CoreLogic recently released their National Foreclosure Report for January 2016 showing that foreclosure inventory declined by 21.7% and completed foreclosures declined by 16.2% compared with January 2015. The number of completed foreclosures nationwide decreased year over year from 46k in January 2015 to 38k in January 2016. The number of completed foreclosures in January 2016 was down 67.6% from the peak of 117,743 in September 2010.
In addition, CoreLogic also reported that the number of mortgages in serious delinquency (defined as 90 days or more past due, including loans in foreclosure or REO) declined by 22.5% from January 2015 to January 2016, with 1.2 million mortgages, or 3.2%. January’s serious delinquency rate is the lowest since November 2007.
Key takeaways:
- The five states with the highest number of completed foreclosures for the 12 months ending in January 2016 were Florida (74k), Michigan (49k), Texas (29k), California (25k) and Ohio (24k). These five states accounted for almost half 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 January 2016: the District of Columbia (97), North Dakota (298), Wyoming (551), West Virginia (589) and Alaska (707).
- Four states and the District of Columbia had the highest foreclosure inventory rates in January 2016: New Jersey (4.3%), New York (3.5%), Hawaii (2.4%), Florida (2.3%) and the District of Columbia (2.3%).
- The five states with the lowest foreclosure inventory rate in January 2016 were Alaska (0.3%), Minnesota (0.4%), Colorado (0.4%), Arizona (0.4%) and Utah (0.4%).
Click here to read the full report.
