The state may not yet be showing a dramatic increase in home sales, but as we enter the spring buying season, foreclosure rates have seen a dramatic dip.
California had the third biggest decrease among U.S. states in the number of homes in some stage of the foreclosure process, CoreLogic reported.
As of February, 2.4 percent of the California homes with a mortgage, or about 160,000 households, faced the possibility of foreclosure.
That’s down 0.6 of a percentage point from January of last year, when 3 percent of homes were in the foreclosure process.
CoreLogic’s February numbers also show:
• 6.7 percent of the state’s mortgaged homes, or about 458,000 households, were 90 days or more late on their house payments. That’s down from 9 percent in February of last year.
• Banks seized 154,212 homes through foreclosure in the 12 months ending in February.
• Nationwide, banks seized 3.4 million homes through foreclosure during the past 3 ½ years – and 862,418 in the past year alone.
• An additional 1.4 million U.S. homes, or 3.4 percent of all homes with a mortgage, were in the foreclosure process.
• That’s down from 3.6 percent in February of last year, when 1.5 million U.S. households were in the foreclosure process.
• The five states with the highest proportion of homes in the foreclosure process were Florida, 12 percent; New Jersey, 6.6 percent; Illinois, 5.4 percent; Nevada, 5 percent; and New York, 4.9 percent.
• The five states with the lowest proportion in the foreclosure process were Wyoming, 0.7 percent; Alaska, 0.8 percent; North Dakota, 0.8 percent; Nebraska, 1 percent; and Montana, 1.4 percent.
“The overall foreclosure inventory is decreasing because sales (of bank-owned homes) were up in February,” said CoreLogic Chief Economist Mark Fleming.
Do these number show you any progress and are you happy with where we are headed?