Monthly data collected over last year shows that the number of completed foreclosures decreased in 2011 by 24 percent compared to the previous year. However, the high number of foreclosed homes continues to drive down the average price of real estate in Hollywood and other areas in Southern California.
CoreLogic released its first national Foreclosure Report which shows the total number of foreclosures completed in 2011, 830,000, was significantly lower than the previous year's 1.1 million. The data firm says that in the month of December, 55,000 foreclosures were completed, just under the 57,000 reported in November. In December 2010, 67,000 foreclosures were completed.
Despite a lower number of completed foreclosures, the report shows that nationally, nearly 1.4 million other homes were in the foreclosure process in the final month of the year. The percentage of homeowners who were over 90 days delinquent on their mortgage payments dropped to 7.3 percent in December, slightly less than 7.8 percent reported in December 2010.
During the housing market slump, many states including California added a large number of foreclosed homes to their inventories and many others hit hard by foreclosures continue to struggle including Florida, Illinois and Nevada.