Housing

Florida Leads US in Annual Foreclosures

Foreclosed home
Source: Thinkstock
In the month of September, 46,000 U.S. home foreclosures were completed, up 4.7% from the previous month but down 32.6% from 68,000 in September of 2013, according to research firm CoreLogic. While an improvement, the number of foreclosures is still more than double the 2000 to 2006 average of 21,000 foreclosures per month. CoreLogic notes that the foreclosure inventory totals 1.6% of all homes with a mortgage in the United States. That is down from 2.3% in September of 2013.

The number of U.S. homes currently in some stage of foreclosure totals 607,000, compared with 924,000 in September a year ago. That represents a year-on-year decline in the national foreclosure inventory of 34.3%. Month over month, the foreclosure inventory dropped 2.8%.

The five states with the highest number of completed foreclosures in the past 12 months were Florida (120,000), Texas (36,000), California (31,000), Michigan (29,000) and Georgia (27,000). The five states with the fewest foreclosures in the 12 months through September were South Dakota (63), District of Columbia (68), North Dakota (286), West Virginia (458) and Wyoming (628).

The five states with the largest inventories of foreclosed properties as a percentage of mortgaged properties are New Jersey (5.7%), Florida (4.4%), New York (4.1%), Hawaii (2.9%) and Maine (2.7%). The five states with the lowest inventories of foreclosed properties are Nebraska (0.4%), Alaska (0.4%), Arizona (0.5%), North Dakota (0.5%) and Wyoming (0.5%).

CoreLogic’s CEO said:

The number of completed foreclosures ticked up a bit in September from the prior month and is still running above historic norms. Although the foreclosure inventory and rates of seriously delinquent loans remain elevated in many states, progress is being made and this bodes well for a better housing market in 2015 and beyond.

According to CoreLogic, the 12-month total of completed foreclosures is at its lowest level since October 2007 and has declined every month for the past 35 months.

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