More than 4,300 Orange County households were in some stage of foreclosure in May, representing 1 percent of all mortgage borrowers, CoreLogic reported Tuesday.
While that’s well above levels from before the housing crash, it’s less than half the number a year ago. Nearly 8,900 Orange County households, or 2 percent of local borrowers, were in the foreclosure process in May 2012, CoreLogic figures show.
In addition, nearly 7,800 Orange County households were 90 or more days late on mortgage payments, but had not yet entered the foreclosure process.
Nationwide, 1 million U.S. homes were in the foreclosure process in May, representing 2.6 percent of borrowers. That’s down 29 percent from a year earlier, CoreLogic reported.
Lenders seized or sold 52,000 U.S. homes in May, vs. 71,000 in May 2012.
An additional 1.2 million U.S. households were 90 or more days late on mortgage payments, but had not yet entered the foreclosure process.
“We continue to see a sharp drop in foreclosures around the country,” said Anand Nallathambi, CoreLogic’s president and CEO.
In all, about 4.4 million U.S. homes have gone through foreclosure since September 2008, CoreLogic reported.
CoreLogic’s foreclosure report shows also:
- 1.2 percent of all borrowers in California were in some stage of foreclosure and 3.9 percent of borrowers were 90 days or more late on mortgage payments (including those in the foreclosure process).
- 1.7 percent in the Inland Empire faced foreclosure and 5.6 percent were 90-plus days late.
- 1.3 percent in Los Angeles faced foreclosure and 4.2 percent were 90-plus days late.
- 1 percent faced foreclosure in San Diego and 3.3 percent were 90-plus days late.
- 2 million U.S. homes were in the so-called “shadow inventory,” meaning they were either 90-plus days late or in foreclosure but had yet to be listed for sale. That’s down 34 percent from the 2010 peak, meaning that there are far fewer distressed properties in the shadows that are likely to swamp the market in the near future.
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