Foreclosures Continue to Drop

The number of U.S. houses in foreclosure fell nearly 24 percent in February year-over-year, according to data released Tuesday.

During the same period, the number of completed foreclosures nationwide dropped 10 percent, according to Irvine-based CoreLogic.

Approximately 6.2 million homes have been lost to foreclosure since the recession started in September 2008, and about 8.2 million have been foreclosed on since homeownership in the United States hit its peak during the second quarter of 2004.

California’s inventory rate during the second month of this year was 0.4 percent, down 25.2 percent year-over-year, CoreLogic reported.

Data for the Inland Empire foreclosures won’t be available until later this month.

But the region’s supply of “underwater”  houses – when the amount owed on a mortgage is more than the value of the house – dropped more than 11 percent during the third quarter of 2015, a sign of an improving market, Inland Empire economist John Husing said.

“The market is clearly improving, it’s just improving slowly,” Husing said. “One reason foreclosures are down is that people are able to sell again if they want to, instead of waiting to be foreclosed on.