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CoreLogic: Fla. foreclosures down 38% in one year

IRVINE, Calif. – April 12, 2016 – CoreLogic’s February 2016 National Foreclosure Report finds a 37.6 percent drop in Florida’s foreclosure inventory in just one year. Of 21 U.S. states that foreclose through the court system, the Fla. inventory decline outpaced second-place New Jersey’s by 12 percent.
Nationally, the foreclosure inventory declined by 23.9 percent when counting both judicial and non-judicial states, and completed foreclosures dropped 10 percent year-to-year.
The number of completed Florida disclosures dropped 36.6 percent year-to-year. Nationally, the decline was 19 percent. 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.
As of February 2016, the national foreclosure inventory included approximately 1.1 percent of all homes with a mortgage – the lowest for any month since November 2007.
CoreLogic also reports on the number of mortgages in serious delinquency, defined as 90 days or more past due including loans in foreclosure or REO. In Florida, 5.1 percent of mortgaged homes are considered seriously delinquent, a 34.2 percent decline from one year earlier. Nationally, the number of seriously delinquent homeowners declined 19.9 percent year-to-year to hit its lowest level in eight years.
“Job creation averaged 207,000 during the first two months of 2016, and incomes grew over the past year,” says Dr. Frank Nothaft, chief economist for CoreLogic. “More income and improved household finances have helped bring serious delinquency rates down in nearly every state.” However, two energy-dependent states – North Dakota and West Virginia – have seen a price drop as a result of price declines.
“Home price gains have clearly been a driving force in building positive equity for homeowners,” says Anand Nallathambi, president and CEO of CoreLogic. “Longer term, we anticipate a better balance of supply with demand in many markets which will help sustain healthy and affordable home values into the future.”
Additional February 2016 report snapshot
On a month-over-month basis, completed foreclosures decreased by 13.9 percent month-to-month.
The foreclosure inventory was down 2.6 percent month-to-month.
The five states with the highest total number of completed foreclosures for the 12 months ending in February 2016 were Florida (72,000), Michigan (49,000), Texas (29,000), California (25,000) and Ohio (23,000), and they accounted for almost half of all completed foreclosures nationally.
Four states and the District of Columbia had the highest foreclosure inventory rates in February 2016: New Jersey (4.0 percent), New York (3.4 percent), Hawaii (2.3 percent), Florida (2.2 percent) and the District of Columbia (2.2 percent).
For more data and state comparisons of foreclosure data, visit CoreLogic’s website.
© 2016 Florida Realtors®  
Source: Florida Realtors Feed

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