Foreclosure sales in decline as servicers seek alternatives

According to a recent Core Logic report, the number of completed foreclosures saw declines in monthly and yearly sales. These numbers were down by 16% compared to a year ago, as servicers rely more on alternatives like short sales and loan modifications. The inventory of homes in the foreclosure process is also down to 3.2% from 3.5% one year ago. The decline in completed foreclosure and in foreclosure inventory is a sign that the housing market is closer to stabilizing. The Los Angeles/Long Beach/Glendale areas accounted for 19,599 foreclosed homes over a one year period.