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Florida Foreclosure Real Estate Update for March 2013

The 5 states with the highest number of completed foreclosures for the 12 months ending in March 2013 were: Florida (103,000), California (83,000), Michigan (70,000), Texas (53,000) and Georgia (48,000).

These five states account for almost half of all completed foreclosures nationally.

Foreclosure inventory
Approximately 1.1 million homes in the U.S. were in some stage of foreclosure, known as the foreclosure inventory, in March 2013, compared to 1.5 million in March 2012 – a year-over-year decrease of 23 percent.

Month over month, the foreclosure inventory declined 1.9 percent. The foreclosure inventory in March 2013 represented 2.8 percent of all homes with a mortgage, compared to 3.5 percent in February 2013.

“In March, completed foreclosures were down 52 percent from the peak in 2010, and almost all of the top 100 major metropolitan areas have declining foreclosure rates,” said Dr. Mark Fleming, chief economist for CoreLogic. “The foreclosure rate nationally is down 23 percent relative to a year ago, signaling continued reduction in the stock of distressed assets.” Although we still have more than a million homes in some stage of foreclosure, this trend, combined with rising home prices, is another signal of a gradually improving housing market.”

The five states with the lowest number of completed foreclosures for the 12 months ending in March 2013 were: South Dakota (81), District of Columbia (101), Hawaii (421), North Dakota (487) and West Virginia (554).
The five states with the highest foreclosure inventory as a percentage of all mortgaged homes were: Florida (9.7 percent), New Jersey (7.3 percent), New York (5.0 percent), Maine (4.4 percent) and Illinois (4.4 percent).
The five states with the lowest foreclosure inventory as a percentage of all mortgaged homes were: Wyoming (0.5 percent), Alaska (0.7 percent), North Dakota (0.7 percent), Nebraska (0.9 percent) and Montana (0.9 percent).
2013 Florida Realtors®
 

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