Foreclosures are falling across the country, but they still make up a big chunk of some markets’ housing stock.
CoreLogic reveals in its report on September housing data that the following states have the highest foreclosure inventories:
- Florida: 11.5% of its housing stock
- New Jersey: 7.3%
- New York: 5.3%
- Illinois: 5.2%
- Nevada: 4.9%
Meanwhile, the five states with the lowest foreclosure inventories are Wyoming (0.5%), Alaska (0.7%), North Dakota (0.7%), Nebraska (0.9%), and South Dakota (1.1%).
Commentary from Bob Karp of Karp Properties LLC: There is some good news in the above numbers, Arizona is not in the top five! For once not being at the top is a good thing. However, this doesn’t tell the entire story. Many more properties are now being sold as short sales. Prices in the Sierra Vista and Hereford, Arizona area are still depressed from a large inventory of unsold homes. The inventory is shrinking, but only because many homeowners still owe more on their mortgages than their house is worth in today’s market. Homes priced competitively are selling faster than a year ago, but price is the driving force in our area rather than location.