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Foreclosures continue steady decline in June

The foreclosure rate has fallen to the lowest point in nearly eight years, CoreLogic reported Tuesday, as the numbers of distressed properties continued to decline steadily in June.

The inventory of homes in some stage of foreclosure has dropped by nearly 29 percent since June 2014, the company said. 

CoreLogic estimated that 43,000 foreclosures were completed in June, down 63 percent from the peak of 117,119 in September 2010. Completed foreclosures are down by 14.8 percent in one year, and the foreclosure rate is the lowest since December 2007, the company said.  

The inventory of distressed properties stands at roughly 472,000, or 1.2 percent, of all homes with a mortgage. 

CoreLogic’s Chief Economist Frank Nothaft said in a news release that the recovery has been uneven, however. In areas with thriving housing markets, such as Denver and San Francisco, the foreclosure rate has fallen below 0.3 percent, whereas in Tampa Bay it is 3.5 percent and in parts of Long Island, N.Y., 4.8 percent. 


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