• News
  • SAN DIEGO
  • Real Estate

Less than 1% of SD area homes in some stage of foreclosure

Related Special Reports

There were 3,147 completed foreclosures in the San Diego-Carlsbad-San Marcos area in the 12 months ending in September, according to CoreLogic's September National Foreclosure Report.

The foreclosure inventory as of September represented 0.8 percent of all homes with a mortgage, compared to 1.6 percent in September 2012.

Statewide, there were 52,414 completed foreclosures for the 12 months ending in September. The foreclosure inventory as of September represented 0.9 percent of California's homes with a mortgage, compared to 2 percent in September 2012.

The five states with the highest number of completed foreclosures for the 12 months ending in September 2013 were: Florida (115,000), California (52,000), Texas (43,000), Michigan (40,000) and Georgia (39,000).These five states accounted for almost half of all completed foreclosures nationally.

There were 51,000 completed foreclosures in the United States in September 2013, down 39 percent from 84,000 in September 2012. Completed foreclosures decreasing 0.7 percent, from 51,000 reported in August.

Prior to the decline in the housing market in 2007, completed foreclosures averaged 21,000 per month nationwide between 2000 and 2006. Completed foreclosures are an indication of the total number of homes actually lost to foreclosure. Since the financial crisis began in September 2008, there have been approximately 4.6 million completed foreclosures across the country.

As of September 2013, approximately 902,000 homes in the United States were in some stage of foreclosure, known as the foreclosure inventory, compared to 1.4 million in September 2012, a decrease of 33 percent. The foreclosure inventory was down 3.3 percent from August 2013 to September 2013. The foreclosure inventory as of September 2013 represented 2.3 percent of all homes with a mortgage compared to 3.2 percent in September 2012.

"The foreclosure inventory continues to decline, now standing at an early 2009 level," said Mark Fleming, chief economist for CoreLogic. "Just over 900,000 properties remain in the inventory, two-thirds of them in judicial states where the foreclosure process is typically slower. Consequently, the pace of overall improvement in the inventory will slow down and distressed assets will cast a long shadow over housing markets in states with judicial foreclosure."

"The number of seriously delinquent mortgages continues to drop across the country at a rapid rate with every state showing year-over-year declines in foreclosure inventory," said Anand Nallathambi, president and CEO of CoreLogic. "We're not out of the woods yet, but these are encouraging signs for a return to a healthier housing market in the U.S."

The five states with the lowest number of completed foreclosures for the 12 months ending in September 2013 were: District of Columbia (52), North Dakota (454), Hawaii (490), West Virginia (521) and Wyoming (719).

The five states with the highest foreclosure inventory as a percentage of all mortgaged homes were: Florida (7.4 percent), New Jersey (6.5 percent), New York (4.8 percent), Maine (4.0 percent) and Connecticut (3.7 percent).

The five states with the lowest foreclosure inventory as a percentage of all mortgaged homes were: Wyoming (0.4 percent), Alaska (0.6 percent), North Dakota (0.7 percent), Nebraska (0.7 percent) and Colorado (0.7 percent).

User Response
0 UserComments