U.S. foreclosures fall 33 percent from year ago

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A foreclosure sign blows in the wind in front of a home under foreclosure in Antioch, Calif. (The Associated Press)

Elliot Njus | enjus@oregonian.comBy Elliot Njus | enjus@oregonian.com 
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on October 08, 2013 at 10:43 AM, updated October 08, 2013 at 3:10 PM

   
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The foreclosure crisis continued to recede in August as completed foreclosures plummeted from the level seen a year ago.

The real estate data company CoreLogic Inc.said Tuesday that U.S. lenders completed 48,000 foreclosures in August. That’s down 33 percent from 72,000 a year earlier, though still more than double the 21,000 a month completed on average from 2000 to 2006.

Foreclosures were up slightly from July, when lenders seized 47,000 homes.

The number of homes in the foreclosure pipeline declined, too. CoreLogic said 1.9 million homes — $293 billion in value — are in danger of foreclosure, already in the foreclosure process or bank-owned. That’s down 22 percent from a year ago.

And 5.3 percent of mortgages are 90 days or more delinquent, the lowest rate since December 2008.

“The foreclosure inventory continues to improve,” said Mark Fleming, CoreLogic’s chief economist.”A surge in completed foreclosures and a rise in the foreclosure inventory is unlikely given continued house price improvements and shortages of supply in many markets.”

In Oregon, 2.6 percent of homes with a mortgage are in foreclosure, down from 3.2 percent a year earlier. About 4.7 percent of Oregon mortgage holders are behind on payments.

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