While there is good news in a national foreclosure report for March Florida Foreclosures bad, mixed for Winter Park looking at some national and state information for the past year.
Monthly Foreclosure Inventory
Orlando-Kissimmee-Sanford Metro Area, Good News
The regional housing market continues to improve.
The March foreclosure inventory dropped a bit for the month and is down nearly 4 percentage points from a year ago, ending at 5.8 percent, according to CoreLogic, a data and analytics company. That means about 6 percent of mortgaged homes in Winter Park and the larger metro area are in some stage of foreclosure.
Florida, Not-So-Good News
The state’s March inventory also was 5.8 percent, but that’s more than three times the national percentage. Florida’s numbers translate to roughly one in every 17 mortgaged homes being in foreclosure. The state lags only New Jersey (6 percent) for the highest percentage.
Nationally, Good News
The number and percentage of homes in the nation’s foreclosure inventory were down by more than a third for the month.
The March foreclosure inventory had about 720,000 homes. The year before, that number was 1.1 million. The national inventory rate of 1.8 percent in March translates to about one home in every 55 with a mortgage.
Monthly Completed Foreclosures
Nationally, Good News
The 48,000 completed foreclosures in March was down 10 percent from a year before, according to CoreLogic. That is the lowest number since December 2007 and part of a 27-month decline – a continuing sign of very slow but steady improvement in the housing market.
Yet …
While the news in this category is good, the national number is still more than twice the monthly average of 21,000 foreclosures completed from 2000 to 2006, before the housing market plummeted.
Florida Leads Completed Foreclosures In Last Year
Florida, Not-So-Good News
Florida still leads the nation with the most completed foreclosures in the last year, according to CoreLogic, with more than 122,000. The second-highest number belongs to Michigan, at 49,000. Those two states join California, Georgia and Texas in accounting for nearly half of the country’s completed foreclosures.
A completed foreclosure is when a property is purchased at a foreclosure auction. The number indicates how many homes have been lost to the foreclosure process.
Metro Area
The area had 12,658 completed foreclosures since March 2013. That accounted for about 10 percent of the state’s total.
Nationally
March’s monthly completed foreclosure number brought the country’s one-year total to 607,416 homes.
Since the financial crisis began in September 2008, roughly 5 million homes have been bought at auction, CoreLogic notes.
Seriously Delinquent Mortgages
Nationally
Less than 5 percent of mortgages are seriously delinquent. That means either a homeowner is 90 days or more delinquent on mortgage payments or the property is in the foreclosure process.
Florida, Not-So-Good News
The state leads the nation, with 10.3 percent of homeowners seriously delinquent – more than twice the national figure.
Metro Area, Not-So-Good News
The metro area’s percentage, 10.2, is just a touch less than the state’s.
CoreLogic Information
CoreLogic bases its numbers on relevant government and industry entities, plus its own analytics. The company says its homeowner and property information covers 99 percent of the U.S. population.