Foreclosures Down 16 Percent — But You Need to Read the Rest of Story (thank you Paul Harvey)
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Five states accounted for one-half of all foreclosures in July 2012 as reported by CoreLogic (and CoreLogic is the go-to-source for these type of data).
July 2012 saw 58,000 completed foreclosures compared to 69,000 in July 2011. The decline is not necessarily due to a healing market—some, but lenders are pursuing a different track given loan modifications and short sales. Commencing September 2008, 3.8 million foreclosures have been completed.
- 1.3 million homes were in some stage of the foreclosure process—3.2 percent of all owner-occupied housing compared to 3.5 percent a year ago
- Five states accounted for almost half (48 percent) of all completed foreclosures in the prior 12 months —California (118,000), Florida (92,000), Michigan (61,000), Texas (57,000) and Georgia (54,000).
- Fewest foreclosures were in South Dakota (32), Washington, DC (120), Hawaii (445), North Dakota (575) and Maine (608).
- Foreclosure inventories as a percentage of all mortgaged homes were the most in Florida (11.2 percent), New Jersey (5.7 percent), New York (5.2 percent), Illinois (4.9 percent) and Nevada (4.7 percent).
- Least foreclosure inventory as a percentage of homes with loans include Wyoming (0.5 percent), Alaska (0.8 percent), North Dakota (0.8 percent), Nebraska (0.9 percent) and North Dakota (1.1 percent).
The bottom line is that while the housing market is improving (and it is), many markets still have some issues—and potentially buyer opportunities.