US foreclosures fall in March

US foreclosures fall in March

The amount of foreclosed property within the US property market is decreasing, with reports from property analysts CoreLogic suggesting that the numbers were down in March.

69,000 foreclosures were completed in March, down from 85,000 the year before, the report reveals. Across the first three months of 2012, foreclosure rates are also significantly improving, with 198,000 completed compared to 232,000 in the first quarter of 2011.

Nevada and Arizona were the states and the national inventory of repossessed homes also continued to decline. Around 1.4 million homes, or 3.4% of all homes with a mortgage, were within this inventory as of March 2012, compared to 1.5 million or 3.5% in March 2011.

"Compared to a year ago, the number of completed foreclosures has slowed," said Anand Nallathambi, Chief Executive Officer of CoreLogic.

"Since the foreclosure inventory is also coming down, this suggests that loan modifications, short sales, deeds-in-lieu are increasingly being used as an alternative to foreclosures to clear distressed assets in our communities.”

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