3 States With Disturbingly High Foreclosure Inventories, A few days ago, real estate analytics firm Corelogic announced the status of the foreclosure crisis and the news wasn’t very good. A total of 47,000 foreclosures were completed this past May, down from 52,000 one year ago. The decrease represents only a bit more than a 9% improvement over last year, and the news gets worse: completed foreclosures were up by 3.8% month over month, and the U.S. still has a backlog of 660,000 homes in various stages of the foreclosure process.
Some states still have achingly high numbers of homes in the foreclosure pipeline. Notably, the states with the highest buildup of foreclosures are in judicial states, where foreclosures must wend their way through the court system. Foreclosures move to completion more quickly in non-judicial states, where the courts generally are not involved.
But the intervention of the courts is only part of the issue in these states. Here are the top three, with foreclosure inventory for each presented as a percentage of all mortgaged homes.