Just as they did in August, the same five states accounted for nearly half of all completed foreclosures in the U.S. for the previous 12-month period, according to CoreLogic's [1] September 2014 National Foreclosure Report released last week. Florida, Texas, California, Michigan, and Georgia combined for a total of 243,000 completed foreclosures nationwide for the 12-month period ending on September 30, 2014. That number accounted for 44 percent of the 553,000 foreclosures completed in that same 12-month time span.
In August, those same five states combined to account for 45 percent of all completed foreclosures in the previous 12 months in the U.S. The core-based statistical area with the highest 12-month foreclosure sum in September was Tampa-St. Petersburg-Clearwater, Florida, with nearly 19,000. In September 2014, the 12-month sum of completed foreclosures fell to its lowest level since December 2007. September also marked 33 consecutive months of decline for 12-month foreclosure sum.
Fannie Mae and Freddie Mac have jointly announced that David M. Applegate will be the first CEO of Common Securitization Solutions, which was created by the GSEs to operate a new secondary mortgage market infrastructure, Common Securitization Platform. Applegate has more than 20 years of mortgage banking experience, notably as an executive with GMAC Mortgage. FHFA Director Mel Watt said in a speech earlier this year that the development of the CSP is one of the most important goals for Fannie Mae and Freddie Mac going forward.