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CoreLogic: Foreclosure inventory falls 23.9% YOY in February

Foreclosureinventory in the U.S. declined 23.9% year over year in February, and completed foreclosuresfell 10%, CoreLogic Inc. reported April 12.

Completedforeclosures totaled 34,000 in February, down from 38,000 in February 2015. Thelevel of completed foreclosures marks a 71.3% drop from the peak of 117,776 in September2010.

Monthover month, completed foreclosures fell 13.9% from 39,000 in January.

As ofFebruary, the national foreclosure inventory included approximately 434,000, or1.1% of all homes with a mortgage, compared to 571,000 homes, or 1.5%, in February2015.

"Homeprice gains have clearly been a driving force in building positive equity for homeowners,"said Anand Nallathambi, president and CEO of CoreLogic. "Longer term, we anticipatea better balance of supply with demand in many markets which will help sustain heathyand affordable home values into the future."

Florida,Michigan, Texas, California and Ohio had the highest number of completed foreclosuresfor the 12 months ended in February, while North Dakota, Wyoming, West Virginia,Alaska and Washington, D.C., had the lowest number of completed foreclosures forthe period.

New Jersey,New York, Hawaii, Florida and Washington, D.C., had the highest foreclosure inventoryrates as a percentage of all mortgaged homes for the period, while Alaska, Minnesota,Colorado, Arizona and Utah had the lowest foreclosure inventory rates.