Coldwell Banker
Holman Premier Realty
3815 S. 6th Street, Ste 110
Klamath Falls, OR 97603
Volume 1, Issue 8 | August 2014
FORECLOSURE INVENTORY DOWN
37% Over Last Year
According to the latest CoreLogic National Foreclosure Report,
“approximately 660,000 homes in the US were in some state of
foreclosure as of May 2014”. This figure is down 37% from the 1 million
homes in May of 2013. May marked the 31st consecutive month in which
there were year-over-year declines.
Mark Fleming chief economist for CoreLogic revealed:
“Significant gains have been made in the last year to reduce
the foreclosure stock. Yet, these improvements are occurring
disproportionately in non-judicial states. The foreclosure inventory in
judicial states is averaging 2.1% which is more than twice the 0.9%
average that is occurring in non-judicial states.”
The foreclosure process in the twenty-two judicial states can take, on
average, anywhere from 180-400 days according to the Mortgage Bankers
Association. The lack of initial court intervention in non-judicial states,
often means that the process of foreclosure takes significantly less time.
Therefore, judicial states as a whole, have taken longer to catch up to the
rest of the country in liquidating foreclosure inventory.
All five states with the highest foreclosure inventory as a percentage
of mortgaged homes are judicial states. On the list of the five lowest
inventory states, only North Dakota uses a judicial process.