Ft Lauderdale Real Estate News 9/13/16
Florida Foreclosures Decrease 42% Annually According to CoreLogic Report
The articles below have been excerpted from national media, do not focus on Florida. We do, so we thought we'd spotlight Foreclosure stats for the Sunshine State.
The distressed property market has been declining sharply for the last several years. Even so, these numbers seem pretty dramatic.
Foreclosure inventory decreased from 2.7% in July of 2015 to 1.7% in July, 2016, a decline of 37.1%.
Completed Foreclosures declined 42.1%, from 97,739 in the 12 month period ending July, 2015, to 56.604 in the 12 months ending July, 2016.
The rate of homes in serious delinquency dropped 20%, from 6.0% in July of 2015 to 4.8% in July, 2016.
It's also interesting to note after being one of the leading states in foreclosures for the past several years Florida has now dropped out of the Top Five in Foreclosure Inventory.
If we go back two years, these foreclosure statistics are even more astounding.
In that period Foreclosure Inventory has dropped from 4.8% to 1.7%, a decline of 64.6%
Completed Foreclosures dropped 53%, from 120,479 in July, 2014 to 56,604 in July 2016.
The rate of homeowners in serious delinquency declined 81.3%, from 9.1% in 2014 to 1.7% in July 2016.
The foreclosure inventory fell 29 percent year over year in July 2016.
The inventory of mortgages in serious delinquency fell 17 percent year over year in July 2016.
All states except North Dakota and Wyoming had a year-over-year decrease in the serious delinquency rate.
The national foreclosure inventory – the number of loans in the foreclosure process – fell 29.1 percent year over year in July 2016, according to the latest CoreLogic Foreclosure Report. The foreclosure inventory has fallen on a year-over-year basis every month since November 2011, and in July 2016 it was 77 percent below the January 2011 peak.
The foreclosure rate – the share of all loans in the foreclosure process – fell to 0.9 percent in July 2016, down from 1.3 percent in July 2015. While the foreclosure rate is back to 2007 levels, it is still above the pre-housing-crisis average foreclosure rate of 0.6 percent between 2000 and 2006.
Collectively, judicial foreclosure states continued to have a much higher average foreclosure rate (1.5 percent) in July 2016 than non-judicial states (0.5 percent). The collective foreclosure rate in non-judicial states is close to...