Current foreclosure activity is 40% below what’s considered normal patterns.
California ranked No. 2 in the nation with 16,340 homes somewhere in the foreclosure process. In first place was Florida with 17,624 home loans in trouble. Following California was Illinois at 14,086, Texas at 11,527 and Ohio at 11,028.Let’s look at that level of troubled borrowers compared with the number of all housing units.
The biggest jumps were seen in Colorado at 595%, then Michigan at 497%, Minnesota at 268%, New Jersey at 245% and New York at 227%, The robust economic rebound out of the lockdown turmoil created big jumps in home values, suggesting a huge, marketing-crashing wave of foreclosure is unlikely at this juncture. Jumps in foreclosures were expected as protections ended for tardy payers.
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