This week property information provider Corelogic reported that October’s (year over year) foreclosure inventory was down 21% and that completed foreclosures declined 27.1%. The data was released as part of their October 2015 National Foreclosure Report. The number of completed foreclosures decreased as well from 51k in October 2014 to 37k in October 2015 . In addition, they report that October’s foreclosures were down 68.2% from the peak of 117,543 in September 2010.
Some key takeaways:
- Five states accounted for almost half of all completed foreclosures nationally; Florida (86k), Michigan (59k), Texas (30k), Georgia (25k) and California (24k)
- Four states and District of Columbia had the highest foreclosure inventory rate: New Jersey (4.5%), New York (3.6%), Hawaii (2.5%), Florida (2.5%) and DC (2.3%).
- The five states with the lowest foreclosure inventory were Alaska (0.4%), Arizona (0.4%), Minnesota (0.4%), North Dakota (0.4%) and Colorado (0.4%).
“We are heading into 2016 with the lowest foreclosure inventory in eight years thanks to escalating home values and progressive improvement in the U.S. economy. A large proportion of the remaining foreclosure inventory is clustered in New York, New Jersey and Florida,” said Anand Nallathambi, president and CEO of CoreLogic.
Click here to read the full report at Corelogic.
