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2012 foreclosures drop in San Diego

There were 6,139 foreclosures completed in 2012 in the San Diego metro area, a decline from 2011, according to CoreLogic’s National Foreclosure Report.

San Diego metro’s foreclosure inventory represents 1.1 percent of all homes with a mortgage in 2012, down 1 percent from 2011.

California completed the highest number of foreclosures in the nation in 2012, with 100,454 recorded.

The statewide foreclosure inventory fell 1.2 percent in 2012 from 2011 to 1.4 percent of all homes with a mortgage.

California, along with Florida (98,000), Michigan (74,000), Texas (57,000) and Georgia (49,000), account for almost half of all completed foreclosures nationally.

"The most encouraging foreclosure trend reported here is that the inventory of foreclosed properties is almost 20 percent smaller than a year ago," said Mark Fleming, chief economist for CoreLogic (NYSE: CLGX).

"This big improvement indicates we are working toward resolving the backlog of the most distressed assets in the shadow inventory."

There were 56,000 completed foreclosures in the United States in December 2012, down from 71,000 in December 2011, a year-over-year decrease of 21 percent.

Completed foreclosures fell from 58,000 in November 2012 to the current 56,000, a decrease of 3 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 4.1 million completed foreclosures across the country.

Approximately 1.2 million homes were in the national foreclosure inventory as of December 2012, compared to 1.5 million in December 2011, a 19.5 percent year-over-year decrease.

Month-over-month, the national foreclosure inventory was down 4.2 percent from November 2012 to December 2012. The foreclosure inventory is the share of all mortgaged homes in any stage of the foreclosure process. The national foreclosure inventory as of December 2012 represented 3 percent of all homes with a mortgage.

"The rate of foreclosures continues to trend down, albeit at a slower rate as we exit 2012," said Anand Nallathambi, president and CEO of CoreLogic. "This trend should continue into 2013 and is another positive signal that the gradual healing process in the housing market is gaining traction."

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