CoreLogic, a data and analytics company, recently released its National Foreclosure Report with data through August 2014—and it shows foreclosure inventory is down.
The report states that 45,000 foreclosures were completed in August, a 22.2 percent year over year decline from 58,000 in August 2013.Approximately 629,000 homes in the United States were in some stage of foreclosure in August 2014 compared to 936,000 in August 2013. This foreclosure inventory represents 1.6 percent of all homes with a mortgage, compared to 2.4 percent in August 2013. Furthermore, the foreclosure inventory recorded 23 consecutive months of year-over-year, double-digit declines, and completed foreclosures have declined every month for the past 34 consecutive months through August 2014."The number of foreclosures completed during the last 12 months is at the lowest level since November 2007. At current foreclosure rates, the shadow inventory could fall below 500,000 units by year end, which could provide a solid boost to the recovery in housing in 2015," said Anand Nallathambi, president and CEO of CoreLogic.
The five states with the highest foreclosure inventory as a percentage of mortgaged homes are:
New Jersey at 5.8%Florida at 4.6%
New York at 4.2%
Hawaii at 3.0%
Maine at 2.7%
Maryland comes in at 2.4%, which is a 1 percent decline in foreclosure inventory form a year ago. Maryland had 7,958 completed foreclosures in the previous 12 months ending August. And, Maryland's "serious delinquency rate" is at 6.1 percent as compared to the national average of 4.3 percent.
The states of Florida, Michigan, Texas, California and Georgia account for almost half of all completed foreclosures nationally.
Lauren Bunting is a licensed realtor with Bunting Realty, Inc. serving Worcester and Wicomico counties.
Lauren Bunting is a Broker with Keller Williams Realty of Delmarva in Ocean City, Maryland.
