Foreclosure inventory in January was down by one-third over the year, although completed foreclosures ticked up over the month, according to CoreLogic’s National Foreclosure Report released Thursday.
Demonstrating an 11.8 percent increase over the month, completed foreclosures totaled 48,000 in January. However, despite the monthly increase, foreclosures were down 19 percent over the year. January’s total remains elevated compared to a historical norm of 21,000 foreclosures per month by CoreLogic’s standard.
About 2 percent of all mortgaged homes were part of the foreclosure inventory in January, according to CoreLogic’s data, while Black Knight Financial Services reported the rate at 2.37 percent in its foreclosure inventory report released the same day as CoreLogic’s.
“We expect to see continued progress in the months ahead, but the judicial foreclosure states (South Carolina IS a Judicial State) will continue to lag the rest of the country in working down their backlogs of foreclosed properties,” said Anand Nallathambi, president and CEO of CoreLogic.
In non-judicial states, there are 954 mortgages per foreclosure, while in judicial states, the ratio stands at 896 mortgages per foreclosure, according to CoreLogic chief economist Mark Fleming, who points out, “Although this is a big improvement relative to the height of the foreclosure crisis, a healthier ratio would be one in every 2000.”
However, in January, non-judicial states dominated the top five list of states with the highest numbers of completed foreclosures over the year. (DSN/CoreLogic)