Since Oct 2008, 4.6 Million Foreclosures Completed, Foreclosure Inventory Falls 30.6% YoY

Confounded Interest ^ | 12/09/2013 | Anthony B. Sanders

[whitedog57]

The CoreLogic National Foreclosure Report is out for October 2013.

The good news! Foreclosure inventory in the U.S. fell 30.6% YoY in October.

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Florida leads the U.S. in foreclosure inventory as a percentage of mortgaged homes at 7.1%, followed by New Jersey at 6.7% and New York at 4.9%.

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The lowest state in terms of foreclosure inventory? Wyoming at 0.4% followed by Alaska and Nebraska at 0.6%.

If we compare judicial and non-judicial foreclosure states, we see a glaring difference. The worst states for percent of homes in foreclosure at judicial states (FLA, NJ, NY). The best states are non-judicial states (WYO, AK).

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Atlanta and Chicago lead the metropolitan areas in terms on number of foreclosures completed over the past 12 months. The greater Washington D.C. area is 10th on the list.

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Now for the bad news. A grand total of 4.6 foreclosures have completed since October 2008.

So, please Congress, reconsider the idea of a government backstop for mortgages under Corker-Warner, or at least spell it out in detail and don’t leave it up to unelected bureaucrats to write the rules AFTER passing it.

[whitedog57]

What a mess, mostly thanks to Fannie Mae and Freddie Mac.