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 September 2014 National Foreclosure Report released last week.
Florida (120,000), Texas (36,000), California (31,000), Michigan (29,000), and Georgia (27,000) 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, according to CoreLogic. Florida is the only one of those five states that is judicial, meaning the foreclosure process has to pass through the courts to be complete.
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., according to CoreLogic. Those five combined for 260,000 of the 576,000 foreclosures that were completed for the 12-month period ending on August 31, 2014. Michigan had the second-highest 12-month sum of foreclosures in August with 43,000, a number that fell to 29,000 in September and dropped Michigan to fourth-highest on the list of 12-month foreclosure sum for the period that ended in September.
Also, the same as in August, the Tampa-St. Petersburg-Clearwater, Florida, core-based statistical area (CBSA) led the nation in 12-month sum of foreclosures for the period ending on September 30, 2014, with 18,752 – down slightly from 19,153 in August. The Tampa CBSA also had the highest percentage of foreclosure inventory for September at 5.4 percent and the highest serious delinquency rate (mortgage loans 90 days or more overdue or in foreclosure) in the nation at 9.7 percent, according to CoreLogic.
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 the 12-month sum of foreclosures, according to CoreLogic.