Maine among top states in inventory of foreclosed homes
Courtesy of CoreLogic
Map showing the November foreclosure inventory rate, with Maine being one of the four highest states, along with the District of Columbia.
Maine is among the states with the highest percentage of foreclosure inventory on its mortgaged homes, according to a foreclosure report released on Jan. 10.
CoreLogic (NYSE: CLGX) reported that Maine’s foreclosure inventory in November was 1.7%, the same as Hawaii, but was lower than New Jersey (2.8%) and New York (2.6%), which had the highest inventories for the month. The District of Columbia had the fifth-highest inventory at 1.6%.
By contrast, CoreLogic reported these five states with the lowest foreclosure inventory as a percentage of mortgaged homes: Colorado, 0.2%; Arizona, 0.3%; California, 0.3%; Minnesota, 0.3%; Utah, 0.3%.
Maine’s foreclosure inventory percentage was 11.2% lower than the same period a year ago, CoreLogic reported.
Completed foreclosures in Maine for the year ending in November stood at 895. The rate of properties in “serious delinquency” was 3.7%.
National overview
Nationwide, CoreLogic reported there were 26,000 completed foreclosures nationally through November 2016, down 25.9% from 35,000 reported in the previous year. The 2.5% national average for the seriously delinquent rate is the lowest level since August 2007.
Approximately 333,000 homes in the United States were in some stage of foreclosure in November, compared to 465,000 the previous year.
“The decline in serious delinquency has been substantial, but the default rate remains high in select markets,” said Frank Nothaft, chief economist at CoreLogic. “Serious delinquency rates were the highest in New Jersey and New York at 5.6% and 5% respectively. In contrast, the lowest delinquency rate occurred in Colorado at 0.9% where a strong job market and home-price growth have enabled more homeowners to stay current.”
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