Posted March 30, 2012Tweet
Periodically, CoreLogic, a company that specializes in, among other things, tracking foreclosure statistics, releases a National Foreclosure Report. February's numbers were just released, and foreclosures, the foreclosure inventory, and the pipeline-clearing ratio all posted improving numbers.
At the same time, however, the numbers of lender-owned properties (REOs) and serious delinquencies were up compared to January figures.
There were 65,000 completed foreclosures in February, 1,000 fewer than in January and down 6,000 from February 2011. During the 12 months ending in February there were 862,000 foreclosures nationwide, an average of 71,800 per month -- a large number but one that shows signs of improvement. Especially because the majority of areas tracked by CoreLogic showed declining numbers.
California, Florida, Michigan, Arizona, and Texas were the top five states in the number of completed foreclosures during the 12 months ending in February, accounting for almost 50% of all completed foreclosures during the period.
Florida, New Jersey, Illinois, Nevada, and New York had the highest foreclosure rates, ranging from 12.0 percent in Florida to 4.9 percent in New York.
Economists are suggesting that many trends point to an improving economy, this being one of them. Interest rates are still low, the jobs picture has at least stabilized, if not improved, many house price indices are doing better, and stock markets are on the rise.
At this point it would be hard to argue that we're in danger of a double dip recession.
The information contained on The Mortgage Reports website is for informational purposes only and is not an advertisement for products offered by Full Beaker. The views and opinions expressed herein are those of the author and do not reflect the policy or position of Full Beaker, its officers, parent, or affiliates.
Elaine A. Marketing
The Mortgage Reports is fantastic. I read it thoroughly and learn so much.
Ricardo P. Project Manager
The Mortgage Reports is awesome. The site is extremely helpful, keeps you up-to-date, and puts you ahead of the game. Add The Mortgage Reports to your reading list!
Mohammed Y. Retired
The Mortgage Reports is informative and I read it daily. I am grateful for the knowledge I have gained.
2014 Conforming & FHA Loan Limits
Mortgage loan limits for every U.S. county,
as published by Fannie Mae & Freddie Mac, and the FHA.