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Friday, January 4, 2013

Completed Foreclosures down in 2012

In a press release yesterday CoreLogic, which tracks lots of real estate statistics, reported that completed foreclosures were down 23% in November, 2012, as compared to a year earlier. The November 2012 total was also 6% lower than a month earlier in October, 2012. Corelogic attributed a part of the drop to the increased use of short sales as a way to deal with distressed homeowners.

Corelogic reported that there were 1.2 million homes in the U.S. in some stage of foreclosure in November 2012, which they calculate as about 3% of all mortgaged homes in the country. In November of 2011 that figure was 3.5% of all mortgages, which is an 18% decrease year over year. The inventory of foreclosed houses on the market also fell during 2012, which showed the ability of the market to absorb the distressed properties. Inventory in general fell, too.

Michigan still ranked in the top 5 of the states with the highest total number of completed foreclosures with 75000 being reported through November, 2012. Only California with 102,000 and Florida with 94,000 were ahead of Michigan in that dubious category. Together with Texas at 58,000 foreclosures completed and Georgia with 52,000, the top-five states accounted for 50% of all foreclosures in 2012.

So, I guess the news is getting better. It's like saying, "the bleeding hasn't stopped; but, it has slowed some and the patient hasn't died yet."

If you are having problems keeping up or have had some life change that makes it impossible to continue with your mortgage payments, please visit www.MIShortSales.com before you let things slide into foreclosure. There is good information there about eh short sale process and the difference that doing a short sale, rather than letting a foreclosure take place, can make on your future.

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