Florida remains tops in the nation for the highest percentage of distressed homes and the number of completed foreclosures, a new report has found. The state’s foreclosure inventory (properties in some stage of foreclosure) stood at 8.6% of all mortgaged homes in June, real estate data provider CoreLogic said Tuesday.
While that rate is down from a revised 8.8% in May and from 11.5% in June of last year, it is still more than three times the national average. A total of 107,000 homes in Florida underwent foreclosures in the 12-month period ended in June, CoreLogic said. That was 35,000 more than in the No. 2 state, California.
Within Florida, the Tampa-St. Petersburg-Clearwater region posted the highest foreclosure inventory, at 9.3%, which also ranked it among the nation’s top 25 metro areas. Still, the figure was down from 12.3% in the same period last year.
Orlando-Kissimmee-Sanford was second-highest in Florida, at 8.6% of all mortgaged homes. Nationwide, 2.5% of all mortgaged homes were in some stage of foreclosure in June, compared with 3.4% one year earlier. A total of 701,959 foreclosures were completed in the U.S. in the past year, with 15.3% of that total in Florida.
But while the numbers carried an ominous tone (an estimated 1 million U.S. homes were in foreclosure in June) CoreLogic also noted that the total level of distressed homes was down 28% from 1.4 million homes a year ago.
Moreover, completed foreclosures totaled 55,000 in June, 13,000 fewer, or 19%, than the year-ago period.
“Completed foreclosures continued to drop for the 19th straight month,” said CoreLogic president Anand Nallathambi. “The improvement is broad-based, with 49 states posting a year-over-year decline in foreclosure rates in June. But CoreLogic stopped short of declaring the housing industry completely recovered. “The housing market is clearly on the mend, but we expect the ultimate conclusion of the present housing down cycle to be another several years away,” Nallathambi said.
After Florida, the highest foreclosure inventories were found in New Jersey at 6%, New York at 4.8%, Connecticut at 4.2% and Maine at 4.1%. Wyoming was lowest at 0.5%, with Alaska at 0.6%, North Dakota and Nebraska at 0.7 % and Colorado at 0.8%.
If you have questions about foreclosure, loan modification, bankruptcy, Short Sale, or other alternatives, please feel free to call my office at 888-886-0020, send an e-mail to email@example.com, or complete the contact form below.