CoreLogic: Foreclosures peaked in March 2011 in Providence metro

CORELOGIC released a 10-year retrospective of the U.S. residential foreclosure crisis on Tuesday, / BLOOMBERG FILE PHOTO/DANIEL ACKER
CORELOGIC released a 10-year retrospective of the U.S. residential foreclosure crisis on Tuesday, / BLOOMBERG FILE PHOTO/DANIEL ACKER

PROVIDENCE – In the Providence-Warwick-Fall River metropolitan area, foreclosures peaked in March 2011, representing 3.3 percent of all homes with a mortgage, CoreLogic said Tuesday.
The percentage of homes in foreclosure fell to 1.3 percent in December in the Providence metro.
The real estate data tracker released a 10-year retrospective of the U.S. residential foreclosure crisis on Tuesday, starting with the relatively healthy years early in the 2000s, through the peak of the crisis, to present day. Some parts of the country began experiencing the foreclosure crisis as early as 2007.
CoreLogic said the country has started to “normalize” since the beginning of the foreclosure crisis 10 years ago, with approximately 22,000 completed foreclosures recorded a month. At the peak of the national foreclosure crisis in September 2010, approximately 120,000 completed foreclosures occurred that month.
Completed foreclosures reflect the total number of homes lost to foreclosure, CoreLogic said.
“The country experienced a wild ride in the mortgage market between 2008 and 2012, with the foreclosure peak occurring in 2010,” Frank Nothaft, chief economist for CoreLogic, said in a statement. “As we look back over 10 years of the foreclosure crisis, we cannot ignore the connection between jobs and homeownership. A healthy economy is driven by jobs coupled with consumer confidence that usually leads to homeownership.”
Since the beginning of 2007, there have been approximately 7.8 million completed foreclosures nationally.
At the end of last year, the national foreclosure inventory, which reflects all homes in some stage of the foreclosure process, included approximately 336,000, or 0.9 percent, of all homes with a mortgage compared with 1.4 million homes, or 3.3 percent, at the peak of the residential foreclosure crisis in September 2010.
The state with the highest percent of mortgages in the foreclosure inventory was Florida, during June 2011, with 12.5 percent of homes in some stage of the foreclosure process.

Of the 10 largest Core Based Statistical Areas as measured by population, Miami-Miami Beach-Kendall, Fla., had the highest percent of all homes with a mortgage in the foreclosure inventory at its peak in February 2011 at 19.2 percent.

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