Mo. foreclosure landscape improves in November

The Missouri foreclosure inventory dropped three-tenths of a point to 0.6 percent in November compared to the same month of 2013.

Defined as mortgages in some stages of the foreclosure process, the Missouri rate compares to a 1.5 percent average in the United States during the month, a decrease of eight-tenths of a point from a year earlier, according to a CoreLogic news release.

For the 12 months ended Nov. 30, the Show-Me State completed 12,371 foreclosures, while 574,650 homes in the U.S. were foreclosed.

CoreLogic President and CEO Anand Nallathambi said the number of completed foreclosures nationwide was at its lowest level since 2007.

“We expect to see the foreclosure inventory in the U.S. drop below 500,000 homes sometime in the first quarter of 2015, which would be another milestone in the healing of the housing market,” Nallathambi said in the release.

During November, there were 41,000 foreclosures completed in the U.S., down from 46,000 in the same month of 2013. Prior to the housing market crash, completed foreclosures average 21,000 per month 2000-06, according to CoreLogic.