by Bill McBride on 2/16/2012 07:36:00 PM
Thursday, February 16, 2012
The MBA noted that judicial states generally have the most loans in the foreclosure process. The graph below shows the percent of loans in the foreclosure process by state and by foreclosure process. Red is for states with a judicial foreclosure process. Because the judicial process is longer, those states typically have a higher percentage of loans in the process.
Nevada is an exception. But Nevada had the largest quarterly decline, and for the first time in years is not in the #2 spot behind Florida - Nevada has dropped to #4.
Other hard hit states, like California and Arizona, have also seen significant improvement. California and Arizona started 2011 in the 6th and 7th spot (respectively) with percent of loans in foreclosure, and have fallen all the way to 23rd and 17th by Q4.
Click on graph for larger image.
Florida, New Jersey, Illinois, Nevada, Maine, New York and Connecticut are the top seven states with percent of loans in the foreclosure process. And Vermont, Maryland, Hawaii, Maine, Connecticut and New York saw the largest increases in Q4.
With the mortgage servicer settlement, I expect the number of loans in foreclosure to start to decline in all states.
• Weekly Initial Unemployment Claims decline to 348,000
• Housing Starts increase in January
• MBA: Mortgage Delinquencies decline in Q4
• Q4 MBA National Delinquency Survey Comments