In the month of August, 36,000 U.S. home foreclosures were completed, up 0.8% month over month and down 21% from a total of 46,000 in August 2014, according to CoreLogic. The research firm also notes that the current foreclosure inventory totals 1.2% of all homes with a mortgage in the United States, down from 1.6% in August of 2014.
The number of U.S. homes currently in some stage of foreclosure totals approximately 470,000, compared with 629,000 in August 2014. That represents a decline in the national foreclosure inventory of 25.2%, compared with August 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 (4.6%), New York (3.7%), Florida (2.6%), 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%), Arizona (0.4%), Colorado (0.4%) and Nebraska (0.4%).
The five states with the highest number of completed foreclosures in the past 12 months were Florida (94,000), Michigan (47,000), Texas (32,000), California (27,000) and Georgia (26,000). The five states with the fewest foreclosures in the prior 12 months through August were South Dakota (45), District of Columbia (116), North Dakota (319), Wyoming (492) and West Virginia (544).
CoreLogic’s chief economist said:
Mortgage performance continues to improve, however there is a dichotomy between the performance of recently originated loans and legacy loans. Newly delinquent loans are at the lowest rates during the last two decades. That reflects the tight underwriting and improved economy during the last few years. However, the foreclosure pipeline of legacy loans remains elevated. Over the last 12 months, there have been 500,000 completed foreclosures, more than double the number during normal periods.
The company’s CEO added:
In August, the housing market experienced solid and steady increases in sales, prices and performance and our preview data indicates those trends will continue in September. Longer term, the recent increase in household formations and rapidly improving labor market for millennials will provide a demographic tailwind to the housing market and keep demand firm.
The five metropolitan areas with the largest inventories of foreclosed properties are New York City (3.7%), Tampa (3.4%), Orlando (2.3%), Chicago (1.8%) and Baltimore (1.8%).
According to CoreLogic, the current foreclosure rate of 1.2% is the same as the January 2008 rate, and the foreclosure inventory has declined every month for the past 46 months. Before the collapse in the housing market in 2007, the average number of foreclosures completed in a month was 21,000.
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