Foreclosures sharply Drop in July

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Foreclosures sharply Drop in July

Foreclosures sharply Drop in July as housing market recovers, Foreclosures plummeted in July, a positive sign for the housing market and broader economic recovery, a new report showed Wednesday.

In the past year, the foreclosure rate dropped 21.2 percent, falling to 45,000 last month, the 18th straight month of at least 20 percent year-over-year decline, according to housing market tracking.

From June, completed foreclosures were down 8.5 percent from the 49,000 reported in June.
“The stock of distressed debt continues to rapidly decline, especially in Western states,” said Sam Khater, deputy chief economist at CoreLogic.

“The number of seriously delinquent loans fell by more than 25 percent from the prior year in 10 states and seven of those states were in the West.”

As a comparison, before the housing market’s 2007 crash, completed foreclosures averaged 21,000 a month nationwide between 2000 and 2006.

Completed foreclosures are an indication of the total number of homes actually lost to foreclosure.

Read more: Foreclosures sharply Drop in July as housing market recovers

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