Foreclosure completions continue to outnumber new foreclosures (5:2) in the fourth quarter. The end of the foreclosure crisis is near. Plus National Foreclosure Report for November.
Palm Coast, FL – January 14, 2015 – Flagler County’s foreclosure picture continues to improve. Foreclosure completions continue to outnumber new foreclosures (5:2) in the fourth quarter. 2014 marks the second consecutive year where foreclosure completions were higher than new foreclosure filings.
At the end of the year, the number of open foreclosure cases (all real property categories) in Flagler County stood at 783. The steady decline is the result of aggressive actions to dealing particularly with old foreclosures. It’s simple; fewer foreclosures cases initiated and more cases completed.
The following graph illustrates the time phases of the foreclosure process, with Phase One represented by the number of homes sold, peaking in 2005. Phase Two is the peak foreclosure period in t008 and 2009. Phase Three will be defined when the number of foreclosure completions peaked recently.
The Great Real Estate Recession, at least Flagler County’s version can be measured from 2005, roughly 10 years. And we are still recovering.
“The foreclosure rate fell in every state, with only the District of Columbia seeing a small increase. However, some states still have foreclosure rates of more than twice the national rate. While the national level of foreclosures may normalize in the next two years, there will always be the potential for some pockets of distress in the mortgage market,” said Molly Boesel, senior economist at CoreLogic in the company’s National Foreclosure Report – November 2004, issued today.
Because Florida is large, because it was particularly hard hit by the housing boom/bust and because it is a judicial foreclosure state (judicial foreclosures take longer), Florida maintains its prominence in the National Foreclosure Report.
There were 41,000 foreclosures completed in the U.S. in November.
Four states and the District of Columbia with the highest foreclosure inventory as a percentage of mortgaged homes are New Jersey (5.3%), New York (4.1%), Florida (3.9%), Hawaii (2.8%) and Washington D.C. (2.4%).
Florida, Michigan, Texas, California and Ohio account for nearly half of all completed foreclosures nationally.