As foreclosure numbers continue their downward spiral, the data showed that almost half of the nation’s completed foreclosures for the 12-month period ending on April 30, 2016, were locked up in five states, according to CoreLogic.
Florida, Michigan, Nevada, Ohio, and California combined for approximately 186,000 completed foreclosures during the year-long period ending in April, according to CoreLogic. This number represented more than 40 percent of the 461,000 completed foreclosures nationwide for the 12-month period that ended April 30.
The number of 12-month completed foreclosures dropped by about 14 percent year-over-year in April, from 537,000 down to about 461,000.
Florida has traditionally led the way in completed foreclosures but has seen a dramatic decline in that category just in the last year alone. Approximately 106,000 foreclosures were completed in Florida for the12-month period ending April 30, 2015. The 66,000 completed foreclosures in Florida for the 12 months ending April 30, 2016, represent about a 40 percent decline year-over-year.
Completed foreclosures over 12 months declined in Michigan, Nevada, Ohio, and California year-over-year, but not near as substantially as in Florida. Michigan dropped from 49,000 to 47,000; Nevada declined from 33,000 to 27,000; Ohio dropped from 28,000 to 23,000; and California declined from 27,000 to 23,000.
The foreclosure inventory in Florida also saw the most dramatic year-over-year decline of any state in April. While five states had declines of 30 percent or higher, Florida led the way with a decline of 37 percent with a foreclosure inventory rate of 2.0 percent. The national average for April was 1.1 percent, the same level as in October 2007 before the crisis, according to CoreLogic.
Black Knight Financial Services reported in May that Florida was one of three states (along with New York and New Jersey) that held about one-quarter of the nation’s non-current inventory, which includes both homes in foreclosure and homes that are 90 days or more past due on monthly mortgage payments (Florida had 145,000). Black Knight estimated that at their current rate of decline, despite their elevated numbers, the non-current inventory numbers in Florida will normalize sometime in mid-2018 around the same time as non-current inventory nationwide.