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Calif.'s Nov. foreclosures nation's highest for 12 months

There were 55,000 completed foreclosures in the United States in November 2012, down from 72,000 in November 2011, a year-over-year decrease of 23 percent, according to CoreLogic’s National Foreclosure Report.

About 1.5 percent of California’s homes with a mortgage were in the foreclosure inventory as of November 2012, down 1.2 percent from one year ago.

In San Diego, about 1.2 percent of homes with a mortgage were in the foreclosure inventory, down 1.0 percent from a year ago.

There were 6,218 completed foreclosures in San Diego in the 12 months ending in November 2012, and 102,142 completed foreclosures statewide.

California posted the highest number of completed foreclosures for the 12 months ending in November, with 102,000.

Next was Florida (94,000), Michigan (75,000), Texas (58,000) and Georgia (52,000).

These five states account for 50 percent of all completed foreclosures nationally.

On a month-over-month basis, completed foreclosures nationwide fell from 59,000 in October 2012 to the current 55,000, a decrease of 6 percent.

Prior to the decline in the housing market in 2007, completed foreclosures averaged 21,000 per month between 2000 and 2006.

Completed foreclosures are an indication of the total number of homes actually lost to foreclosure.

Since the financial crisis began in September 2008, there have been approximately 4 million completed foreclosures across the country.

Approximately 1.2 million homes, or 3 percent of all homes with a mortgage, were in the national foreclosure inventory as of November 2012 compared to 1.5 million, or 3.5 percent, in November 2011.

The national foreclosure inventory was down 3.5 percent from October 2012 to November 2012. Year-over-year, the foreclosure inventory was down 18 percent.

The foreclosure inventory is the share of all mortgaged homes in any stage of the foreclosure process.

"The continued fall in completed foreclosures is a positive supply-side contribution in many regions of the U.S.," said Anand Nallathambi, president and CEO of CoreLogic.

"We still have a long way to go to return to historic norms, but this trend is firmly in the right direction," he said.

"The pace of completed foreclosures has significantly improved over a year ago as short sales gain popularity as a disposition method," said Mark Fleming, chief economist for CoreLogic.

"Additionally, the inventory of foreclosed properties continues to decline while the housing market demonstrates an ongoing ability to absorb the distressed sales that result from completed foreclosures," Fleming said.

The five states with the lowest number of completed foreclosures for the 12 months ending in November 2012 were: South Dakota (10), District of Columbia (62), Hawaii (415), North Dakota (491) and Maine (597).

The five states with the highest foreclosure inventory as a percentage of all mortgaged homes were: Florida (10.4 percent), New Jersey (7.3 percent), New York (5.1 percent), Nevada (4.7 percent) and Illinois (4.7 percent).

The five states with the lowest foreclosure inventory as a percentage of all mortgaged homes were: Wyoming (0.4 percent), Alaska (0.7 percent), North Dakota (0.7 percent), Nebraska (0.8 percent) and South Dakota (1 percent).

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