Economists' Outlook

Housing stats and analysis from NAR's research experts.

Foreclosure Rate by States (Two Year Change)

The steady improvement in house prices and employment coupled with the 2013 refinance boom had a significant impact on foreclosures nationally. Across the country, the foreclosure rate fell dramatically. As depicted below, no state has seen an increase in its foreclosure rate over the 8-quarter period ending in the first quarter of 2014.

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However, some states fared better than others. Florida, California, Arizona and Nevada all experienced significant declines following the bust of the sub-prime market and sharp declines in employment. However, Arizona and California experienced the sharpest declines in their foreclosure rate, respectively. By contrast, the improvements in Florida and Nevada were not as strong.

What’s more so, New York, New Jersey, Maine, Connecticut and Illinois have also experienced stubbornly slow improvement form high levels of foreclosure. The common thread among these states is that they all have judicial process for foreclosures or a process that has moved closer in that direction. While the judicial process can shelter the consumer with important protections, it can also slow or stall market clearing.

Where does your state stand? For more information on recent trends in your state, see the Local Market Reports for the first quarter of 2014.

Notice: The information on this page may not be current. The archive is a collection of content previously published on one or more NAR web properties. Archive pages are not updated and may no longer be accurate. Users must independently verify the accuracy and currency of the information found here. The National Association of REALTORS® disclaims all liability for any loss or injury resulting from the use of the information or data found on this page.

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