Foreclosure inventory decreased by 21.7 percent and completed foreclosures dropped by 16.2 percent in January compared to the year-ago period, a new report from CoreLogic shows.
In addition, the number of completed foreclosures nationwide decreased year over year from 46,000 in January 2015 to 38,000 in January 2016. The number of completed foreclosures in January 2016 was down 67.6 percent from the peak of 117,743 in September 2010.
And guess who led the nation in completed foreclosures? The five states with the highest number of completed foreclosures for the 12 months ending in January were Florida (74,000), Michigan (49,000), Texas (29,000), California (25,000) and Ohio (24,000). These five states accounted for almost half of all completed foreclosures nationally.
Miami-Miami Beach-Kendall topped all other U.S. metros for completed foreclosures in January, with 6,919, followed by New York-Jersey City-White Plains, N.Y.; Houston-The Woodlands-Sugar Land, Texas; Chicago-Naperville-Arlington Heights, Ill.; and Las Vegas-Henderson-Paradise, Nev.
Other data from the CoreLogic report:
On a month-over-month basis, the foreclosure inventory was down 1.6 percent in January 2016 compared to December 2015.
The five states with the highest number of completed foreclosures for the 12 months ending in January 2016 were Florida (74,000), Michigan (49,000), Texas (29,000), California (25,000) and Ohio (24,000). These five states accounted for almost half of all completed foreclosures nationally.
Four states and the District of Columbia had the lowest number of completed foreclosures for the 12 months ending in January 2016: the District of Columbia (97), North Dakota (298), Wyoming (551), West Virginia (589) and Alaska (707).
Four states and the District of Columbia had the highest foreclosure inventory rates in January 2016: New Jersey (4.3 percent), New York (3.5 percent), Hawaii (2.4 percent), Florida (2.3 percent) and the District of Columbia (2.3 percent).
The five states with the lowest foreclosure inventory rate in January 2016 were Alaska (0.3 percent), Minnesota (0.4 percent), Colorado (0.4 percent), Arizona (0.4 percent) and Utah (0.4 percent).
The foreclosure inventory represents the number of homes at some stage of the foreclosure process, and completed foreclosures reflect the total number of homes lost to foreclosure. Since the financial crisis began in September 2008, there have been 6.1 million completed foreclosures across the country, and since homeownership rates peaked in the second quarter of 2004, there have been 8.2 million homes lost to foreclosure.