Texas among states with the highest number of completed foreclosures
The number of completed foreclosures in the United States dipped to its lowest level since April 2010, according to CoreLogic. Leading the charge was Texas, ranking among the five states with the highest number of completed foreclosures for the 12 months ending in August 2012. Potential homeowners looking for houses for sale in Houston should check out the considerable inventory in the state.
"August marks the fourth month in a row there were fewer completed foreclosures, which is more evidence that the housing industry is finding its footing," said Mark Fleming, chief economist for CoreLogic. "While we are seeing improvement on a national level, there remain higher concentrations of foreclosures in some areas with five states accounting for nearly half of all completed foreclosures nationwide during the last year."
According to the report, California had the largest number of completed foreclosures in the past year with 110,000. Florida was second with 92,000 and Michigan third at 62,000. Texas accounted for 58,000 completed foreclosures in the past 12 months, and Georgia rounded out the top 5 with 55,000. Together, the five states accounted for 48.1 percent of all completed foreclosures in the country.
The completed number of foreclosures has contributed to Houston's standing as the 8th emptiest city in the country. According to the San Francisco Chronicle, the city had a 1.9 percent homeowner vacancy rate. Many people are selling their homes and leaving the city. This represents a tremendous opportunity for people looking to move to Houston, as there should be an ample supply of available homes. Coupled with the relatively high number of completed foreclosures, potential homeowners should have no problem finding the house of their dreams within their budget.
Despite the high volume of completed foreclosures, Texas found itself on this list largely due to the sheer size of the state. With more houses in-state, it's not surprising that there would be more completed foreclosures overall. Texas was not among the states with the highest foreclosure inventory as a percentage of mortgaged homes.