Table 1: Judicial Foreclosure States Foreclosure Ranking (Sorted by Completed Foreclosures)
Table 2: Non-Judicial Foreclosure States Foreclosure Ranking (Sorted by Completed Foreclosures)
Table 3: Foreclosure Data for Select Large Core Based Statistical Areas (CBSAs) (Sorted by Completed Foreclosures)
Figure 1: Number of Mortgaged Homes per Completed ForeclosureJudicial Foreclosure States vs. Non-Judicial Foreclosure States (3-month moving average)
Figure 2: Foreclosure Inventory as of January 2013Judicial Foreclosure States vs. Non-Judicial Foreclosure States
Figure 3 - Foreclosure Inventory by State Map
The data in this report represent foreclosure activity reported through
This report separates state data into judicial vs. non-judicial foreclosure state categories. In judicial foreclosure states, lenders must provide evidence to the courts of delinquency in order to move a borrower into foreclosure. In non-judicial foreclosure states, lenders can issue notices of default directly to the borrower without court intervention. This is an important distinction since judicial states, as a rule, have longer foreclosure timelines, thus affecting foreclosure statistics.
A completed foreclosure occurs when a property is auctioned and results in the purchase of the home at auction by either a third party, such as an investor, or by the lender. If the home is purchased by the lender, it is moved into the lender's real estate owned (REO) inventory. In "foreclosure by advertisement" states, a redemption period begins after the auction and runs for a statutory period, e.g., six months. During that period, the borrower may regain the foreclosed home by paying all amounts due as calculated under the statute. For purposes of this Foreclosure Report, because so few homes are actually redeemed following an auction, it is assumed that the foreclosure process ends in "foreclosure by advertisement" states at the completion of the auction.