The number of homes lost to foreclosure in September fell to 46,000, according to data from CoreLogic. This figure is down roughly 33% compared to the same month last year.
Before the housing crisis began seven years ago, completed foreclosures averaged 21,000
All states posted double-digit declines in foreclosures from the year before, according to CoreLogic. Over the last year, the most foreclosures have taken place in Florida, Texas, California, Michigan and Georgia as these five states accounted for almost half of all completed foreclosures nationwide.
The foreclosure inventory through September was 607,000 homes, CoreLogic said, down 34% from a year earlier when 924,000 properties were in some stage of foreclosure. There has been 20 consecutive months of at least 20% year over year declines in the national foreclosure inventory.
The current foreclosure inventory accounts for 1.6% of all homes with a mortgage. New Jersey accounts for the highest foreclosure inventory as a percentage of all mortgaged homes, at 5.7%. Following New Jersey to round out the top five was Florida (4.4%), New York (4.1%), Hawaii (2.9%) and Maine (2.7%).
"The level of serious delinquencies has rapidly declined over the last few years, but the pace of improvement is beginning to recede," said Sam Khater, deputy chief economist at CoreLogic. "As of June, serious delinquencies were 26% lower than the prior year, but as of September serious delinquencies were 21% lower."
