Homeowners are making progress in keeping current on their loans, according to the mortgage information company CoreLogic, as evidenced by fewer delinquencies and foreclosures in January on a yearly basis.
During the month of January, there were 69,000 completed foreclosures and while that is up from December 2011’s 65,000 completed foreclosures, it is down significantly from a year earlier when there were 80,000.
And delinquencies improved compared with the previous year as well. In January 7.2 percent of all borrowers were more than 90 days behind on their home loan payments, unchanged from the month before, but down from 7.8 in January 2011.
“We are encouraged by the noticeable progress we are seeing over the last several months in the mortgage industry,” said Anand Nallathambi, chief executive officer of CoreLogic in a press release. “During the last several years the industry has faced enormous challenges working through difficult and complex issues. We are hopeful that these recent improvements are early signals of revitalization in the mortgage market.”
Still there are a lot of foreclosures left left in the industry pipeline and that could keepin things moving quite slowly for many months.
“The pace of completed foreclosures is gradually increasing again…Judicial foreclosure states are continuing to process foreclosures more slowly than non-judicial foreclosure states,” said Mark Fleming, chief economist with CoreLogic. “Non-judicial foreclosure states completed almost twice as many foreclosures per 1000 active loans as judicial foreclosure states in January.”
Among the 50 states, Florida topped the list for having the highest percentage of foreclosures with 11.8 percent. The other top five places were held by New Jersey with 6.4 percent, Illinois with 5.3 percent, Nevada at 5.0 percent and New York with 4.7 percent.
On the other end of the spectrum were Wyoming, the state with the lowest foreclosure rate at 0.7 percent, Alaska at 0.8 percent and North Dakota at 0.8 percent also.