At the end of May 2013, there are fewer than 2.3 million mortgages, or 5.6 percent, in serious delinquency (SDQ, defined as 90 days or more past due, including those loans in foreclosure or REO). The rate of seriously delinquent mortgages is at its lowest level since December 2008.
“The stock of seriously delinquent homes, which is the main driver of shadow inventory, is at the lowest level since December 2008,” says Dr. Mark Fleming, chief economist for CoreLogic. “Over the last year it has decreased in 42 states by double-digit figures, resulting in rapid declines in shadow inventory for the first quarter of 2013.”
“We continue to see a sharp drop in foreclosures around the country and with it a decrease in the size of the shadow inventory. Affordability, despite the rise in home prices over the past year, and consumer confidence are big contributors to these positive trends,” said Anand Nallathambi, president and CEO of CoreLogic. “We are particularly encouraged by the broad-based nature of the housing market recovery so far in 2013.”
Foreclosure Highlights:
• The five states with the highest number of completed foreclosures for the 12 months ending in May 2013 were: Florida (103,000),California (76,000), Michigan (64,000), Texas (51,000) and Georgia (47,000).These five states account for almost half of all completed foreclosures nationally.
• The five states with the lowest number of completed foreclosures for the 12 months ending in May 2013 were: District of Columbia (108), Hawaii (453), North Dakota (467), West Virginia (517) and Maine (644).
• The five states with the highest foreclosure inventory as a percentage of all mortgaged homes were: Florida (8.8 percent), New Jersey (6.0 percent), New York (4.8 percent), Maine (4.1 percent) and Connecticut (4.1 percent).
• The five states with the lowest foreclosure inventory as a percentage of all mortgaged homes were: Wyoming (0.5 percent), Alaska (0.6 percent), North Dakota (0.6 percent), Nebraska (0.8 percent) and Virginia (0.8 percent).
