It’s been half a decade since delinquency rates and foreclosure inventory levels have been this low. Nearly 5 million foreclosures have been completed since the onset of the financial crisis.
Home loan delinquency of at least 90 days came in at 4.9 percent in February.
Also known as the serious rate of delinquency, 90-day delinquency was reduced from January, when it was 5.0 percent.
In the same month last year, the late payment rate was 6.2 percent.
CoreLogic reviewed the latest numbers in its National Foreclosure Report February 2014.
February’s serious delinquency rate in Florida was 10.6 percent, the worst of all states. New Jersey was close behind with a 10.3 percent 90-day rate. New York’s 7.8 percent followed, then Nevada’s 7.0 percent and Maryland’s 6.8 percent.
Around 0.752 million U.S. homes were in some stage of foreclosures in February.
A year earlier, there were 1.2 million homes in foreclosure, marking the 28th consecutive monthly decline in the year-over-year rate.
The foreclosure inventory rate slid to 1.9 percent from 2.0 percent in January and 2.9 percent in the same month last year.
“The stock of seriously delinquent homes and the foreclosure rate are back to levels last seen in the final quarter of 2008,” CoreLogic President and Chief Executive Officer Anand Nallthambi said in the report.
New Jersey’s 6.2 percent foreclosure inventory rate was the highest of any state, while Wyoming’s 0.3 percent was lowest.
February saw 43,000 completed U.S. foreclosures. With January’s real-estate-owned filings at 48,000, the year-to-date total is 91,000.
Repossessions numbered 51,000 in February 2013.
“Although there is good news that completed foreclosures are trending lower, the bigger news is the impressive decline in the foreclosure and shadow inventories,” said CoreLogic Chief Economist Dr. Mark Fleming in the report.
CoreLogic noted that 4.9 million foreclosures have been completed since the financial crisis began in September 2008.
Florida had 118,000 completed foreclosures in the 12 months ended Feb. 28, the most of any state. Michigan’s 50,000 followed, then 39,000 in Texas, 37,000 in California and 34,000 in Georgia.
Just 421 repossessions took place in North Dakota since March 1, 2013, the fewest of any state.
