Foreclosure Rate in Judicial States More Than Triple That of Non-Judicial States
While 36 states reported a level of foreclosure inventory below the national average of 1.4 percent in January, the rate remained high in some states – namely in judicial states where the foreclosure process has to pass through the courts, according to CoreLogic‘s January 2015 National Foreclosure Report released on Tuesday.
The foreclosure rate in judicial states was more than triple the rate in non-judicial states in January (2.4 percent compared to 0.7 percent, according to CoreLogic). New Jersey, a judicial foreclosure state, led the pack in foreclosure rate with 5.2 percent of all residential homes with a mortgage in some state of foreclosure during January. Second was New York, another judicial foreclosure state, with 4.0 percent. Two more judicial foreclosure states, Florida and Hawaii, were third and fourth with 3.5 percent and 2.7 percent, respectively. District of Columbia, which is non-judicial, was fifth at 2.5 percent. According to CoreLogic, the largest banks are currently pushing legislation that would expedite the foreclosure process in Washington, D.C.
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Author: Brian Honea March 10, 2015