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Home | Daily Dose | Foreclosure Inventory Still More Than Double ‘Normal’ Level
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Foreclosure Inventory Still More Than Double ‘Normal’ Level

foreclosure-notice-twoDespite substantial declines over the last three to four years, especially in the last year, the rate of foreclosure inventory—that is, the percentage of residential properties that were in some state of foreclosure—remains about two and a half times its “normal” or pre-recession level, according to Black Knight Financial ServicesSeptember 2015 Mortgage Monitor released Monday.

According to Black Knight, about 737,000 residential properties remained in pre-foreclosure inventory as of the end of September, which is about 214,000 fewer than in September 2014—a decline of about 22.6 percent. Those 737,000 properties in foreclosure represent about 1.46 percent of all residential mortgages nationwide.

With all the market buzz in the last year about dwindling foreclosure and REO inventory, the number of homes in pre-sale foreclosure inventory nationwide is still two and a half times the pre-recession rate, according to Black Knight. September was a good month for Florida, however; the Sunshine State experienced a year-over-year decline in foreclosure that was nearly double the national rate for the month (43 percent). This decline dropped Florida's foreclosure inventory total from more than 160,000 in September 2014 down to below 100,000 in September 2015 and ended the state's eight-year reign as the top-ranked state in foreclosure inventory. New York, which saw foreclosure inventory drop year-over-year by 19 percent in September, now is the top state in that category with slightly fewer than 100,000 properties.

Florida still had the highest volume of residential mortgages that were 90 or more days past due in September, though that rate declined by 32 percent year-over-year, according to Black Knight.

"As of the end of September, Florida has ended its 8-year reign as the foreclosure capital of the U.S," Black Knight Data & Analytics SVP Ben Graboske said.  "Over the past 12 months, the state has reduced its inventory of loans in active foreclosure by 43 percent. That’s nearly twice the national average of 22.5 percent. Of course, Florida’s not out of the woods just yet—it still has the largest number of properties 90 or more days past due but not yet in foreclosure. New York—which has seen only a 19 percent reduction in its foreclosure inventory over the past year—has now taken Florida’s place as the state with the most loans in active foreclosure.”

 

About Author: Brian Honea

Brian Honea
Brian Honea's writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master's degree from Amberton University in Garland.
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