These 5 States Boast Bulk of Foreclosures

June 15, 2016

Five states alone accounted for about 41 percent of all completed foreclosures nationally in April, according to CoreLogic’s April 2016 National Foreclosure Report.

The five states with the highest number of completed foreclosures for the 12 months ending in March were: Florida (with 69,000), Michigan (48,000), Texas (28,000), Georgia (23,000), and California (23,000). 

Nationally, foreclosures have fallen drastically over the past year. Completed foreclosures dropped by 15.8 percent year-over-year in April, according to CoreLogic’s report. 

“The recovery in home prices and improved labor market have contributed to the drop in seriously delinquent rates,” says Frank Nothaft, CoreLogic’s chief economist. “Over the 12 months through April, the CoreLogic Home Price Index for the U.S. rose 6.2 percent and the labor market gained 2.6 million jobs. We also found that the seriously delinquent rate fell by about three-quarters of a percentage point.”

The number of home owners who have negative equity has dropped by two-thirds since its 2010 peak, adds Anand Nallathambi, president and CEO of CoreLogic. 

“Despite this progress, about four million home owners remained underwater at the end of the first quarter, and these borrowers are more vulnerable to foreclosure proceedings if they should fall delinquent,” Nallathambi says. 

Source: CoreLogic