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Florida Outpaces Other States in Percentage Reduction of Foreclosure Inventory

Fla. foreclosure inventory through October drops 40.5% from one year ago. Idaho ranked second with a 27.6% drop. Flagler County mirrors the state trend.

By Toby Tobin

PALM COAST, FL – December 9, 2015 – Florida continues to outpace rival states in the reduction of foreclosure inventory. Florida’s foreclosure inventory through October dropped 40.5% from one year ago. Idaho ranked second with a 27.6% drop. This, according to CoreLogic’s October National Foreclosure Report. Flagler County mirrors the state trend (see below).

Report Highlights

Florida and Hawaii are tied for third place when measuring foreclosure inventory. In both states, the percentage of homes in foreclosure as a percentage of mortgaged homes is 2.5%. New Jersey leads all states with 4.5% and New York is in second with 3.6%. Washington DC ranks fifth at 2.3%. DC is the only non-judicial foreclosure jurisdiction to make the top five list.

Florida led the list of states in the number of completed foreclosures. A completed foreclosure is the final step in the foreclosure process where the home is auctioned. At that point, either the bank takes the property into its Real Estate Owned (REO) inventory or a successful third party bidder takes title.

Florida had 86,000 completed foreclosures during the past 12 months. Michigan was second with 59,000, followed by Texas (30,000), Georgia (25,000) and California (24,000). Together, the top five states account for nearly half of all completed foreclosures.

Flagler County

Flagler County had 511 foreclosure completions during the same 12-months (through October). Flagler’s lowest level was 15 completions in October.

November is likewise encouraging here at home:

  • Only 13 foreclosure completions
  • 30 new foreclosure filings. The average monthly new foreclosures was 30.75 over the past 12 months.
  • 554 Open foreclosure cases (down from 568 last month and from 990 one year ago).

"Real Estate Matters"

Be sure to listen to me and co-host David Alfin on our weekly half-hour radio show, Real Estate Matters, every Sunday morning at 9:00 on WNZF News Radio. David and I discuss a wide range of real estate topics. Listen on 1550 AM or 106.3 FM or streaming live at http://player.listenlive.co/36561. Past shows can be found at http://www.flaglerbroadcasting.com/wnzf/#archives

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Don "Toby" Tobin is a licensed real estate professional affiliated with Grand Living Realty. Toby is a member of the Flagler County Association of Realtors®, the Florida Association of Realtors, Enterprise Flagler, Flagler Home Builders Association, and the National Association of Realtors.

GoToby.com proivdes real estate news, commentary, and analysis for Palm Coast and Flagler Country Florida, as well as Realtor® referrals and consultation to buyers, sellers, and developers.