Florida, Michigan, Texas Post Highest Foreclosures in June

The number of U.S. homes currently in some stage of foreclosure totals approximately 472,000, compared with 664,000 in June 2014. That represents a decline in the national foreclosure inventory of 28.9%, compared with June a year ago.

The four states and the District of Columbia with the largest foreclosed inventory as a percentage of mortgaged properties are New Jersey (4.7%), New York (3.7%), Florida (2.7%), Hawaii (2.5%) and D.C. (2.4%). The five states with the lowest inventories of foreclosed properties are Alaska (0.3%), Minnesota (0.4%), Nebraska (0.4%), North Dakota (0.4%) and Montana (0.4%).

The five states with the highest number of completed foreclosures in the past 12 months were Florida (102,000), Michigan (46,000), Texas (33,000), California (29,000) and Ohio (27,000). The five with the fewest foreclosures in the prior 12 months through June were South Dakota (32), District of Columbia (107), North Dakota (313), Wyoming (499) and West Virginia (566).

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CoreLogic’s chief economist said:

The foreclosure rate for the U.S. has dropped to its lowest level since 2007, supported by a continuing decline in loans made before 2009, gains in employment, and higher housing prices.

The company’s CEO added:

Serious delinquency is at the lowest level in seven and a half years reflecting the benefits of slow but steady improvements in the economy and rising home prices. We are also seeing the positive impact of more stringent underwriting criteria for loans originated since 2009 which has helped to lower the national seriously delinquent rate.

The five metropolitan areas with the largest inventories of foreclosed properties are New York City (3.8%), Tampa (3.7%), Orlando (2.5%), Chicago (1.8%) and Baltimore (1.7%).

According to CoreLogic, the current foreclosure rate of 1.2% is the lowest since January of 2008, and the foreclosure inventory has declined every month for the past 44 months.