lowest foreclosure inventory as a percentage of all mortgaged homes were: Wyoming (0.5 percent), Alaska (0.8 percent), North Dakota (0.8 percent), Nebraska (0.9 percent) and South Dakota (1.1 percent).

"Completed foreclosures were down again in July, this time by 16 percent versus a year ago, as servicers increasingly rely on alternatives to the foreclosure process, such as short sales and modifications," said Mark Fleming, chief economist for CoreLogic.

"Completed foreclosures remain concentrated in five states, California, Florida, Michigan, Texas and Georgia, accounting for 48 percent of all completed foreclosures nationwide in July."