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National and state foreclosures continue rapid decline

The rate of mortgaged North Carolina homes in the foreclosure process was 1.5 percent in July, a drop of .9 of a percentage point from July 2012, when it was 2.4 percent, according to a CoreLogic report released Thursday.

Another 4.4 percent of mortgaged North Carolina homes were seriously delinquent in July, according to the July National Foreclosure Report released by CoreLogic, a property information, analytics and services provider based in Irvine, Calif.

With 26,948 homes foreclosed upon over the 12 months ending in July, North Carolina ranked 6th out of the 27 states, plus the District of Columbia, that are non-judicial foreclosure states, which means they don’t require the lender to provide evidence of delinquency to the court.

Nationally, there were 49,000 completed foreclosures in July 2013, down from 65,000 in July 2012, a 25 percent year-over-year decrease. That was also down from June, when there were 53,000 completed foreclosures, the report stated.

That number was still more than twice the monthly average number of completed foreclosures – 21,000 – between 2000 and 2006, before the housing market decline in 2007, the report said.

The number of homes in the foreclosure process in July 2013 was about 949,000, compared to 1.4 million in July 2012, the report said, a decline of 32 percent.

Florida continued to lead in both the highest number of completed foreclosures over the past year and in the highest foreclosure inventory.

“Every state posted a year-over-year decline in foreclosures and serious delinquencies feel to the lowest level since December 2008, said Anand Nallathambi, president and CEO of Core Logic, in announcing the report.

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