by Bill McBride on 10/23/2012 07:26:00 PM
Tuesday, October 23, 2012
To help put the previous post in perspective, I've added the number of owner occupied units as of April 1, 2010 (from the decennial Census), and the percent of units that are REO.
REOs are only part of the puzzle. This just shows how many lender Real Estate Owned (REO) units for each state. But look at New Jersey. There are very few REOs in New Jersey, but there are many properties in the foreclosure process.
If you look at the NY Fed site, they mark the judicial foreclosure states with a black square. Many of the judicial states are backlogged. See Serious Mortgage Delinquencies and In-Foreclosure by State for graphs of the percent of loans in foreclosure and serious delinquent by state (as of the end of Q2).
Here are a repeat of Tom Lawler's comments:
Folks interested in REO inventories by state might want to take at look at the website below from the FRB of New York. According to the FRBoNY, the data were “provided by CoreLogic under contract.”
An Assessment of the Distressed Residential Real Estate Situation
The site shows a map and you have to click on each state to get data, and I couldn’t get DC (I don’t think it was available!), but here’s the data for June 30, 2012
|Number of REO by State, June 2012|
|Number of REO||Owner Occupied Housing Units April, 2010||Percent of Units REO|
|District of Columbia||NA||112,055||NA|