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While the number of foreclosures has been steadily declining since reach a peak four to five years ago, large percentages of the nation's foreclosures are still concentrated in a few areas. CoreLogic's April 2015 National Foreclosure Report released this week found that four metropolitan areas accounted for 10 percent of the nation's completed foreclosures for the 12-month period ending April 30, 2015. In addition, about 45 percent of the completed foreclosures during that same period occurred in five states.
The four metro areas that accounted for 10 percent of nation's 537,000 completed foreclosures over the 12-month period ending in April 2015 were Tampa, Florida; Atlanta, Georgia; Orlando, Florida; and Houston, Texas. These four areas together combined for more than 53,000 completed foreclosures in the last 12 months. The five states that accounted for 45 percent of the nation's total of completed foreclosures in the last 12 months were Florida, Michigan, Texas, Ohio, and Georgia, which combined for a total of approximately 243,000 completed foreclosures.
The Federal Housing Finance Agency will host its first Home Affordable Refinance Program outreach event since extending the program until the end of 2016 on Friday, June 12, in Phoenix. The purpose of the outreach event will be to encourage more than 10 thousand HARP-eligible residents of the area, and more than 18,000 in Arizona altogether, to enroll in the program and save an average of about $200 per month on their mortgage. FHFA estimates there are more than 600,000 HARP-eligible borrowers nationwide.
