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Less Than 4 Percent of All Mortgages in Serious Delinquency
Thursday, May 14, 2015 6:35 AM

The foreclosure process in March was completed on 41,000 properties across the U.S., down 15.5 percent from 48,000 in March 2014, CoreLogic reported.

As of March, the national foreclosure inventory totaled approximately 542,000 homes, or 1.4 percent of all homes with a mortgage, compared with 729,000 homes, or 1.9 percent of all homes with a mortgage, in the year-ago period, representing a 25.7 percent decline.

The report also noted that the number of mortgages in serious delinquency declined by 19.1 percent from March 2014 to March 2015, with 1.5 million mortgages, or 3.9 percent, in serious delinquency, marking the lowest rate since May 2008.

It is expected the foreclosure inventory will drop below 1.3 percent by midyear, a level not seen since the end of 2007.

The five states with the highest number of completed foreclosures for the 12 months ending in March were Florida, with 110,000; Michigan, with 50,000; Texas, with 34,000; and Georgia and Ohio, each with 28,000. 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 March, with South Dakota top the list, at 16; followed by the District of Columbia, at 87; North Dakota, at 326; West Virginia, at 462; and Wyoming, at 517.

Four states and the District of Columbia had the highest foreclosure inventory as a percentage of all mortgaged homes: New Jersey, at 5.3 percent; New York, at 3.9 percent; Florida, at 3.3 percent; Hawaii, at 2.7 percent; and the District of Columbia, at 2.5 percent.

Corelogic Press Release, 12 May 2015