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Foreclosures decrease year-over-year

Foreclosures have decreased, according to figures comparing 2010 with 2011.

Foreclosures have decreased, according to figures comparing 2010 with 2011.

According to the recently released Foreclosure Report from CoreLogic, a leading provider of information, analytics and business services, there were 830,000 completed foreclosures in the country, which is a 24 percent decrease from a year ago.

Foreclosures totaled 1.1 million in 2010 and in December 2011, there was a month-over-month decrease in completed foreclosures to 55,000 from 57,000 the previous month.

“The inventory of foreclosed properties has begun to shrink, and the pace at which properties are entering foreclosure is slowing. While foreclosure filings are being curtailed by a variety of judicial and regulatory constraints, mortgage servicers are completing REO sales faster than they are completing foreclosures,” said Mark Fleming, chief economist with CoreLogic. “This is the first time in a year that REO sales have outpaced completed foreclosures and part of the reason for the decrease in the foreclosure inventory.”

Nationwide, the number of loans in the foreclosure industry decreased 8.4 percent in December 2011 when compared with December 2010.

President Barack Obama recently praised a $26 billion foreclosure settlement as the beginning of a new period for the U.S. mortgage industry, which might make it easier for Americans who are anticipating packing to move into a new home.