Just 2 percent of all homes with a mortgage in Massachusetts were in the foreclosure inventory as of January, lower than the nation's 3.3 percent figure, according to a new report from California data firm CoreLogic.
Nationally, 1.4 million homes, or 3.3 percent of all homes with a mortgage, were in the foreclosure inventory as of January. The number of loans in the foreclosure inventory decreased by 145,000, or 9.5 percent in January 2012 compared with January 2011.
The foreclosure inventory is the stock of homes in the foreclosure process. A property moves into the foreclosure inventory when the mortgage servicer places the property into the foreclosure process after serious delinquency is reached, and remains there until the foreclosure is completed. The foreclosure inventory is measured only against homes with an outstanding mortgage, rather than against all homes. Nationwide, roughly one-third of homeowners own their homes outright.
"The pace of completed foreclosures is gradually increasing again, but the clearing ratio is falling as REO sales have slowed in the winter months. Judicial foreclosure states are continuing to process foreclosures more slowly than non-judicial foreclosure states," said Mark Fleming, chief economist with CoreLogic. "Non-judicial foreclosure states completed almost twice as many foreclosures per 100 active loans as judicial foreclosure states in January."
The share of borrowers nationally that were 90 days or more delinquent on their mortgage payments, classified as seriously delinquent, improved to 7.2 percent in January 2012 compared with 7.8 percent for January 2011. In Massachusetts,Â 5.7 percent of borrowers were 90 days or more delinquent on their mortgage payments.
The five states with the highest foreclosure rates were: Florida (11.8 percent), New Jersey (6.4 percent), Illinois (5.3 percent), Nevada (5 percent) and New York (4.7 percent).
The five states with the lowest foreclosure rates were: Wyoming (0.7 percent), Alaska (0.8 percent), North Dakota (0.8 percent), Nebraska (1.1 percent) and Texas (1.3 percent).Â
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