Fewer Foreclosures, More REOs
There was good news in the February National Foreclosure Report released this morning by CoreLogic. Foreclosures, the foreclosure inventory, and the pipeline clearing ratio all posted improving numbers. At the same time the numbers of lender owned properties (REOs) and serious delinquencies were up compared to January figures.
As reported in Mortgage News Daily, there were 65,000 completed foreclosures in February, 1,000 fewer than in January and 6,000 fewer than in February 2011. During the 12 months ending in February there were 862,000 foreclosures nationwide, an average of 71,800 per month. Of the top 100 core-based statistical areas (CBSAs) tracked by CoreLogic, 61 had lower foreclosure rates than one year earlier.
There were 1.4 million homes in the process of foreclosure - the foreclosure inventory - in February compared to 1.5 million in February of last year. These figures represent 3.4 percent of all homes with a mortgage in January and February 2012 and 3.6 percent in February, 2011.
The number of seriously delinquent borrowers (90 or more days late on their mortgage payment) ticked up from 7.2 percent to 7.3 percent from January to February but remained a full half-percent below the 7.8 percent rate in February 2011.
California, Florida, Michigan, Arizona, and Texas were the top five states in the number of completed foreclosures during the 12 months ending in February. Together they accounted for 49.4 percent 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.
From the start of the financial crisis in September 2008, there have been approximately 3.4 million completed foreclosures.