Judicial States Continue to Elevate Foreclosure Stats

While activity related to distressed mortgagernloans continues to grind its way back to normal levels, CoreLogic says that 17rnof the 25 judicial foreclosure states still have delinquency levels at or abovernthe national rate of 4.0 percent. Only five of the 26 non-judicial jurisdictionsrnhad rates that high. .</p

CoreLogic says that there were 1.5 millionrnmortgages that were seriously delinquent (90 or more days past due) in February,rndown 19.3 percent from one year earlier and 1.1 percent from January.  The national delinquency rate is the lowestrnsince June 2008.</p

The foreclosure inventory, that is homes thatrnare in the process of foreclosure, consisted of 553,000 mortgaged properties inrnFebruary, a 27.3 percent decrease from February 2014 when an estimated 761,000rnhomes were actively in foreclosure.  Therninventory this past February represented 1.4 percent of all mortgaged homes,rndown from 1.9 percent a year earlier and back to March 2008 levels.  Eighteen judicial foreclosure states werernabove that national average while among non-judicial jurisdictions only Nevadarn(2.2 percent), Rhode Island (1.6 percent), and the District of Columbia (2.6rnpercent) exceeded it. On a month-over-month basis, the foreclosure inventoryrnwas down by 1.4 percent from January 2015. </p

The five jurisdictions with the highestrnforeclosure inventory as a percentage of mortgaged homes were New Jersey (5.3rnpercent), New York (4.0 percent), Florida (3.4 percent), Hawaii (2.8 percent)rnand the District of Columbia (2.6 percent). </p

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Completed foreclosures declined by 15.7rnpercent from the previous year, from 46,000 to 39,000. This is a decrease of 67rnpercent from the peak of bank repossessions in September 2010.  CoreLogic estimates there have beenrnapproximately 5.6 million homes lost to foreclosure since September 2008 whichrnis generally viewed as the beginning of the foreclosure crisis.  Between 2000 and 2006 there were an averagernof 21,000 foreclosures in the U.S. each month. rnCompleted foreclosures in February were down 11.6 percent from thern44,000 reported in January. </p

The highest numbers of completed foreclosuresrnin the 12 months ending in February were in Florida (110,000), Michiganrn(50,000), Texas (34,000), California (30,000) and Georgia (28,000). These fivernstates accounted for almost half of all completed foreclosures nationally.</p

 “The number of homes in foreclosure proceedings fell by 27rnpercent from a year ago and stands at about one-third of what it was at therntrough of the housing cycle,” said Frank Nothaft, chief economist atrnCoreLogic. “While the drop in the share of mortgages in foreclosure to 1.4rnpercent is a welcome sign of continued recovery in the housing market, thernshare remains more than double the 0.6 percent average foreclosure rate that wernsaw during 2000-2004.”</p

“The foreclosure inventory dropped yearrnover year in all but two states,” said Anand Nallathambi, president andrnCEO of CoreLogic. “The foreclosure rates in judicial foreclosure statesrnare beginning to pick up and remain higher than in non-judicial states. What’srnencouraging is that fewer Americans are seriously delinquent in paying theirrnmortgages, which in turn is reducing the foreclosure inventory across therncountry as a whole.”

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