Foreclosure Rate Lowest Since 2007

New York, NY, Oct. 3, 2014 -- The foreclosure rate edged up 1.1% in August compared to July, according to CoreLogic's National Foreclosure Report.

However, that was down 22.2% compared to a year ago.

About 45,000 foreclosures were processed in August, down from 58,000 in August 2013.

The total number of foreclosures completed in the previous 12 months reached its lowest point since December 2007.

"At the current foreclosure rate, the shadow inventory could fall below 500,000 units by year-end, which could provide a solid boost to the recovery in housing in 2015," says CoreLogic CEO Anand Nallathambi.