Dakotas, Northern Plains Lowest in Home Foreclosures
The Dakotas and several Northern Plains states continue to do well with the fewest number and percentage of homes that went through foreclosure in year-to-year in October, according to the financial reporting service CoreLogic.
North and South Dakota were among four states with the lowest number of completed foreclosures in October while Minnesota,Nebraska, Wyoming and North Dakota were among the five lowest states in percentage of homes in foreclosure.
According to CoreLogic, for the month of October 2014, there were 41,000 completed foreclosures nationally, down from 55,000 in October 2013.
On a month-over-month basis, completed foreclosures were down by 34.1 percent from the 62,000 reported in September 2014. In comparison, before the decline in the housing market in 2007, completed foreclosures averaged 21,000 per month nationwide between 2000 and 2006.
Since the financial crisis began in September 2008, there have been approximately 5.3 million completed foreclosures across the country, and sincehomeownershiprates peaked in the second quarter of 2004, there have been approximately 7 million homes lost to foreclosure.
Four states and the District of Columbia experienced the lowest number of completed foreclosures for the 12 months ending in October 2014: South Dakota (59), District of Columbia (70), North Dakota (257), West Virginia (515) and Wyoming (574).
The five states with the lowest foreclosure inventory as a percentage of all mortgaged homes were: Alaska (0.4 percent), Minnesota (0.5 percent), Nebraska (0.5 percent), North Dakota (0.5 percent) and Wyoming (0.5 percent).