February 15th, 2012
Econintersect: CoreLogic reports that 1.4 million homes, or 3.4% of all homes with a mortgage, were in the foreclosure inventory as of December 2011. The amount of completed foreclosures fell from 1.1 million in 2010 to 830,000 in 2011. Since September 2008, there have been 3.2 million foreclosures. Other highlights from the report:
- The percent of homeowners nationally who were more than 90 days late on their mortgage payment, including homes in foreclosure and REO, was 7.3 percent for December 2011 compared to 7.8 percent for December 2010, and 7.2 percent in November 2011.
- The five states with the highest foreclosure inventory were: Florida (11.9 percent), New Jersey (6.4 percent), Illinois (5.4 percent), Nevada (5.3 percent) and New York (4.6 percent).
- The five states with the lowest foreclosure inventory were: Wyoming (0.7 percent), Alaska (0.8 percent), North Dakota (0.8 percent), Nebraska (1.0 percent) and Washington (1.3 percent).
- Of the top 100 markets, measured by Core Based Statistical Areas (CBSAs) population, 34 are showing an increase in the foreclosure inventory in December 2011 compared to a year ago, an improvement from November 2011 when 46* of the top CBSAs were showing an increase in the foreclosure inventory compared to a year ago.
Editor's note: The new numbers today update the estimates made afew days ago in an article at GEI Analysis. The new numbers of 833,000 foreclosures completed in 2011 and an unsold REO inventory of 1.4 million properties are both larger than what had been estimated: 750,000 foreclosures completed and an inventory of 0.4 million.
Source and hyperlink: to the CoreLogic Report