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    Foreclosure Inventory Down 37% over Last Year!

    According to the latest CoreLogic National Foreclosure Report, “approximately 660,000 homes in the US were in some state of foreclosure as of May 2014.”  This figure is down 37% from the 1 million homes in  May of 2013.  May marked the 31st consecutive month in which there were year-over-year declines.

    The foreclosure process in the twenty-two judicial states can take, on average, anywhere from 180 to 400 days according to the Mortgage Bankers Association.  The lack of initial court intervention in non-judicial states, often means that the process of foreclosure takes significantly less time.

    Therefore, judicial states as a whole, have taken longer to catch up on the rest of the country in liquidating foreclosure inventory.

    All five states with the highest foreclosure inventory as a percentage of mortgaged homes are judicial states.

    Corelogic-May-Foreclosure-High

    On the list of the five lowest inventory states, only North Dakota uses a judicial process.

    Corelogic-May-Foreclosure-2

    Bottom Line

    Even though some states have not recovered completely from the foreclosure crisis, the nation as a whole is on the right track as inventory decreases.

    Article Courtesy of KCM Blog

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