Foreclosure Pipeline Gradually Being Cleaned Out

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As the foreclosure crisis continues to recede, some parts of the country remain at elevated levels. Five states now account for nearly half of all the completed foreclosures in the nation —Florida, Michigan, California, Texas, and Georgia, according to CoreLogic’s latest foreclosure report.

Foreclosures made up 10 percent of sales in December, while short sales comprised 4 percent of sales, according to the National Association of REALTORS®’ existing-home sales report for December.

On average, foreclosures sold for an average discount of 18 percent below market value in December, while short sales were discounted 13 percent, NAR reports.

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