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LATEST CORELOGIC ECON TWEETS

National Foreclosure Inventory Down 35.5 Percent Year Over Year in November 2014

Utah Sees Largest Improvement in Foreclosure Rate From a Year Ago

Shu Chen    |    Mortgage Performance

Today, CoreLogic reported that the national foreclosure inventory fell by 35.5 percent year over year in November 2014 to approximately 567,000 homes, or 1.5 percent of all homes with a mortgage, down from 880,000, or 2.2 percent, in November 2013. This marks 37 months of continuous year-over-year declines in the inventory of foreclosed homes, including 22 straight months of declines greater than 20 percent. Also in November, the 12-month sum of completed foreclosures continued to decline, dropping 14.3 percent from a year ago to 575,000. The seriously delinquent inventory fell to 1.6 million loans, a 22.8-percent decline from November 2013.

The five states with the largest year-over-year drop in the foreclosure inventory were: Utah (-48.8 percent), Florida (-48.1 percent), Georgia (-47.1 percent), Arizona (-45.9 percent) and Michigan (-45.6 percent). All 50 states posted declines in the foreclosure inventory from a year ago, with 47 states showing decreases of more than 20 percent. Only the District of Columbia experienced a year-over-year increase in foreclosure inventory of 17.8 percent.

Judicial Foreclosure States Continue to Have Higher Foreclosure Rates

Judicial Foreclosure States Continue to Have Higher Foreclosure Rates

Judicial foreclosure states , on average, continue to have higher foreclosure rates than non-judicial states, averaging 2.5 percent and 0.7 percent, respectively, in November. Figure 2 shows foreclosure rates for judicial states and non-judicial states. The foreclosure rate for judicial states peaked in February 2012 at 5.3 percent, and had fallen more than half as of November. Non-judicial states saw foreclosure rates peak a full year earlier (in January 2011), and were about one fourth of that peak value in November 2014.

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