The number of homes mired in the foreclosure process fell again last month, according to a new report, the 15th consecutive month of year-over-year declines.
Irvine-based CoreLogic said Thursday that roughly 1.2 million homes nationwide, or 2.9% of all homes with a mortgage, were in some stage of foreclosure in January. That's a 3.3% drop from December and a 21% decline from January 2012.
Although the foreclosure inventory shrank, the number of completed foreclosures rose 10.5% from revised December figures. Still, the 61,000 foreclosures completed in January were down 17.8% from a year earlier.
“The backlog of distressed assets continues to fade as the foreclosure inventory has fallen to a level not seen since mid-2009, with less than 3% of all mortgages in foreclosure,” Mark Fleming, chief economist for CoreLogic, said in a statement.
The improvement was widespread, Fleming said. Only six states and 13 of the largest 100 metro areas had foreclosure rate increases compared to a year ago.