Florida ranked second nationally in total number of completed foreclosures for the 12 months ending in August 2012 with 91,899 – 11.7 percent of the nation’s foreclosure housing stocks. Only California had more with 110,000. However, the percent of homes in Florida’s foreclosure inventory also dropped year-to-year, falling 1.1 percent since August 2011. Foreclosure inventory is the total number of homes with a mortgage that have entered some stage of the foreclosure process.
Approximately 1.3 million homes (3.2 percent of all homes with a mortgage) were in the national foreclosure inventory in August 2012 compared to 1.4 million (3.4 percent) one year earlier. Month-over-month, the national foreclosure inventory was unchanged.
“The reduction in foreclosure volumes is, to some degree, being facilitated by the rising popularity of alternative resolution methods, such as short sales and loan modifications,” says Anand Nallathambi, president and CEO of CoreLogic.
“August marks the fourth month in a row there were fewer completed foreclosures, which is more evidence that the housing industry is finding its footing,” said Mark Fleming, chief economist for CoreLogic.
August 2012 highlights:
• The five states with the highest number of completed foreclosures for the 12 months ending in August 2012 are: California (110,000), Florida (92,000), Michigan (62,000), Texas (58,000) and Georgia (55,000). These five states account for 48.1 percent of all completed foreclosures nationally.
• The five states with the lowest number of completed foreclosures for the 12 months ending in August 2012 are: South Dakota (25), District of Columbia (113), Hawaii (435), North Dakota (564) and Maine (612).
• The five states with the highest foreclosure inventory as a percentage of all mortgaged homes are: Florida (11.0 percent), New Jersey (6.5 percent), New York (5.2 percent), Illinois (4.8 percent) and Nevada (4.6 percent).
• The five states with the lowest foreclosure inventory as a percentage of all mortgaged homes are: Wyoming (0.5 percent), Alaska (0.8 percent), North Dakota (0.8 percent), Nebraska (0.9 percent) and South Dakota (1.1 percent).
© 2012 Florida Realtors®