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National Foreclosure Inventory Down 33 Percent From January 2014

Maine Sees Largest Year-Over-Year State Improvement in Foreclosure Inventory

Shu Chen    |    Mortgage Performance

Today, CoreLogic reported that the national foreclosure inventory fell by 33.2 percent year over year in January 2015 to approximately 549,000 homes, or 1.4 percent of all homes with a mortgage, down from 822,000, or 2.0 percent, in January 2014. This marks 39 months of continuous year-over-year declines in the foreclosure inventory, including 24 straight months of declines greater than 20 percent, as shown in Figure 1. Also in January, the 12-month sum of completed foreclosures continued to decline, dropping 16.5 percent from a year ago to 552,000. The seriously delinquent inventory fell to 1.5 million loans, a 23.8-percent decline from January 2014.

The five states with the largest year-over-year drop in the foreclosure inventory were: Maine (-49.5 percent), Florida (-49.0 percent), Idaho (-45.6 percent), Utah (-43.8 percent) and Illinois (-39.4 percent). Forty-eight states posted year- over-year declines in the foreclosure inventory, with 43 of those states showing decreases of more than 20 percent. Only Wyoming (+0.2 percent) and the District of Columbia (+22.1 percent) experienced year-over-year increases in foreclosure inventory.

Judicial Foreclosure States Continue to Have Higher Foreclosure Rates

Judicial Foreclosure States Continue to Have Higher Foreclosure Rates

Judicial foreclosure states , on average, continued to have higher foreclosure rates than non-judicial states, averaging 2.4 percent and 0.7 percent, respectively, in January 2015 (Figure 2). The foreclosure rate for judicial states peaked in February 2012 at 5.3 percent, and had fallen more than half as of January 2015. Non-judicial states experienced foreclosure rates peaking four years earlier (in January 2011), and were about one-fourth of that peak value in January 2015.

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