he number of U.S. homes in foreclosure fell 29% in November with 46,000 completed foreclosures reported, a decrease from 64,000 in November 2012, CoreLogic’s foreclosure inventory report found this week.
On a month-over-month basis, completed foreclosures declined 8.3%, from 50,000 in October 2013.
As a whole, the national residential shadow inventory hit 1.7 million homes as of October 2013, accounting for a value of $256 billion, falling 24.6% from $348 billion a year earlier.
In addition, as of November 2013, approximately 812,000 homes in the United States were in some stage of foreclosure, compared to 1.2 million in November 2012, a year-over-year decrease of 34%.
But month-over-month, the foreclosure inventory dipped 4.6% from October to November.
The foreclosure inventory as of November 2013 represented 2.1% of all homes with a mortgage compared to 3% in November 2012.
“Nationally, loan performance continues to improve. The rate of seriously delinquent loans is at a new five-year low, down 26% relative to a year ago,” said Mark Fleming, chief economist for CoreLogic.
“The shadow inventory continues to decline as well, decreasing at an average monthly rate of 46,000 units over the last year. Healthy market levels of shadow inventory are around 650,000 units, so there is more to be done, but the trend is in the right direction,” Fleming explained.