Quantcast
Home / News / Rate of homes in foreclosure down from last year

Rate of homes in foreclosure down from last year

foreclosure chalkboardOne percent of homes with mortgages in the Charlotte-Concord-Gastonia metro region were facing foreclosure in September. That’s the same as in August, but a 0.8 percentage point decrease from September 2013, according to real estate data firm CoreLogic.

North Carolina’s foreclosure rate was 0.9 percent in September, the same as in August, but 0.6 percentage points lower than a year ago. The state’s foreclosure rate was lower than the national rate of 1.6 percent in September.

Locally, the number of Charlotte-area residents with a mortgage who were seriously delinquent on their payments in September was 3.7 percent, the same as in August.

There were 6,170 completed foreclosures in the Charlotte metro area for the 12 months ending in September, down 28 percent from 8,566 in the same period last year. Nationally, completed foreclosures for the same period fell 21.4 percent to 553,146 in September from 703,479 a year ago. In North Carolina, that figure fell 25 percent to 21,310 from 28,426.

Since the financial crisis peaked in September 2008, according to CoreLogic, about 5.2 million homes nationwide have been lost to foreclosure.

The percentage of mortgaged homes that were in foreclosure has been steadily falling. Nationally, foreclosure inventory in September fell 34.3 percent from a year ago, the company found.  As of September 2014, 1.6 percent of all homes with a mortgage were in the process of foreclosure nationally, compared with 2.3 percent in September 2013. The foreclosure inventory was down 2.8 percent from August, marking the 35th consecutive month of declines.

Other highlights from the report:

  • September represented the 20th consecutive month of at least 20 percent declines year over year in the national inventory of foreclosed homes.
  • All states posted double-digit declines in foreclosures year over year. The District of Columbia experienced a 7.1 percent increase.
  • Twenty-nine states showed declines in year-over-year foreclosure inventory of more than 30 percent, with Arizona and Utah seeing the largest declines.
  • The five states with the highest number of completed foreclosures for the 12 months ending in September were Florida with 120,000, Texas with 36,000, California with 31,000, Michigan with 29,000 and Georgia with 27,000. These states accounted for nearly half of all completed foreclosures nationally.

Leave a Reply

Your email address will not be published. Required fields are marked *

*

 

%d bloggers like this: