CoreLogic: 11% of Fla. mortgages face foreclosure

IRVINE, Calif. – Oct. 31, 2012 – CoreLogic released its National Foreclosure Report for September with data on completed U.S. foreclosures and the overall foreclosure inventory.

According to the report, Florida had 91,898 completed foreclosures over the 12 months ending in August, or 11.8 percent of the U.S.’s 781,898 foreclosures.

Florida’s foreclosure inventory – the total number of homes in some stage of the foreclosure process compared to all homes with a mortgage – topped the nation at 11 percent. The national average was 3.2 percent. Florida’s foreclosure inventory fell more than the national average, however, down 1.1 percent for the year. Nationally, the rate dropped only 0.2 percent.

The five states with the highest foreclosure inventory as a percentage of all mortgaged homes after Florida were: New Jersey (7.3 percent), New York (5.3 percent), Illinois (5.2 percent) and Nevada (4.9 percent).

CoreLogic also focused on 25 city areas in its September report, two of which are in Florida:

• The Tampa-St. Petersburg-Clearwater area had 13,094 foreclosures for the year (ending in August) and 11.3 percent of homes with a mortgage in some stage of the foreclosure process. The foreclosure inventory was down 0.8 percent year-to-year.

• The Orlando-Kissimmee-Sanford area had 11.1 percent of its homes in the foreclosure inventory. It had 11,463 completed foreclosures over the past year (ending in August), though the inventory dropped 1.4 percent year-to-year.

“The continuing downward trend in foreclosures along with a gradual clearing of the shadow inventory are signs of stabilization and improvement in the housing market,” says Anand Nallathambi, president and CEO of CoreLogic.

“Homes lost to foreclosure in September 2012 are down 50 percent since the peak month in September 2010 and 22 percent less than the beginning of the year,” adds Mark Fleming, chief economist for CoreLogic. “While there is significant progress to be made before returning to pre-crisis levels, the trend is in the right direction as short sales, up 27 percent year-over-year in August, continue to gain popularity.”

Florida’s high foreclosure inventory results, in part, from its status as a judicial state where foreclosures must go through the court system, which clears foreclosures from inventory at a slower pace.

© 2012 Florida Realtors®

home foreclosureReprinted with permission. Florida Realtors®. All rights reserved.

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