In July of this year, the number of completed foreclosures in the U.S. declined by 16.5%, and the foreclosure inventory rate was down 29.1% when compared with July 2015, according to the latest report by CoreLogic®.
The number of completed foreclosures in July was down significantly from the peak of the mortgage crisis in September 2010, when there were 118,009 foreclosures. 34,000 foreclosures were completed in July compared to 41,000 foreclosures in July 2015.
CoreLogic reported that the five states with the most completed foreclosures in the 12 months ending in July were Florida (57,000), Michigan (45,000), Texas (27,000), Ohio (23,000) and California (21,000), which equated to about 40% of all completed foreclosures nationally. The states with the lowest foreclosure inventories are Colorado (0.3%), Minnesota (0.3%), Utah (0.3%), Arizona (0.3%) and Alaska (0.3%).
There are approximately 355,000 in some stage of foreclosure nationwide, compared with 501,000 for this time last year. The four states and the District of Columbia with the largest foreclosed inventory are New Jersey (3.3%), New York (3.0%), Hawaii (1.8%), Maine (1.9%) and D.C. (1.8%). The five states with the lowest foreclosure inventory rate were Colorado (0.3 percent), Minnesota (0.3 percent), Utah (0.3 percent), Arizona (0.3 percent) and Alaska (0.3 percent).
There have been 6.4 million completed foreclosures since the financial crisis began in September 2008, and approximately 8.5 million homes lost to foreclosure since homeownership rates peaked in the second quarter of 2004.
CoreLogic’s chief economist, Dr. Frank Nothaft had issued this statement along with the report:
“Loan modifications, foreclosures, and stronger housing and labor markets have each played a role in bringing the foreclosure rate to the lowest level in nine years. The U.S. Treasury’s, Making Home Affordable program has contributed to the decline through permanent modifications, forbearance, and foreclosure alternatives which have assisted 2.5 million homeowners with first mortgages at risk of foreclosure since 2009.”
“Foreclosure rates declined year over year in all states except North Dakota, which experienced a 6 percent increase in its foreclosure inventory related to the drop in energy-related jobs,” said Anand Nallathambi, president and CEO of CoreLogic. “Importantly, judicial states like New Jersey and New York have continued to work through their large inventory of homes in foreclosure proceedings.”