IRVINE, Calif. – CoreLogic released its February 2014 National Foreclosure Report.
“Although there is good news that completed foreclosures are trending lower, the bigger news is the impressive decline in the foreclosure and shadow inventories,” says Dr. Mark Fleming, chief economist for CoreLogic. “Every state has had double-digit, year-over-year declines in foreclosure inventory, which is reflected in the $70 billion decline in the shadow inventory.”
“The stock of seriously delinquent homes and the foreclosure rate are back to levels last seen in the final quarter of 2008,” adds Anand Nallathambi, president and CEO of CoreLogic. “The shadow inventory has also declined year over year for the past three years as the housing market continues to heal, including double-digit declines for the past 16 consecutive months.”
Feb. National Foreclosure Report details
• The U.S. had 43,000 completed foreclosures in February, down from 51,000 in February 2013, for a year-over-year decrease of 15 percent.
• On a month-over-month basis, completed foreclosures decreased 13.1 percent from 50,000 in January.
• National residential shadow inventory – seriously delinquent, in foreclosure or held as REOs by mortgage servicers, but not yet listed on multiple listing services (MLSs) – was 1.7 million homes in January 2014 compared to 2.2 million year-to-year – a decrease of 23 percent.
• In February 2014, about 752,000 U.S. homes were in some stage of foreclosure, known as the foreclosure inventory (not completed foreclosures), compared to 1.2 million in February 2013 – a year-over-year decrease of 35 percent.
• Month-over-month, the foreclosure inventory was down 3.3 percent from January 2014.
• The February foreclosure inventory represented 1.9 percent of all homes with a mortgage, compared to 2.9 percent in February 2013.
• At the end of February, 1.9 million mortgages or 4.9 percent were in serious delinquency, defined as 90 days or more past due, including those loans in foreclosure or real estate owned (REO).
• The five states with the highest number of completed foreclosures for the 12 months ending February 2014 were Florida (118,000), Michigan (50,000), Texas (39,000), California (37,000) and Georgia (34,000). Altogether, the five states accounted for almost half of the nation’s completed foreclosures.
• The District of Columbia (60 foreclosures), North Dakota (421), Hawaii (519), West Virginia (571) and Wyoming (705) had the lowest number of foreclosures.
• As a percentage of all mortgage homes, Florida ranked second (6 percent) compared to New Jersey (6.2 percent) in total foreclosure inventory, followed by New York (4.7 percent), Maine (3.4 percent) and Connecticut (3.2 percent).
• Wyoming (0.3 percent), Alaska (0.4 percent), North Dakota (0.5 percent), Nebraska (0.5 percent) and Colorado (0.6 percent) had the lowest foreclosure inventory.
• As of January, year-over-year inventory of seriously delinquent homes decreased in all states by double digits.
• Twenty-four states had year-over-year declines of at least 20 percent.
• Year-over-year, the shadow inventory is down 22 percent.
• For the year ending in January, shadow inventory has decreased at an average monthly rate of 41,000 units.
• Florida has 15 percent of the nation’s distressed properties, with an additional four states – California, New York, New Jersey and Illinois – accounting for 42 percent.
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