Annual Foreclosure Rate Highest in Florida

The number of U.S. homes currently in some stage of foreclosure totals 629,000, compared with 936,000 in August a year ago. That represents a decline in the national foreclosure inventory of nearly 33% compared with August 2013. Month over month, the foreclosure inventory dropped 2.6%.

The five states with the highest number of completed foreclosures in the past 12 months were Florida (121,000), Michigan (43,000), Texas (36,000), California (32,000) and Georgia (28,000). The five states with the fewest foreclosures in the 12 months through August were South Dakota (65), District of Columbia (110), North Dakota (296), West Virginia (462) and Wyoming (650).

The five states with the largest inventories of foreclosed properties as a percentage of mortgaged properties are New Jersey (5.8%), Florida (4.6%), New York (4.2%), Hawaii (3%) and Maine (2.7%). The five states with the lowest inventories of foreclosed properties are Nebraska (0.4%), Alaska (0.5%), Arizona (0.5%), North Dakota (0.5%) and Wyoming (0.5%).

CoreLogic’s CEO said:

The number of foreclosures completed during the last 12 months is at the lowest level since November of 2007. At current foreclosure rates, 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.

According to CoreLogic, the 12-month total of completed foreclosures is at its lowest level since December 2007 and has declined every month for the past 34 months.

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