Homes in Foreclosure Process Decline in January

March 1, 2013

The number of U.S. homes in the foreclosure pipeline contracted in January, marking the 15th straight month of annual declines. According to CoreLogic, an estimated 1.2 million homes were involved in some phase of the foreclosure process during the period, down 3.3 percent from the previous month and 21 percent from January 2012.

The volume of completed foreclosures, meanwhile, was 10.5 percent higher than in December but 17.8 percent lower than in the year-earlier period.

“The backlog of distressed assets continues to fade as the foreclosure inventory has fallen to a level not seen since mid-2009, with less than 3 percent of all mortgages in foreclosure,” said CoreLogic Chief Economist Mark Fleming.

Source: "Homes in Foreclosure Process Decline in January," Los Angeles Times (Jan. 28, 2013)

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