Homeowners across the nation are still in the long and painful process of rebuilding their personal balance sheets, but progress is being made in regards to the foreclosure market.
The number of completed foreclosures dropped to 43,000 units in February, representing a 15 percent dip from 51,000 units a year earlier, according to a new analysis by CoreLogic. However, completed foreclosures averaged only 21,000 per month nationwide between 2000 and 2006. Since the beginning of the financial crisis in September 2008, approximately 4.8 million foreclosures have been completed. Fewer than 1.9 million mortgages are in serious delinquency.
“The stock of seriously delinquent homes and the foreclosure rate are back to levels last seen in the final quarter of 2008,” said Anand Nallathambi, president and chief executive officer of CoreLogic, in the report. “The shadow inventory has also declined year over year for the past three years as the housing market continues to heal, including double-digit declines for the past 16 consecutive months.”
Approximately 752,000 homes in the United States were in some stage of the foreclosure process in February, down 35 percent from 1.2 million homes in February 2013. This was the 28th consecutive month with a year-over-year decline. Let’s take a look at the 10 states with the lowest foreclosure inventory and serious delinquent rates.