Foreclosure Rate Holds Steady

From Housingwire and Corelogic comes a report on the foreclosure rate, which a new report says, is holding steady. The Corelogic report found there was 862,000 foreclosures in the 12 months ending in February. Some 3.4 million homes have been foreclosed since the financial crisis began in 2008. More than three percent of homes with a mortgage were in foreclosure as of February. “The pace of completed foreclosures is down slightly compared to January, running at an annualized pace of 670,000, but compares favorably to the pace of completed foreclosures in February a year ago,” said Mark Fleming, chief economist for CoreLogic. “Even though the pace of completed foreclosures has slowed, the overall foreclosure inventory is decreasing because REO sales were up in February.” States that completed the most foreclosures during the 12 months ending in February (totaling 49.4 percent) include California, Florida, Michigan, Arizona and Texas.

(Image Credit: By Casey Serin via Wikimedia Commons)