State foreclosure inventory inches up as much of nation declines

Mississippi ended May with a 0.03 percent increase in home foreclosure inventory compared to the same period a year ago, California real estate research and inform CoreLogic reports.

Mississippi’s increase comes as foreclosure inventories in most states are showing declining percentages, CoreLogic said.

Mississippi’s residential foreclosure inventory represented 2.7 percent of all homes on the market. By comparison, the national average of residential foreclosure inventory stood at 4 percent. The foreclosure inventory is the share of all mortgaged homes in some stage of the foreclosure process

According to the report, lenders completed 63,000 foreclosures in the United States in May compared to 77,000 in May 2011.

Since the financial crisis began in September 2008, approximately 3.6 million foreclosures have occurred across the country. Completed foreclosures are an indication of the total number of homes actually lost to foreclosure.

Approximately 1.4 million homes, or 3.4 percent of all homes with a mortgage, were in the national foreclosure inventory as of May 2012 compared to 1.5 million, or 3.5 percent, in May 2011 and 1.4 million, or 3.4 percent, in April 2012.

“There were more than 819,000 completed foreclosures over the past year, or an average of 2,440 completed foreclosures every day over the last 12 months,” said Mark Fleming, chief economist for CoreLogic. “Although the level of completed foreclosures remains high, it is down 27 percent from a peak of 1.1 million in all of 2010.”

Though the national foreclosure inventory levels remain steady, around 1.4 million homes, dramatic shifts have occurred at the state level,” said Anand Nallathambi, president and CEO of CoreLogic. “Nevada, Arizona and Michigan, for example, each experienced at least a 20-percent decline in the foreclosure inventory from a year ago. While foreclosure inventories in most states are declining, the foreclosure inventory is still rising in many judicial states, such as Hawaii, New York and Connecticut.”

Highlights as of May 2012:

>>> The five states with the highest number of completed foreclosures for the 12 months ending in May 2012 were: California (133,000), Florida (92,000), Michigan (60,000), Texas (58,000) and Georgia (57,000). These five states account for 48.8 percent of all completed foreclosures nationally.

>>>The five states with the lowest number of completed foreclosures for the 12 months ending in May 2012 were: South Dakota (48), District of Columbia (74), North Dakota (547), West Virginia (620) and Hawaii (623).

>>>The five states with the highest foreclosure inventory as a percentage of all mortgaged homes were: Florida (11.9 percent), New Jersey (6.6 percent), Illinois (5.3 percent), New York (5.0 percent) and Nevada (4.9 percent).

>>>The five states with the lowest foreclosure inventory were: Wyoming (0.7 percent), Alaska (0.8 percent), North Dakota (0.8 percent), Nebraska (1.0 percent) and South Dakota (1.3 percent).



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