“After peaking at 3.6 percent in January 2011, the foreclosure rate currently stands at 1.2 percent — a remarkable improvement,” says Frank Nothaft, chief economist for CoreLogic. “While there are still pockets of areas with high foreclosure activity, 30 states have foreclosure rates below the national average, which is evidence of the solid improvement.”
Indeed, tight post-crash underwriting standards coupled with much improved economic and housing market fundamentals have combined to push new mortgage delinquencies to 15-year-lows, adds Anand Nallathambi, president and CEO of CoreLogic. “Although judicial states will likely continue to lag, given current trends, it is reasonable to expect a continued and significant drop in the rate of serious delinquencies and foreclosure starts in 2016,” Nallathambi says.
The five areas with the lowest number of completed foreclosures for the 12 months ending in November 2015 were the District of Columbia (78), North Dakota (225), Wyoming (543), West Virginia (565), and Hawaii (686).
On the other hand, five states alone accounted for nearly half of all completed foreclosures nationally: Florida (83,000 completed foreclosures for the 12 months ending November 2015), Michigan (51,000), Texas (29,000), California (24,000), and Georgia (24,000).
“Copyright NATIONAL ASSOCIATION OF REALTORS®. Reprinted with permission”