Back in January, our blog discussed a report from one data analytics group examining the state of the foreclosure market in 2015. Here, the report concluded that while the scars of 2010's foreclosure crisis had largely healed, it's effects were still lingering in many states -- including Florida.
Interestingly enough, another analytics group, CoreLogic Inc., released a report earlier this week with some of the first figures on the state of the foreclosure market in 2016, and the results are once again mixed.
Specifically, the report compared the number of completed foreclosures and the foreclosure inventory rates for January 2016 and January 2015, meaning the total number of homes lost to lenders and the number of homes at some step in the foreclosure process, respectively.
As far as the number of completed foreclosures was concerned, the report found that on a national level the number stood at 38,000 in January 2016, 8,000 fewer homes than January 2015.
On a state level, however, they found that Florida actually had the most completed foreclosures in the 12-month timeframe ending in January 2016 with a whopping 74,000. Far behind the Sunshine State was Michigan with 49,000, Texas with 29,000, California with 25,000 and Ohio with 24,000.
As far as the foreclosure inventory rate was concerned, they found that it declined on a year-over-year basis across the U.S. by 21.7 percent.
The Sunshine State fared a little better in this category, coming in at fourth place with a foreclosure inventory rate of 2.3 percent and trailing Hawaii (2.4 percent), New York (3.5 percent), and New Jersey (4.3 percent).
While these numbers are encouraging, they are still not as good as we would have hoped -- particularly at the state level.
Nevertheless, it's extremely important for those who find themselves facing the imminent threat of foreclosure to consider speaking with a skilled legal professional to learn more about their rights and their options as they relate to bankruptcy, which can help protect their home.