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Orlando foreclosure inventory declines in April

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ALEXANDER RATHS
While Orlando’s foreclosure inventory declined in April, it’s still higher than the… more

Orlando’s foreclosure inventory for April was 2.8 percent, a 2.6 percentage point decline from the year-ago period and there were 14,037 completed foreclosures in the 12 months ending April 2015, according to the latest CoreLogic foreclosure report.

CoreLogic (NYSE: CLGX) reports completed foreclosures are an indication of the total number of homes actually lost to foreclosure.
In addition, the number of mortgages in serious delinquency — defined as 90 days or more past due, including those loans in foreclosure or real estate owned — declined 3.5 percentage points in April to 6.4 percent.

The national foreclosure inventory in April included 521,000 homes, or 1.4 percent, of all homes with a mortgage — down from 694,000 homes, or 1.8 percent, this time last year.

“Despite a slow and steady improvement in most housing market fundamentals, too many families remain in default of their mortgage obligations,” said Anand Nallathambi, president and CEO of CoreLogic, in a prepared statement. “The percent of homeowners with a mortgage that have missed three or more monthly payments or are in foreclosure proceedings dropped to 3.6 percent in our April data; while well below the record peak of nearly 9 percent and the lowest in more than seven years, it remains about double the pre-2007 rate.”

Other highlights from the report include:

The five states with the highest number of completed foreclosures for the 12 months ending in April 2015 were: Florida (106,000), Michigan (49,000), Texas (33,000), Ohio (28,000) and Georgia (27,000). These five states accounted for almost half of all completed foreclosures nationally.
Four states and the District of Columbia had the lowest number of completed foreclosures for the 12 months ending in April 2015: South Dakota (20), the District of Columbia (95), North Dakota (318), West Virginia (475) and Wyoming (498).
On a month-over-month basis, the foreclosure inventory was down by 2.2 percent from March 2015. The April 2015 foreclosure rate of 1.4 percent is back to early 2008 levels.
Four states and the District of Columbia had the highest foreclosure inventory as a percentage of all mortgaged homes: New Jersey (5.1 percent), New York (3.8 percent), Florida (3.1 percent), Hawaii (2.6 percent) and the District of Columbia (2.5 percent).
The five states with the lowest foreclosure inventory as a percentage of all mortgaged homes were: Alaska (0.3 percent), Nebraska (0.4 percent), North Dakota (0.4 percent), Colorado (0.4 percent) and Minnesota (0.5 percent).

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