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Foreclosure Prevention

Miami, New York City And Las Vegas Are Ranked Highest For Foreclosure Inventories In September, 2016

Miami, New York City And Las Vegas Are Ranked Highest For Foreclosure Inventories In September, 2016

Miami, New York City And Las Vegas Are Ranked Highest For Foreclosure Inventories In September, 2016

According to CoreLogic, in September 2016, 36,000 home foreclosures were recorded, down 7% compared to September 2015 and 3.1% month over month. The current inventory foreclosure totals 0.9% of US homes with a mortgage compared to last year.

A decline of 31.1% is noted in US homes, which are recently in some stage of foreclosure inventory estimated around 340,000 when compared with September 2015 which was recorded by 493,000 homes.

The largest foreclosure occurs in the state of New Jersey, New York, Maine and D.C, recorded by a percentage of 3.0%, 2.7%, 1.8% and 1.6% respectively. Whereas, the states with lower foreclosure rates are Colorado, Michigan, Minnesota, Arizona and Utah with a fixed percentage recorded by 0.3%.

The states with highest completed foreclosures in the last year were Florida (53,000 homes), Texas (27,000 homes), Michigan (24,000 homes), Ohio (23,000 homes) and Georgia (21,000 homes). The fewer foreclosure inventories in the last year were in the District of Columbia (186 homes), North Dakota (338 homes), West Virginia (447 homes), Alaska (643 homes) and Montana (701 homes).

Completed foreclosures have reduced by a good amount of above 100,000 homes, during this year and up till august 2016. However, the decline is positive for US communities and homeowners.

Did you know New York is ranked number one when we talk about highest foreclosures in US metro areas? And is recorded by 2.6%, respectively. A total of 21 US states recorded year-over-year decline of above 30% in foreclosures for the month of September. A foreclosure of 41.6% was posted by Washington and 40.4% by Florida, in the past 12 months.

CoreLogic, a leading provider of property reports, recorded a rate of 0.9%, which is same as the August 2007 foreclosure rate and for the last 59 months there a decline in foreclosure inventory each month. In 2007, the housing market was collapsed by an average of 21,000 foreclosures every month.