The numbers don’t lie as CoreLogic reported that the number of U.S. homes in foreclosure remained steady in March but fell from a year earlier. Some people talk about the “shadow inventory” which probably doesn’t exist. Even though some housing experts expect this tidal wave of foreclosures soon, we don’t expect this swell won’t occur until after the November elections.
About 1.4 million homes fell into some stage of the foreclosure process last month, the same as in February but down slightly compared with 1.5 million in March 2011.
Banks foreclosed on 69,000 homes in March compared with 85,000 a year earlier and 66,000 a month earlier. In the first quarter, lenders completed 198,000 foreclosures compared with 232,000 in the same period last year.
California represented the largest number of completed foreclosures for the 12 months ending in March 2012 with 150,000.