Foreclosures Reverse Downward Trend

Completed foreclosures ticked up 11.8 percent in January compared to December 2013, but remained 19 percent below year-ago levels, CoreLogic reports in its latest National Foreclosure Report.

Completed foreclosures in January stood at 43,000. That remain elevated by historical standards: Completed foreclosures, which reflects the total number of homes that are lost to foreclosure, averaged 21,000 per month nationwide between 2000 and 2006.

Since September 2008 — when the financial crisis began — about 4.9 million completed foreclosures have occurred across the country, according to CoreLogic.

In January, about 794,000 homes in the U.S. were in some state of foreclosure, down from 1.2 million a year ago. January marked the 27th consecutive month for year-over-year declines, CoreLogic notes.

“We are recovering, but we’re not there yet,” says Mark Fleming, chief economist for CoreLogic. “For every completed foreclosure, there are 954 mortgaged homes in non-judicial foreclosure states and 896 mortgaged homes in judicial foreclosure states. Although this is a big improvement relative to the height of the foreclosure crisis, a healthier ratio would be one for every 2,000.”

Source: CoreLogic