Across the country the foreclosure rate has fallen dramatically. No state has had an increase in its foreclosure rate for the past two years. This is probably due to the steady improvement in home prices, encouragement in the employment sector, and still great mortgage rates.
But there has been a wide difference between the states, Florida, Illinois, Ohio, Kentucky, Indiana, and Wisconsin are all states that SAMCO has a significant number of clients and they all had, by comparison to other states, high foreclosure rates and a relatively weak recovery the past two years. Arizona and California experienced the sharpest declines in their foreclosure rate.
New York, New Jersey, Maine, Connecticut and Illinois have had slow improvement from high levels of foreclosure. The common thread among these states is the judicial process for foreclosures, or a process more in that direction.
The recovery might be slower than what we would all like, but it is a recovery.