National foreclosure inventory continues to shrink, falling 27.3% year over year in February, according to new data from CoreLogic.
In February of this year foreclosure inventory comprised about 553,000 homes, or 1.4% of all homes with a mortgage, down from 761,000, or 1.9%, in February 2014, data show. The latest numbers mark 40 months of continuous year-over-year declines in the foreclosure inventory, including 25 straight months of declines greater than 20%.
“Also in February 2015, the 12-month sum of completed foreclosures continued to decline, dropping by 16.1% from February 2014 to 550,000,” CoreLogic says in a statement. “The seriously delinquent inventory fell to 1.5 million loans, a 19.3% year-over-year decline.”
Five states stand out for having the largest year-over-year drop in foreclosure inventory: Florida (-46.4%), Maine (-42.2%), Idaho (-38.2%), Connecticut (-35.5%) and Illinois (-34.7%), data show.
But while 48 states posted year-over-year declines in foreclosure inventory, two states and the District of Columbia experienced year-over-year increases in foreclosure inventory.
Massachusetts’ foreclosure inventory increased by 6.6%, Wyoming’s foreclosure inventory increased by 14.8% and foreclosure inventory in the District of Columbia increased more than 30% (32.6%), data show.
View CoreLogic data here.
Written by Cassandra Dowell