U. S. Foreclosure Inventory Down 29% YoY (Florida Leads, DC Lowest In Completed Foreclosures)

Confounded Interest ^ | 07/09/2013 | Anthony B. Sanders

[whitedog57]

According to CoreLogic, U.S. foreclosure inventory is down 29% from the previous year.

There were 52,000 completed foreclosures in the U.S. in May 2013, down from 71,000 in May 2012, a year-over-year decrease of 27 percent. On a month-over-month basis, completed foreclosures increased 3.5 percent, from 50,000 in April 2013 to the May level of 52,000. Current residential shadow inventory as of April 2013 was under 2 million units, representing a supply of 5.3 months. The overall shadow inventory is down 34 percent from its peak in 2010, when it reached 3 million homes, and down 18 percent from a year ago, when it was at 2.4 million.

* The five states with the highest number of completed foreclosures for the 12 months ending in May 2013 were: Florida (103,000), California (76,000), Michigan (64,000), Texas (51,000) and Georgia (47,000).These five states account for almost half of all completed foreclosures nationally. (Rising home prices in Florida are helping)

miamidchopE

*The five states with the lowest number of completed foreclosures for the 12 months ending in May 2013 were: District of Columbia (108), Hawaii (453), North Dakota (467), West Virginia (517) and Maine (644).

*The five states with the highest foreclosure inventory as a percentage of all mortgaged homes were: Florida (8.8 percent), New Jersey (6.0 percent), New York (4.8 percent), Maine (4.1 percent) and Connecticut (4.1 percent).

*The five states with the lowest foreclosure inventory as a percentage of all mortgaged homes were: Wyoming (0.5 percent), Alaska (0.6 percent), North Dakota (0.6 percent), Nebraska (0.8 percent) and Virginia (0.8 percent).

As of April 2013, shadow inventory was under 2 million properties, or 5.3 months’ supply, and represented 85 percent of the 2.3 million properties currently seriously delinquent, in foreclosure or REO.

Of the less than 2 million properties currently in the shadow inventory (Figures 1 and 2), 890,000 properties are seriously delinquent (2.4 months’ supply), 761,000 are in some stage of foreclosure (2 months’ supply) and 336,000 are already in REO (0.9 months’ supply).

Here is the MBA estimate of shadow inventory.

mbashadoe

And here is the MBA’s estimate of months supply of shadow inventory as of Q1 2013.

mbamonthsshadow

The value of shadow inventory was $314 billion as of April 2013, down from $386 billion in April 2012 and down from $320 billion six months prior, in October 2012.

Let’s see if Treasury rates continue to rise, stabilize or fall.

[whitedog57]

let's see if Boehner will pull back on the mortgage mods.

[mountainlion]

Aren't there few foreclosures because of oBama bucks thrown to people in trouble and those that say they are in trouble?

[humblegunner]

let's see if Boehner will pull back on the mortgage mods.

Let's see if you can figure out how to post the charts you've stolen.

[Impy]

LOL, everyone sure hates people who post their blogs here. ;D

[ex-Texan]

This report is total unadulterated Bovine Squat . . . With greedy bankers reaping bonuses on foreclosures the pressure is enormous for more foreclosures not less.

The stupid, dumbed-down public will believe any lie as long as it comes from "official" or quasi-official souding sources.

Bank of America Accused of Paying Bonuses for Foreclosing Homes !

[ex-Texan]

See my post # 5 and LOL !