The report of January foreclosures are out and the numbers across the nation are improving. According to CoreLogic’s findings, the number of completed foreclosure in the U.S. dropped 19 percent in a year-over-year comparison. A completed foreclosure refers to the homes that have actually been lost in foreclosure. In January 2014, there were a total of 48,000 completed foreclosures, in comparison to 59,000 foreclosures in January 2013.
The nation still hasn’t fully recovered from the crash of the housing industry, but a decrease in foreclosures of nearly 20 percent is very promising. The decrease in completed foreclosures is largely due to banks’ efforts in remediating foreclosures in the early stages.
Unfortunately, the state of Florida is lagging behind in the recovery, having the highest number of completed foreclosures within the last year and highest percentage of homes in the foreclosure process in January 2014 in comparison to the rest of the states. Since Florida is a judicial foreclosure state, foreclosures remain in the legal system much longer than in the non-judicial states. While being a judicial state does create a backlog, it’s good news for Florida homeowners because it allows them more time and more defenses to fight a foreclosure suit.