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Completed foreclosures are an indication of the total number of homes actually lost to foreclosure. Since the financial crisis began in
"Over the last 12 months, completed foreclosures fell to 599,000, the lowest level since the Great Recession began in 2007," said
"We have now registered two and a half years of continuous decreases in the number of homeowners who are in some stage of the foreclosure process. This consistent decline means fewer Americans are experiencing the distress of delinquency and default," said
Highlights as of
- Every state, excluding
New Yorkand the District of Columbia, posted double-digit year-over-year declines in foreclosures.
- Thirty-seven states show declines in year-over-year foreclosure inventory of greater than 30 percent with
Arizona, Utah, Minnesotaand Californiaand experiencing declines greater than 50 percent.
- The five states with the highest number of completed foreclosures for the 12 months ending in
April 2014were: Florida(121,000), Michigan(46,000), Texas(38,000), California(33,000) and Georgia(32,000).These five states account for almost half of all completed foreclosures nationally.
- The five states (including the
District of Columbia) with the lowest number of completed foreclosures for the 12 months ending in April 2014were: the District of Columbia(68), North Dakota(352), West Virginia(517), Wyoming(718) and Alaska(844).
- The five states with the highest foreclosure inventory as a percentage of all mortgaged homes were:
New Jersey(6.0 percent), Florida(5.4 percent), New York(4.6 percent), Hawaii(3.1 percent) and Maine(3.0 percent).
- The five states with the lowest foreclosure inventory as a percentage of all mortgaged homes were:
Alaska(0.4 percent), Wyoming(0.4 percent), North Dakota(0.5 percent), Nebraska(0.5 percent) and Minnesota(0.5 percent).
*March data was revised. Revisions are standard, and to ensure accuracy,
For ongoing housing trends and data, visit the CoreLogic Insights Blog: http://www.corelogic.com/blog.
The data in this report represents foreclosure activity reported through
This report separates state data into judicial versus non-judicial foreclosure state categories. In judicial foreclosure states, lenders must provide evidence to the courts of delinquency in order to move a borrower into foreclosure. In non-judicial foreclosure states, lenders can issue notices of default directly to the borrower without court intervention. This is an important distinction since judicial states, as a rule, have longer foreclosure timelines, thus affecting foreclosure statistics.
A completed foreclosure occurs when a property is auctioned and results in the purchase of the home at auction by either a third party, such as an investor, or by the lender. If the home is purchased by the lender, it is moved into the lender's real estate owned (REO) inventory. In "foreclosure by advertisement" states, a redemption period begins after the auction and runs for a statutory period, e.g., six months. During that period, the borrower may regain the foreclosed home by paying all amounts due as calculated under the statute. For purposes of this Foreclosure Report, because so few homes are actually redeemed following an auction, it is assumed that the foreclosure process ends in "foreclosure by advertisement" states at the completion of the auction.
The foreclosure inventory represents the number and share of mortgaged homes that have been placed into the process of foreclosure by the mortgage servicer. Mortgage servicers start the foreclosure process when the mortgage reaches a specific level of serious delinquency as dictated by the investor for the mortgage loan. Once a foreclosure is "started," and absent the borrower paying all amounts necessary to halt the foreclosure, the home remains in foreclosure until the completed foreclosure results in the sale to a third party at auction or the home enters the lender's REO inventory. The data in this report accounts for only first liens against a property and does not include secondary liens. The foreclosure inventory is measured only against homes that have an outstanding mortgage. Homes with no mortgage liens can never be in foreclosure and are, therefore, excluded from the analysis. Approximately one-third of homes nationally are owned outright and do not have a mortgage.
The data provided is for use only by the primary recipient or the primary recipient's publication or broadcast. This data may not be re-sold, republished or licensed to any other source, including publications and sources owned by the primary recipient's parent company without prior written permission from