Annual Rate of Residential Property Foreclosures in the US is Falling
Since the start of the financial crisis in September 2008 there have been 3.5 million residential property foreclosures in the United States, according to the latest data from analytics company CoreLogic.
Overall there were 69,000 completed foreclosures in March 2012 compared to 85,000 in March 2011 and 66,000 in February 2012. The largest improvement in the last 12 months has been in the states of Nevada and Arizona.
In the first quarter of 2012, there were 198,000 completed foreclosures compared to 232,000 in the first three months of 2011, the data also shows.
Approximately 1.4 million homes, or 3.4% of all homes with a mortgage, were in the national foreclosure inventory as of March 2012 compared to 1.5 million, or 3.5% in March 2011 and 1.4 million, or 3.4% in February 2012. The number of loans in the foreclosure inventory decreased by nearly 100,000, or 6% in March 2012 compared to March 2011.
‘The overall delinquency level was unchanged in March, remaining at its lowest point since July 2009,’ said Mark Fleming, chief economist for CoreLogic.
‘Non-judicial foreclosure markets like Nevada, Arizona, and California are experiencing significant improvements in their shares of delinquent borrowers. Some judicial foreclosure states are also improving, like Florida, but not to the extent of non-judicial markets,’ he explained.
The five states with the largest number of completed foreclosures for the 12 months ending in March 2012 were California 150,000, Florida 92,000, Michigan 62,000, Arizona 58,000 and Texas 57,000. These five states account for 49.1% of all completed foreclosures nationally.
The five states with the highest foreclosure rates were Florida with 12.1%, New Jersey 6.6%, Illinois 5.4%, Nevada 4.9% and New York also 4.9%.
The five states with the lowest foreclosure rates were Wyoming at 0.7%, Alaska 0.8%, North Dakota also 0.8%, Nebraska 1.1% and South Dakota 1.4%.
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