Foreclosure Figures Put “Double-Dip Recession” Rumors At Bay
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.