Foreclosure trends are improving in Florida and other “sand states” that were hit hard by the housing crash, according to the largest
However, several Northeastern states now have a higher percentage of loans in foreclosure than California and Arizona.
In New Jersey, 8% of all loans are in foreclosure, second only to Florida where one-in-ten loans are in foreclosure. And New York is ranked third when it comes to loans in foreclosure.
The MBA report shows that Nevada has the sixth highest foreclosure rate (5%) in the second quarter and Connecticut is ranked seventh.
Loans in the “hardest-hit areas are performing much better than some of the Northeastern states,” said MBA vice president Michael Fratantoni.
The MBA also reported Thursday morning that the serious delinquency rate fell 51 basis points in the second quarter from the prior quarter and 143 bps from the second quarter of 2012.
Currently, 5.88% of all single-family loans are 90% or more past due or in foreclosure as of June 30.
