Some 57,000 completed foreclosures were recorded in August, 2012, down from 75,000 in August 2011 and the revised figure of 58,000 from July of this year, according to analytics firm CoreLogic.
Since the financial crisis began in September of 2008, approximately 3.8 million foreclosures have been completed in the U.S., reports the California-based firm.
“The continuing downward trend in foreclosures and a gradual clearing of the shadow inventory are important signals that the recovery in housing is gaining traction,” said CoreLogic President and CEO Anand Nallathambi. “The reduction in foreclosure volumes is to some degree being facilitated by the rising popularity of alternative resolution methods, such as short sales and loan modifications.”
The foreclosure inventory is at its lowest level since April, 2010.
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