IE Business Daily Business news for the Inland Empire.
Foreclosures dropped 13.7 percent nationwide at the end of last year, the 34th consecutive month that that number has declined.
An estimated 39,000 single-family homes nationwide were foreclosed on in December, down 46,000 from December 2013 and a 66 percent drop from September, 2010 when foreclosures were at their peak, according to CoreLogic in Irvine.
During all of last year, 563,294 foreclosures were recorded in the United States, the lowest that number has been since November 2007, CoreLogic reported in its monthly report on U.S. foreclosures.
To give those numbers context, before the housing market began to decline in late 2007, nationwide home foreclosures averaged 21,000 a month during the previous seven years.
About 5.5 million single-family homes have been foreclosed on since September 2008, when the recession began to take hold. About seven million homes have been foreclosed on since September 2004.
In the Inland Empire, foreclosed properties made up 0.9 percent of the housing market in December and were down 0.3 percent during that month year-over-year. Foreclosures in Riverside and San Bernardino counties totaled nearly 6,000 during 2014, according to CoreLogic.
Overall, the national housing recovery is helping some submarkets much more than others, said Anand Nallathambi, CoreLogic’s president and chief executive officer.
“The steady decline in the number of completed foreclosures is a good sign of healing in the U.S. housing market,” Nallathambi said in a statement. “Nevertheless, there remain many pockets of the country with very high foreclosure inventories, underscoring the unevenness of the nation’s housing recovery.”
Based in Irvine, CoreLogic is a global property information, analytics and data-services provider for the public and private sector. It has more than 3.5 billion records, taken from public and private sources, that covers more than 40 years, according to the company’s website.
