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Florida, Michigan Lead in Completed Foreclosures, But Other Numbers Do Not Correlate

dsnews.com | March 15, 2015

By Brian Honea

Two states hit hardest by the foreclosure crisis a few years ago were Florida and Michigan – in fact, in the January 2015 CoreLogic National Foreclosure Report released earlier this week, those two states accounted for 29 percent (162,000 out of 552,000) of the nation's completed foreclosures in the 12-month period from February 1, 2014 to January 31, 2015.

Despite both states having high numbers of completed foreclosures for the previous 12 months, other foreclosure-related statistics between the two states do not correlate. Florida's foreclosure inventory rate of 3.5 percent for January (third among states behind New Jersey and New York) was more than double the national average for the month (1.4 percent), whereas Michigan's foreclosure inventor was less than half that number (0.6 percent).

This disparity is partly attributed to the fact that Florida is a judicial foreclosure state, meaning the process has to pass through the court system to be completed. Michigan is a non-judicial foreclosure state, meaning the process can be completed without the courts. Overall in January, the foreclosure inventory rate in judicial states (2.4 percent) was more than triple that of non-judicial (0.7 percent).

Michigan's serious delinquency rate of 3.0 percent in January was a full percentage point less than the national average (4.0 percent), which was at its lowest level in almost seven years. Florida's serious delinquency rate, on the other hand, was nearly double the national average at 7.7 percent – second among states only to New Jersey (8.9 percent).

Florida's 12-month sum of foreclosures in January (111,000) alone accounted for nearly one-fifth of the nation's total, according to CoreLogic. In fact, with 17,000 completed foreclosures in the previous 12 months, the core-based statistical area (CBSA) of Tampa-St. Petersburg-Clearwater accounted for about 3 percent of the nation's total for that period. Tampa had the highest serious delinquency rate (8.7 percent) and foreclosure inventory rate (4.5 percent) among all CBSAs. Orlando-Kissimmee-Sanford was third in 12 month sum of foreclosures with 15,000.

Those are the only two Florida CBSAs in the top 15 in 12-month sum of completed foreclosures. The only Michigan CBSA in the top 15 was Warren-Troy-Farmington Hills, ranking 15th with 4,068.

Still, much progress has been made in Florida. The Sunshine State's foreclosure inventory dropped by 49 percent year-over-year in January (from 6.4 percent down to 3.5 percent), the second-largest decline only to Maine (49.5 percent).

 

Back to March 2015 Archive

 

CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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