The number of foreclosed homes in the United States on the market fell by 35% in June, the 17th month in a row when levels have fallen by more than 20%, the latest data shows.
The CoreLogic data also shows that year on year inventory declines have been recorded for 32 months in a row and the amount of completed foreclosures is also falling, down 20.4% for a year ago.
It means that in June there were approximately 648,000 homes in foreclosure, just 1.7% of all homes with a mortgage.
At its peak, the seriously delinquent inventory increased 88% year on year in April 2008, but it was down 23.3% year on year in June 2014.
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Furthermore, pre-foreclosure filings decreased by 12.5% from 83,500 to 73,100 per month nationally in June 2014 from a year ago. As of June, pre-foreclosure filings had fallen 68% from their peak of 229,000 in March 2009. By comparison, monthly filings averaged 21,000 from 2003 to 2005 prior to the financial crisis.
The five states with the largest year on year drop in the foreclosure inventory were Arizona with a fall of 53.6%, Utah down 51.5%, Minnesota down 49.5%, Georgia down 46.9% and Nevada down 46.1%.
All 50 states and the District of Columbia posted declines in the foreclosure inventory from a year ago, with 45 states showing decreases of more than 25%.
CoreLogic said that of particular interest this month is the improvement in the top three states as ranked by foreclosure rates. Among the three states, Florida was hit the hardest, peaking in June 2011 at 12.5% and falling to a rate of 5% in June 2014.
However, the improvements in New York and New Jersey have been much smaller. Over the 12 months ending in June 2014, the foreclosure rate in New York and New Jersey fell by only 0.6% compared to a 4.2% decline in Florida.
This article was republished with permission from Property Wire.