New reports released on Thursday, indicate signs of the housing market recovering tremendously.
According to a CoreLogic report, there were 57,000 completed foreclosures in August 2010, a decrease from 75,000 in August 2011 and 58,000 in July 2012.
The new reported numbers for August is the lowest the housing market has seen since April 2010.
When the economy hit rock bottom in 2008, there were approximately 3.8 million completed foreclosures across the U.S., CoreLogic confirmed.
"The continuing downward trend in foreclosures and a gradual clearing of the shadow inventory are important signals that the recovery in housing is gaining traction," said Anand Nallathambi, president and CEO of CoreLogic, in a statement.
"The reduction in foreclosure volumes is to some degree being facilitated by the rising popularity of alternative resolution methods, such as short sales and loan modifications."
The report also showed that nearly 1.3 million homes were in the category for national foreclosure in August 2012, compared to the 1.4 million the year prior. From July 2012, the rates stayed the same until this year.
Chief Economist for CoreLogic Mark Fleming said, "August marks the fourth month in a row there were fewer completed foreclosures, which is more evident that the housing industry is finding its footing."
"While we are seeing improvement on another national level, there remain higher concentrations of foreclosures in some areas with five accounting for nearly half of all completed foreclosures nationwide during the last year."
According to CoreLogic, these are the highlights of the housing market as of August 2012:
The five states with the highest number of completed foreclosures for the 12 months ending in August 2012 were:
California (110,000), Florida (92,000), Michigan (62,000), Texas (58,000) and Georgia (55,000). These five states account for 48.1 percent of all completed foreclosures nationally.
The five states with the lowest number of completed foreclosures for the 12 months ending in August 2012 were:
South Dakota (25), District of Columbia (113), Hawaii (435), North Dakota (564) and Maine (612).
The five states with the highest foreclosure inventory as a percentage of all mortgaged homes were:
Florida (11.0 percent), New Jersey (6.5 percent), New York (5.2 percent), Illinois (4.8 percent) and Nevada (4.6 percent).
The five states with the lowest foreclosure inventory as a percentage of all mortgaged homes were:
Wyoming (0.5 percent), Alaska (0.8 percent), North Dakota (0.8 percent), Nebraska (0.9 percent) and South Dakota (1.1 percent).
CoreLogic is a provider of consumer financial and property information, analytics and services to business and the government. It combines public, contributory and proprietary data to create reports about the market to business services.
