Foreclosure Inventory Down In April

Foreclosures are down 24% year-over-year in April according to data from CoreLogic. Just about 1.1 million homes sat in foreclosure in April, imagesdown from 1.5 million a year ago.

This is just another sign of the slow but steady recovery of the market overall. Month-over-month, foreclosure inventory dipped 2% from March to April. The overall share of mortgaged homes in foreclosure dropped 2.8% in April from 3.5% in March.

CoreLogic also reported that the number of homes in April lost to foreclosure decreased to 52,000, which is 16 percent year-over-year. Before the housing crisis, completed foreclosures averaged 21,000 a month from 2000 to 2006. California saw a year-over-year decline of more than 50% in foreclosure inventory.

Florida led as the state with the most foreclosure inventory with 102,000 completed foreclosures in a one-year period. California came in second with 79,000 completed foreclosures despite the impressive decrease in foreclosure inventory.

More than 4.4 million homes have been lost to foreclosure since September 2008.