Foreclosure Inventories Declining Faster in Judicial States

Julie C. Nichols General

Reblogged from Mortgage News Daily – Jann Swanson

The judicial foreclosure states appear to finally be clearing out their long-clogged foreclosure pipeline as foreclosure inventories declined notably on an annual basis in September. Completed foreclosures and serious delinquencies were also down on a year-over-year basis as reported in CoreLogic’s September National Foreclosure Report.

The foreclosure inventory, homes in the foreclosure process, declined from 621,000 properties in September 2014 to 470,000, bringing the rate among homes with a mortgage down from 1.6 percent to 1.2 percent. That rate is driven by the judicial foreclosure states; 18 of the 21 such states have rates above the national average while among the states with a non-judicial process only three and the District of Columbia exceed the national average.

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