National and Local Foreclosure Picture Continues to Improve

Flagler had 84 completed foreclosures in April. Approximately 694,000 homes in the U.S. were in some stage of foreclosure as of April 2014, compared to nearly 1.1M in April 2013, a decrease of 35%.

Palm Coast, FL – May 29, 2014 – A CoreLogic analysis shows 46,000 foreclosures were completed in April 2014, an 18 percent year-over-year decline from 56,000 in April 2013. By comparison, before the decline in the housing market in 2007, completed foreclosures averaged 21,000 per month nationwide between 2000 and 2006. On a month-over-month* basis, completed foreclosures dropped by 0.4 percent. Completed foreclosures are an indication of the total number of homes actually lost to foreclosure.

Flagler County experienced 84 completed foreclosures in April 2014, compared to 60 in April 2013. Through the first four months of 2014, there have been 247 completed foreclosures in the county compared to 265 during the same period one year ago.

Over the same four month period, 247 new foreclosures were filed in the county in 2014, compared to 361 a year ago. New Flagler County foreclosures peaked in 2008 to 2009. The ONLY months when county new foreclosures exceeded 200 per month were during the period including February 2008 through February 20010 when 23 of the 25 months topped that mark. For the most recent 18 months, new filings have barely reached 100 per month twice. Put another way, there were more new foreclosures during 2008 and 2009 than in the total of all years since.

Highlights from the CoreLogic report:

• The five states with the highest foreclosure inventory as a percentage of mortgaged homes are New Jersey (6.0%), Florida (5.4%), N.Y. (4.6%), Hawaii (3.1%) and Maine (3.0%).
• Florida led all states in the number of completed foreclosures in the past 12 months with 121,000. Michigan was second with 46,000. North Dakota had only 352.