About 43,000 foreclosures were completed nationwide in January – a decrease of 14.7% compared to the approximately 37,000 completed in December and down 22.5% compared the approximately 55,000 completed in January 2014, according to CoreLogic.
Completed foreclosures were down 63% from the peak of completed foreclosures in September 2010, according to the firm's January 2015 National Foreclosure Report.
On a year-over-year basis, completed foreclosures have declined every month for the past 37 months.
In January, about 549,000 homes, or 1.4% of all homes with a mortgage, were in some stage of foreclosure – known as the foreclosure inventory – down from 2.7% in December and down from 2.0% in January 2014.
The foreclosure inventory had fallen for 39 consecutive months on a year-over-year basis, as of January. The inventory of 1.4% was the lowest since March 2008.
‘The foreclosure inventory continues to shrink, with declines in all 50 states over the past 12 months,’ explains Anand Nallathambi, president and CEO of CoreLogic, in a statement. ‘Florida, one of the hardest-hit states during the foreclosure crisis, experienced a decline of almost 50 percent year over year, which is outstanding news.’
About 1.5 million mortgages, or 4%, were in serious delinquency (defined as 90 days or more past due, including those loans in foreclosure or real estate owned) in January – down 23.8% compared to January 2014 to reach the lowest rate since June 2008.
‘Job growth and home-value appreciation have worked to push the serious delinquency rate to the lowest since mid-2008 and foreclosures down by one-third from a year ago,’ says Frank Nothaft, chief economist at CoreLogic. ‘With economic growth in 2015 expected to be better than last year, further declines in both delinquencies and foreclosures are projected for this year.’
States with the highest number of completed foreclosures, year over year, in January were Florida (111,000), Michigan (51,000), Texas (34,000), California (30,000) and Georgia (28,000). These five states accounted for almost half of all completed foreclosures nationally.
States with the lowest number of completed foreclosures included South Dakota (22), the District of Columbia (66), North Dakota (336), West Virginia (511) and Wyoming (532).
States with the highest foreclosure inventory as a percentage of all mortgaged homes in January were New Jersey (5.2%), New York (4.0%), Florida (3.5%), Hawaii (2.7%) and the District of Columbia (2.5%).
States with the lowest foreclosure inventory as a percentage of all mortgaged homes were Alaska (0.3%), Nebraska (0.4%), North Dakota (0.4%), Arizona (0.5%) and Montana (0.5%).
CoreLogic notes that it revised its December data.