In the month of March, 48,000 U.S. home foreclosures were completed, up 5.9% month over month but down 10% from 53,000 in March 2013, according to research firm CoreLogic (NYSE: CLGX). While an improvement, the number of foreclosures is still more than double the 2000-2006 average of 21,000 foreclosures per month. CoreLogic notes that since September 2008, some 5 million foreclosures have been completed in the U.S.
The five states with the highest number of completed foreclosures in the past 12 months were Florida (122,000), Michigan (49,000), Texas (39,000), California (34,000), and Georgia (33,000). The five states with the fewest foreclosures in the 12 months through March were District of Columbia (57), North Dakota (414), West Virginia (516), Hawaii (683), and Wyoming (714).
The five states with the largest inventories of foreclosed properties as a percentage of mortgaged properties are New Jersey (6%), Florida (5.8%), New York (4.6%), Maine (3.2%), and Hawaii (3.1%). The five states with the lowest inventories of foreclosed properties are Alaska (0.4%), Wyoming (0.5%), North Dakota (0.5%), Nebraska (0.5%), and Minnesota (0.6%).
CoreLogic’s CEO noted:
The pathway to a full recovery in housing is proving to be a very long one, but lower distressed stock levels are one clear indicator that we continue to make slow-but-steady progress.
CoreLogic notes that the national foreclosure inventory is down 37% since March 2013 and down 5.1% month-over-month. That marks the 29th consecutive month posting a year-over-year decline in the inventory of foreclosed homes.