Where the Foreclosure Niche Still Makes Sense
Foreclosures are falling across the country, with inventory plummeting nearly 30 percent year-over-year in August, according to a newly released report by CoreLogic.
Completed foreclosures are now down 69 percent from its September 2010 peak – 37,000 in August compared to 118,221 in September 2010. Home price growth and greater equity is helping more Americans avoid foreclosure, says Frank Nothaft, CoreLogic’s chief economist.
But some markets continue to see elevated numbers of foreclosures. In fact, five states in August 2016 accounted for about 35 percent of completed foreclosures nationally. These five states had the highest number of completed foreclosures in the 12 months ending in August:
- Florida: 55,000
- Texas: 27,000
- Ohio: 23,000
- California: 22,000
- Georgia: 21,000
The following five areas had the highest foreclosure inventory rate in August:
- New Jersey: 3.2%
- New York: 2.9%
- Maine: 1.8%
- Hawaii: 1.8%
- District of Columbia: 1.8%