National Foreclosures Fall to Lowest Point Since 2007

By Stevie Duffin Updated on 3/28/2013

By Daniel Duffield

In February, nationwide foreclosures continued a trend of steady decline, indicating the growing strength of the ongoing housing recovery.

Simultaneously, the inventory of foreclosed properties has fallen as well. Last month, the number of homes at some stage of the foreclosure process reached approximately 1.2 million, constituting a 21% drop from the previous year and a 1.8% decrease since January.

According to a statement from CoreLogic Chief Executive Anand Nallathambi, the noticeable decline in delinquencies and foreclosure starts will help provide a strong foundation for home purchases in the near future.

While the decrease in foreclosures has correlated to a rise in home prices across the U.S., the number of foreclosures being completed remains at historically high levels; since the advent of the financial crisis which plagued both the housing and mortgage industries, approximately 4.2 million properties have been foreclosed on in the U.S., said CoreLogic.

 Roughly 2.8% of all mortgaged residences were undergoing some step in the foreclosure proceeds during February, compared with 3.5% a year previous.