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Foreclosures decline sharply in July

Foreclosure numbers dropped sharply again in July, according to CoreLogic.  

Completed foreclosure were down 24.4 percent compared to a year ago, and the inventory of homes in some stage of foreclosure also has declined by nearly 28 percent year over year, the company said.

The foreclosure inventory stood at about 469,000 homes, which was down 27.8 percent from 650,000 a year before. The July foreclosure rate was the lowest since December 2007, CoreLogic said.

Homes  with mortgages that are 90 days past due and considered seriously delinquent were also down by 23 percent, the company reported. Florida, with 98,000 completed foreclosures over 12 months through July, continued to have the highest numbers, followed by Michigan, Texas, California and Georgia.  

Frank Nothaft, chief economist for CoreLogic, said that foreclosures have declined after solid job gains and as home prices have risen and returned equity to homeowners. The economy added 2.4 million jobs in a year and home prices have risen by nearly 7 percent, he said. 


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