Foreclosures Decline 24% in 2011

Here's some good news from Council of Residential Specialists (a top realtor association I belong to) regarding last year's foreclosures.

Foreclosures Decline in 2011

Foreclosures declined 24 percent in 2011 to 830,000 from 1.1 million in 2010, according to a new report by CoreLogic. Nationally, 1.4 million homes, or 3.4 percent of all homes with a mortgage, were in the foreclosure inventory at the end of 2011. For the month of December, 55,000 homes had completed the foreclosure process, down from 57,000 in November and down from 67,000 in December 2010.

The share of borrowers who were delinquent on their mortgage payments by 90 days or more was 7.3 percent in December 2011 compared to 7.8 percent a year earlier. 

Florida led the nation with the largest percentage of foreclosures inventory with 11.9 percent, followed by New Jersey (6.4 percent), Illinois (5.4 percent), Nevada (5.3 percent) and New York (4.6 percent). States with the lowest foreclosure inventory were Wyoming (0.7 percent), Alaska (0.8 percent), North Dakota (0.8 percent), Nebraska (1.0 percent) and Washington (1.3 percent).
CRS Member Connect Fri, Feb 10, 2012