New York, New Jersey still rank among states with highest foreclosure inventory

August 28, 2012 11:30AM

Showing some positive signs, there were a recorded 58,000 completed foreclosures across America in July 2012 — down nearly 7 percent month-over-month and 19 percent year-over-year, according to data released today by CoreLogic. However, both New York and New Jersey ranked among the five states with the highest foreclosure inventory. More specifically, New Jersey ticked in at 5.7 percent — making it take the second-highest foreclosure inventory — and New York at 5.2 percent, right behind New Jersey.

Foreclosure inventory rate is defined as the foreclosure inventory as a percentage of all mortgaged homes. As The Real Deal last reported in May, speculation about the reason for the growing number of foreclosed properties in New York centered around a major backlog of distressed properties still making their way through the court system.

New York’s 5.2 percent foreclosure inventory rate reflects a 4.3 percent point change up from July 2011. In the 12 months ending July 2012, there were a total of 4,434 completed foreclosures in the state.

Florida came in as the state with the highest foreclosure inventory: 11.2 percent. This reflects a 12.3 percent point change up from July 2011. In the 12 months ending July 2012, there were 92,046 completed foreclosures. New Jersey was second, then New York, then Illinois with 4.9 percent and Nevada with 4.7 percent.

In the New York-White-Plains-Wayne, N.Y.-N.J. region, there was a recorded 5.4 percent foreclosure inventory in July 2012. This shows a 0.1 percentage point change up from a year ago. All together, there were 1,015 completed foreclosures in the 12 months ending in July.

In the 12 months ending in July, the states with the highest number of completed foreclosures in the last 12 months were California with 118,000, Florida with 92,000, Michigan with 61,000, Texas with 57,000 and Georgia with 54,000. — Zachary Kussin