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Highest number of completed foreclosures seen in Florida

Staff writer |
CoreLogic released its March 2016 National Foreclosure Report which shows the foreclosure inventory declined by 23.2 percent and completed foreclosures declined by 14.9 percent compared with March 2015.

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The number of completed foreclosures nationwide decreased year over year from 42,000 in March 2015 to 36,000 in March 2016, representing a decrease of 69.7 percent from the peak of 117,782 in September 2010.

The foreclosure inventory represents the number of homes at some stage of the foreclosure process and completed foreclosures reflect the total number of homes lost to foreclosure.

Since the financial crisis began in September 2008, there have been approximately 6.2 million completed foreclosures nationally, and since homeownership rates peaked in the second quarter of 2004, there have been approximately 8.2 million homes lost to foreclosure.

As of March 2016, the national foreclosure inventory included approximately 427,000, or 1.1 percent, of all homes with a mortgage compared with 556,000 homes, or 1.4 percent, in March 2015.

The March 2016 foreclosure inventory rate is the lowest for any month since October 2007.

CoreLogic also reports that the number of mortgages in serious delinquency (defined as 90 days or more past due including loans in foreclosure or REO) declined by 19.1 percent from March 2015 to March 2016, with 1.2 million mortgages, or 3.1 percent, in this category.

The March 2016 serious delinquency rate is the lowest in more than eight years, since November 2007.

The five states with the highest number of completed foreclosures for the 12 months ending in March 2016 were Florida (69,000), Michigan (48,000), Texas (28,000), Georgia (23,000) and California (23,000). These five states accounted for about 41 percent of all completed foreclosures nationally.

Four states and the District of Columbia had the lowest number of completed foreclosures for the 12 months ending in March 2016: The District of Columbia (114), North Dakota (311), West Virginia (541), Wyoming (634) and Alaska (644).

The five states with the lowest foreclosure inventory rate in March 2016 were Alaska (0.3 percent), Minnesota (0.4 percent), Arizona (0.4 percent), Colorado (0.4 percent) and Utah (0.4 percent).


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