The number of completed foreclosures in the U.S. continued to fall in November, according to CoreLogic.
The firm’s monthly foreclosure report shows that there were about 26,000 completed foreclosures in November – a decrease of 14.1% compared with about 30,000 in October and a decrease of about 30% compared with November 2015.
States with the highest numbers of completed foreclosures in the 12 months ended in November were Florida (48,000), Michigan (31,000), Texas (25,000), Ohio (22,000) and Georgia (20,000). These five states account for 36% of completed foreclosures nationally.
States with the lowest numbers of completed foreclosures, year over year, were the District of Columbia (221), North Dakota (260), West Virginia (375), Alaska (616) and Montana (627).
Completed foreclosures averaged about 22,000 per month nationwide between 2000 and 2006, according to CoreLogic’s historical data. At 26,000 in November, that means we’re getting very close to pre-crisis levels.
In addition, the foreclosure inventory decreased 2.4% compared with October, CoreLogic’s report shows. As of the end of November, the national foreclosure inventory stood at about 325,000 properties, or 0.8% of all homes with a mortgage, compared with 465,000 homes, or 1.2%, in November 2015.
States with the highest foreclosure inventory rates in November included New Jersey (2.8%), New York (2.6%), Maine (1.7%), Hawaii (1.7%) and the District of Columbia (1.6%).
States with the lowest foreclosure inventory rates were Colorado (0.2%), Minnesota (0.3%), Arizona (0.3%), Utah (0.3%) and California (0.3%).
As of the end of November, about 1 million mortgages, or 2.5%, were in serious delinquency (90 days or more past due but not in foreclosure) – the lowest level since August 2007. That’s a decrease of 22.1% compared with November 2015. The decline was geographically broad, with year-over-year decreases in serious delinquency in 48 states and the District of Columbia.
“The decline in serious delinquency has been substantial, but the default rate remains high in select markets,” says Frank Nothaft, chief economist for CoreLogic, in a statement. “Serious delinquency rates were the highest in New Jersey and New York at 5.6 percent and five percent, respectively. In contrast, the lowest delinquency rate occurred in Colorado at 0.9 percent, where a strong job market and home price growth have enabled more homeowners to stay current.”
“The seven percent appreciation in home prices through November 2016 has added an average of $12,500 in home equity wealth per homeowner across the U.S. during the last year,” says Anand Nallathambi, president and CEO of CoreLogic. “Sustained growth in home prices is clearly bolstering homeowners’ spending power and balance sheets and, as a result, spurring a continued drop in defaults.”