Atlantic County, home to New Jersey’s cash-strapped gaming center Atlantic City, once again had the highest foreclosure rate of any major USA metropolitan area at 1.8 percent.
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“With some exceptions, states with foreclosure activity continuing to run above pre-recession levels tend to be those with protracted foreclosure timelines still working through legacy distress from the last housing bust”, he said.
As of May, the national foreclosure inventory included approximately 390,000, or 1.0 percent, of all homes with a mortgage compared with 517,000 homes, or 1.3 percent, in May 2015. The May 2016 serious delinquency rate is the lowest since October 2007.
Charlotte County had 701 homes in the foreclosure mill, down by 34 percent for the year. Since the financial crisis began in September 2008, there have been approximately 6.3 million completed foreclosures nationally, and since homeownership rates peaked in the second quarter of 2004, there have been approximately 8.3 million homes lost to foreclosure.
Foreclosure inventory and the number of completed foreclosures both dropped in May compared with a year ago, according to data released Tuesday by CoreLogic. The May 2016 serious delinquency rate is the lowest in more than eight years, since October 2007.
Nationally, it took a property an average of 629 days to progress from the first public notice of foreclosure to completion in the first half, unchanged from the prior year half. Despite the decline, the foreclosure rate remains twice that of the national long-term average. “As we finally move past the housing crisis, we need to increase our focus on expanding the supply of affordable housing and access to credit for first-time homebuyers in sustainable ways to ensure the long-term health of the USA housing market”. “Over the 12 months through April, the CoreLogic Home Price Index for the US rose 6.2 percent and the labor market gained 2.6 million jobs”. During the last six months of 2015, there were 168 foreclosures – 27 percent more than the start of this year.
On a month-over-month basis, the foreclosure inventory was down 3 percent compared with March 2016.
Florida, a state with a judicial foreclosure process, has one of the longest timelines to complete the process.
The five states with the highest number of completed foreclosures were Florida (66,000), MI (47,000), Texas (27,000), OH (23,000) and California (23,000).
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By comparison, it takes more than 900 days, on average, for foreclosures to be completed in OH, which was among the states with the longest foreclosure timelines, ranking behind only New Jersey (1,249 days), Hawaii (1,236), NY (1,058), Utah (1,025), and Florida (1,012). The five states with the lowest inventories of foreclosed properties are Minnesota (0.3%), Alaska (0.3%), Utah (0.3%), Arizona (0.3%) and Colorado (0.3%).
