The number of completed foreclosures in Michigan took a huge turn upward for the 12-month period ending October 31, jumping 55 percent from the 12-month total ending on September 30, according to CoreLogic [1]'s October 2014 National Foreclosure Report [2] released on Thursday.
The Great Lakes State reported 45,000 foreclosure completions the 12-month period from November 2013 to October 2014, up from the total of 29,000 reported in September, according to CoreLogic. The number of completed foreclosures in Michigan for October was second only to Florida (118,000) among states.
Michigan's serious delinquency rate, or percentage of mortgage loans that are 90 days or more overdue, was reported at 3.2 percent for October 2014, a full percentage point below the national average of 4.2 percent, CoreLogic reported. Michigan's foreclosure inventory, or the percentage of homes in any state of foreclosure, was 0.6 percent for October, also a full percentage point behind the national average of 1.6 percent.
The 12-month sum of foreclosures for the period ending in October 2014 totaled slightly more than 561,000, according to CoreLogic. Completed foreclosures nationwide have declined for 36 consecutive months and are at their lowest level since October 2007.
Just as they had in August [3] and September [4], the same five states accounted for nearly half of all completed foreclosures during the 12-month period ending October 31, 2014, CoreLogic reported. Florida (118,000), Michigan (45,000), Texas (36,000), California (29,000), and Georgia (28,000) combined accounted for approximately 256,000 foreclosure completions for the 12-month period, or 45.6 percent of the nearly 561,000 completed foreclosures nationwide for that period, CoreLogic reported. 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.
The lowest totals of completed foreclosures for the 12-month period ending October 31, 2014, were in South Dakota (59), Washington, D.C. (70), North Dakota (257), West Virginia (515), and Wyoming (574), CoreLogic reported.
Overall nationwide the number of completed foreclosures for the month of October plummeted 26.4 percent year-over-year and 34. 1 percent month-over-month, according to CoreLogic.