August saw a 32.8 percent decline in foreclosure inventory from August 2013, marking the 34th consecutive month with a year-over-year decrease, according to CoreLogic's August National Foreclosure Report released on Thursday. According to CoreLogic, 1.6 percent of all residential mortgages, a total of approximately 629,000 homes, were in some phase of the foreclosure process in August. These numbers represent a significant downturn from the same month a year ago, when CoreLogic reported that 936,000 homes were in some stage of foreclosure, comprising 2.4 percent of all residential mortgages nationwide.
CoreLogic reported 45,000 completed foreclosures in August nationwide, down 22.2 percent from the 58,000 that were reported in August 2013. The report noted that prior to the decline of the housing market in 2007, completed foreclosures averaged 21,000 per month. In August, the 12-month sum of completed foreclosures for the period ending in August 2014 was at 576,000, its lowest point since December 2007. Like foreclosure inventory, the 12-month sum of completed foreclosures has declined for 34 months in a row.
The Office of the Inspector General for the U.S. Department of Housing and Urban Development has recommended that Jacksonville, Florida-based EverBank Servicing Lender reimburse HUD more than $1.5 million for violating the terms of the Federal Housing Administration's Preforeclosure Sale Program. HUD OIG issued the findings of a recently conducted audit of EverBank's Preforeclosure Sale Program in a 57-page report earlier in the week. In the report, HUD OIG states the audit revealed that EverBank "did not properly determine that mortgagors were eligible to participate in FHA’s Preforeclosure Sale Program in accordance with HUD requirements."