CoreLogic reports that the number of homes in California that are at some stage in the California foreclosure process have decreased. In fact, the state experienced the third biggest decrease in numbers. According to the report, about 2.4 percent of homes in California with a mortgage faced the possibility of there homes being foreclosed. This means that about 160,000 households or families are subject to the threat of being evicted from their homes.
While this number seems to be quite huge and overwhelming already, this has actually been reduced significantly compared to the numbers in the previous year. A year ago, about 3 percent of homes are facing California foreclosure process during the same month. This means that there is already a reduction of 0.6 of a percentage point from January of last year.
In addition to these, about 458,000 households or 6.7 percent of the mortgaged homes in the state of California were 90 days or more late on they payments for the house. Again, this number is already greatly reduced, as February of last year showed that 9 percent of mortgaged homes were late for payments during that time.
By the end of February this year, the banks seized a total of 154,212 homes through the California foreclosure process for a whole year from 2011. In total, there were about 860,000 homes foreclosed by the banks over the last year across the whole country, totalling to a number of 3.4 million homes during a span of three and a half years.
Aside from that, there are still about 1.4 million houses in the US right now that are still undergoing the foreclosure process, accounting to 3.4 percent of all homes with a mortgage. Last year, about 1.5 million homes in the country were going through the foreclosure process, wherein families faced possibility of losing their homes because of failure to pay for mortgage. This is about 3.6 percent reduction compared to the previous year’s numbers.
Florida holds the highest number of percentage of mortgaged homes facing foreclosure, with 12 percent of homes going through the Florida foreclosure process. New Jersey comes next in the list with 6.6 percent, and Illinois with 5.4 percent. Neveda comes fourth with 5 percent of homes in the foreclosure process, while New York has about 4.9 percent. On the other hand, there are also some states that barely have homes in the process of foreclosure. In Wyoming, only 0.7 percent of mortgaged homes are facing foreclosure, while Alaska and Dakota only have 0.8 percent. The state of Nebraska only has 1 percent of homeowners facing foreclosure, and Montana only 1.4 percent.
According to the Mark Fleming, the Chief Economist from CoreLogic as reported by http://www.ocregister.com/articles/foreclosure-347025-california-homes.html, the reason for the decrease in overall foreclosure inventory is because of the increase in sales of homes owned by the bank during the month of February. He also said that we can expect a further reduction in numbers because spring buying season is also up and coming. This, the inventory may experience a further decrease.
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