Foreclosure Inventory Shrinks in Phoenix and Nationally

According to CoreLogic, Phoenix’s single-family home foreclosure inventory dropped to 1% in June—a 1.5% decrease year-over-year. The MSA’s 20,646 completed foreclosures from June 2012 to June 2013 accounted for 64% of the state’s foreclosure activity.

Nationwide, 55,000 foreclosures—a 20% year-over-year decrease—were completed in the month of June, reducing inventory by 28% to 1,000,000. During the year ending June 2013, over half of the foreclosures in the U.S. took place in five states: Florida (107,000), California (72,000), Michigan (63,000), Texas (48,000), and Georgia (44,000). As the real estate industry continues to rebound to pre-recession levels nationally, it is likely these states will follow suit.

Read the full article at Phoenix Business Journal