The nation continues to improve, clearing out thousands of foreclosures each month, but some states and cities are doing better than others.
In May, the national foreclosure inventory continued its 31 consecutive months of year-over-year declines, dropping 4.8 percent, according to CoreLogic’s National Foreclosure Report.
Atlanta maintains a low foreclosure inventory, with foreclosed properties making up only one percent of the area’s total inventory. In the last 12 months, Atlanta real estate professionals have pushed an impressive 18,994 foreclosures through to completion. Serious delinquency rate in the city remains slightly less than the national average at 4.3 percent.
A Collective Recovery
Nationally, the recovery is taking the slow and steady route, the report suggests. In the last twelve months:
- 47,000 foreclosures were completed, which is down approximately 5,000 from the same time last year.
- The seriously delinquent rate dropped to 4.4 percent. The number of mortgages in serious delinquency has declined 23.9 percent since the same time last year.
- In May, approximately 660,000 homes in the U.S. were in some stage of foreclosure, which is down compared to the 1 million in May 2013.
Non-Judicial vs. Judicial
While the nation is collectively regaining its pre-bubble prominence, individual markets are failing to follow a uniform pace, specifically judicial states, which require foreclosures to be preceded over by a court.
“Significant gains have been made in the last year to reduce the foreclosure stock,” says Mark Fleming, chief economist for CoreLogic. “Yet, these improvements are occurring disproportionately in non-judicial states. The foreclosure inventory in judicial states is averaging 2.1 percent, which is more than twice the 0.9 percent average that is occurring in non-judicial states.”