The number of U.S. homes currently in some stage of foreclosure totals 567,000, compared with 880,000 in November of 2013. That represents a decline in the national foreclosure inventory of 35.5%.
The four states and the District of Columbia with the largest inventories of foreclosed properties as a percentage of mortgaged properties are New Jersey (5.3%), New York (4.1%), Florida (3.9%), Hawaii (2.8%) and D.C. (2.6%). The five states with the lowest inventories of foreclosed properties are Alaska (0.4%), Nebraska (0.4%), North Dakota (0.4%), Arizona (0.5%) and Montana (0.5%).
The five states with the highest number of completed foreclosures in the past 12 months were Florida (118,000), Michigan (50,000), Texas (36,000), California (29,000) and Ohio (29,000). The five states with the fewest foreclosures in the 12 months through November were South Dakota (54), District of Columbia (62), North Dakota (298), West Virginia (534) and Wyoming (573).
CoreLogic’s CEO said:
The number of completed foreclosures over the past twelve months — just under 575,000 — are the lowest level in seven years. This month’s figure of 41,000 foreclosures is in line [with] levels experienced in the second half of 2007, which was the very beginning of the housing crisis. At current foreclosure rates, 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.
According to CoreLogic, the 12-month total of completed foreclosures remains at its lowest level in seven years and has declined every month for the past 37 months.