It’s official: completed foreclosures are officially at the lowest level since the Great Recession, and the impact is filtering into states across the nation. As completed foreclosures rise, certian states rise to the top, paving the way for its recovery.
Over the last year, foreclosures fell to 599,000, and at the current pace of completed foreclosures, and given the current foreclosure inventory, it will take 14 months to move all of the foreclosed inventory through the pipeline, Sam Khater, deputy chief economist for CoreLogic (CLGX) said.
But some markets will take longer than others to mend liquidation timelines, as readers of this list will find.
"We have now registered two and a half years of continuous decreases in the number of homeowners who are in some stage of the foreclosure process. This consistent decline means fewer Americans are experiencing the distress of delinquency and default," said Anand Nallathambi, president and CEO of CoreLogic. "The recovery may be slow, but it is steady."
So which states are benefitting from these numbers, and which states still have a ways to go before they can imagine even being on the list?
Click through the next two pages to see the top and bottom five states for completed foreclosures.
Bottom 5 states with the lowest number of completed foreclosures for the past 12 months.
As it turns out, states without massive housing markets populate the states with the lowest number of foreclosures. Nonetheless, it is still impressive as each of the states below does contain at least one major housing market (Well, except for maybe Montana.)
5. Montana: 936, serious deliquent rate: 1.7%
4. Alaska: 844, serious delinquent rate: 1.5%
3. Wyoming: 718, serious deliquent rate: 1.8%
2. West Virginia: 517, serious delinquent rate: 2.9%
1. North Dakota: 352, serious delinquent rate: 1.1%
BONUS: By way of comparison, CoreLogic notes the District of Columbia clocked only 68 foreclosures
Click the next page to see the 5 states on top.
Top 5 states with the highest number of completed foreclosures for the past 12 months:
And rightly so, these states make up a significant porportion of the nation's population. In fact, these five states alone account for almost half of all completed foreclosures for the completed fore closures nationally
5. Georgia: 32,000, serious delinquent rate: 4.5%
4. California: 33,000, serious delinquent rate 2.4%
3. Texas: 38,000, serious delinquent rate 3.2%
2. Michigan: 46,000, serious delinquent rate, 3.4%
1. Florida: 121,000, serious deliquent rate: 9.9%