According to CoreLogic, October foreclosures dropped 25 percent from September to 58,000. Down from the September reading of 77,000. Year-over-year, foreclosures also fell, dropping 17 percent from 70,000 in October 2011. While down significantly, these readings are still well above the monthly average of 21,000 from 2000 to 2006 prior to the housing market decline in 2007.
CoreLogic is a leading provider of information, analytics and business services. According to this report, A completed foreclosure occurs when a property is auctioned and results in the purchase of the home at auction by either a third party, such as an investor, or by the lender.