Where Foreclosure Niches Make the Most Sense

November 18, 2016 | Comments Off on Where Foreclosure Niches Make the Most Sense

Foreclosure inventories nationwide dipped 31.1 percent in September year-over-year, and completed foreclosures were down 7 percent in that time. But that doesn’t mean the foreclosure crisis is over everywhere, and some real estate professionals are still seeing elevated business from foreclosures in some markets.

CoreLogic’s September 2016 National Foreclosure Report showed that five states alone accounted for 36 percent of completed foreclosures nationally. Those five states with the highest number of completed foreclosures in the 12 months ending in September were:

  1. Florida: 53,000
  2. Texas: 27,000
  3. Michigan: 24,000
  4. Ohio: 23,000
  5. Georgia: 21,000

Meanwhile, the five places with the highest foreclosure inventories were:

  • New Jersey: 3%
  • New York: 2.7%
  • Maine: 1.8%
  • Hawaii: 1.8%
  • District of Columbia: 1.6%

Still, while foreclosures remain problematic for these areas, the national picture shows an improving picture for delinquencies. The national foreclosure inventory included 0.9 percent – or 340,000 – of all homes with a mortgage in September compared to 1.3 percent – or 493,000 – in September 2015, CoreLogic reports. Also, the number of mortgages in serious delinquency (those that are 90 days or more past due) fell by 24.8 percent in September year-over-year. The serious delinquency rate now stands at 2.6 percent – or 1 million mortgages, the lowest level since August 2007.

“Completed foreclosures have fallen by a total of more than 100,000 homes during the 12 months prior to September 2016,” says Anand Nallathambi, president and CEO of CoreLogic. “The decline in foreclosures is one of the drivers in the drop in vacancies, which is positive for home owners and communities. Heading into 2017 we see that prices, performance, and production – the three most important drivers of the real estate market – are all improving.”

Source:  CoreLogic


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