Completed foreclosures down in February

Completed foreclosures in February were down across the U.S.Completed foreclosures throughout the U.S. were down in February, according to analytics company CoreLogic. The number of completed foreclosures totaled 43,000 units, a 13.1 percent decrease from January 2014's 50,000 and 15 percent from February 2013's 51,000.As of February, approximately 752,000 homes were going through the foreclosure process. Even though that figure is still high, it is a drop from February 2013, when the total was 1.2 million.Mark Fleming, chief economist for CoreLogic, said the drop in completed foreclosures is good news for those in the housing industry and there is more on the way."Although there is good news that completed foreclosures are trending lower, the bigger news is the impressive decline in the foreclosure and shadow inventories," Fleming said. "Every state has had double-digit, year-over-year declines in foreclosure inventory, which is reflected in the $70 billion decline in the shadow inventory." As of January, the shadow inventory - homes in the foreclosures process that have yet to be sold - totaled 1.7 million homes. This is a 23 percent drop from January 2013's total of 2.2 million.Anand Nallathambi, president and CEO of CoreLogic, said these dwindling numbers are the step in the right direction for economic growth."The stock of seriously delinquent homes and the foreclosure rate are back to levels last seen in the final quarter of 2008," Nallathambi said. "The shadow inventory has also declined year over year for the past three years as the housing market continues to heal, including double-digit declines for the past 16 consecutive months."The states with the lowest foreclosure inventories in February included Wyoming (0.3 percent), Alaska (0.4 percent), North Dakota (0.5 percent) and Colorado (0.6 percent).Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.