Completed foreclosures and foreclosures in process both drop from May 2012
The housing market received good news Tuesday when data analysis firm CoreLogic reported two key annual foreclosure measurables dropped in May.
There were 52,000 foreclosures completed in May, a drop of 19,000 from one year ago but 2,000 up from the same numbers in April 2013. Also, CoreLogic said there were approximately 1 million homes in the foreclosure process in May, a drop of 400,000 from one year earlier.
Since September 2008, which is marked as the beginning of the nationwide financial crisis, there have been 4.4 million foreclosures completed, an average of 78,500 foreclosures a month. Prior to the recession, foreclosures nationally averaged 21,000 a month.
Five states account for almost half of the reported foreclosures in May – Florida, California, Michigan, Texas and Georgia.
CoreLogic is a provider of consumer, financial and property information and analysis.
Kent McDill is a staff writer for Millionaire Corner. McDill spent 30 years as a sports writer, working for United Press International and the Daily Herald of Arlington Heights, Ill. From 1988-1999, he covered the Chicago Bulls for the Daily Herald, traveling with them every day through the nine-month season. He also covered the Bulls for UPI from 1985-88, and currently covers the team for www.nba.com. He has written two books on the Bulls, including the new title “100 Things Bulls Fans Should Know And Do Before They Die’, published by Triumph Books. In August 2013, his new book “100 Things Bears Fans Should Know And Do Before They Die” gets published.
In 2008, he resigned from the Herald and became a freelance writer. The Herald hired him to write business features and speeches for the Daily Herald Business Conferences and Awards presentations.
McDill also writes a monthly parenting column for the Herald’s Suburban Parent magazine.
McDill is the father of four children, and an active fan of soccer, Jimmy Buffett and all things Disney.