BY: JANN SWANSON
Source: http://www.mortgagenewsdaily.com
Foreclosure Normalization: An End that Never Comes
Foreclosure statistics continue to fall, month after month butseemingly never reach bottom or even normal levels. Anyone care to revisit Zeno's Third Paradox?
Snark aside, it is good news that July was another month that saw an ebbing role for foreclosures in housing. CoreLogic'sNational Foreclosure Report shows the month with significantdeclines in both completed foreclosures and legal actions in process compared to a year earlier and what are becoming typical month-over-month declines.
Completed foreclosures numbered 38,000 in July compared to 50,000 a year earlier, an annual decrease of 24.4 percent. It was a 6.2 percent drop from June 2015 when 40,000 homes were lost to foreclosure. CoreLogic said in a typical month prior to the housing crash an estimated 21,000 foreclosures were completed but at the peak in September 2010 there were 117,225.
The five states with the highest number of completed foreclosures for the 12 months ending in July 2015 were: Florida (98,000), Michigan (47,000), Texas (33,000), California (27,000) and Georgia (27,000). These five states accounted for almost half of all completed foreclosures nationally.
The national foreclosure inventory declined by 27.9 percent. There are now approximately 469,000 homes in the legal process of foreclosure compared to 650,000 homes in July 2014. The inventory rate, homes in foreclosure as a percent of all mortgaged homes, declined from 1.7 percent to 1.2 percent from July 2014 to July 2015.
Four states and the District of Columbia had the highest foreclosure inventory as a percentage of all mortgaged homes: New Jersey (4.8 percent), New York (3.7 percent), Florida (2.7 percent), Hawaii (2.5 percent) and the District of Columbia (2.4 percent). The District also ranked as the area with the lowest foreclosure rate in the nation. The two statistics are likely not unrelated.
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