Florida still leads the nation in 12-month sum of completed foreclosures by more than double the total of the next closest state, according to CoreLogic’s September 2015 National Foreclosure Report released this week. But aside from that, the news in Florida as far as foreclosures are concerned is all good.
The Sunshine State has fallen to third in foreclosure inventory rate (2.6 percent) behind New Jersey (4.6 percent) and New York (3.7 percent) and is getting closer to the national average, which was 1.2 percent during September. Florida had the highest decline of any state in foreclosure inventory year-over-year in September—a 42.3 percent drop, from 4.4 percent in September 2014.
In addition, Florida’s serious delinquency rate (5.8 percent) in September was third, behind New Jersey (8.0 percent) and New York (6.5 percent), according to CoreLogic. In September 2014, Florida’s serious delinquency rate was 8.6 percent, or 2.8 percentage points higher than September 2015.
"The largest improvements in the foreclosure inventory continue to be in judicial states on the East Coast such as Florida and New Jersey," said Sam Khater, deputy chief economist for CoreLogic. "While the overwhelming majority of states are experiencing declines in their foreclosure rates, four states experienced small increases compared with a year ago."
Those four states were Massachusetts, Rhode Island, Wyoming, and New Mexico. Washington, D.C. also saw an increase in foreclosure activity. Those states, plus D.C., are typically near the bottom of the foreclosure metric list. Washington, D.C. had a lower total of completed foreclosures in the 12-month period ending September 30, 2015 (only 69) than any state. The state with the lowest total was North Dakota with 310.
Florida’s 12-month sum of completed foreclosures (91,000) for September was below 100,000 again, good news for a state where 12-month completed foreclosure sums have been well above 100,000 since the crisis. In fact, the Tampa metro area, which has routinely been near the top of CoreLogic’s lists for metro areas with the most completed foreclosures over a 12-month period, was not even listed in the top 10 for September—nor was any Florida metro. The top metro area for 12-month sum of completed foreclosures in September was Atlanta, with 14,240. Despite this, Atlanta’s foreclosure inventory rate (0.7 percent) and serious delinquency rate (3.3 percent) were still below national averages in September of 1.2 percent and 3.4 percent.
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