The Inventory Of Foreclosed US Homes Falls For The 32nd Straight Month
Meanwhile, foreclosure inventory was down 35% YoY to 648,000, compared with 1 million in June 2013. Foreclosure inventory was down 3.9% on the month and down for the thirty second straight month.
Foreclosure inventory accounts for 1.7% of all homes with a mortgage.
"While 32 straight months of year-over-year decline in the foreclosure rate is cause for celebration, the total number of homes still in the foreclosure process remains almost four times as high as the average in the early 2000s," Mark Fleming, chief economist for CoreLogic said in a press release.
"Additionally, there is concern over whether or not we can maintain this pace of improvement as the foreclosure inventory becomes more concentrated in judicial states with lengthier, more complex processes and timelines."
Here are some details from the report:
- Arizona and Utah saw an over 50% YoY decline in foreclosure inventory, while 36 states had a greater than 30% fall.
- At 123,000 Florida had the highest number of completed foreclosures in the 12 months ending June 2014. Michigan, Texas, California and Georgia rounded off the top five. Meanwhile, the District of Columbia, North Dakota, West Virginia, Wyoming and Hawaii have the lowest number of completed foreclosures in the same period.
- New Jersey's foreclosure inventory accounted for 5.7% of all mortgaged homes, the highest in the nation. Alaska's foreclosure inventory accounted for 0.4% of all mortgaged homes, the lowest in the nation.
The decline in distressed homes has been skewing home prices. We've previously pointed out that the foreclosure crisis has been moving east to New Jersey and New York.
Corelogic