Since 2004 approximately 8 million homes have been lost to foreclosure, according to CoreLogic, a national mortgage data firm. Although the number of homeowners entering foreclosure has fallen dramatically since the height of the crisis, 434,000 homeowners remained in some stage of foreclosure in February.
Serious mortgage delinquency, a key indicator of future foreclosures still affects 1 million home loans, despite having dropped to a national average rate of 3.2 percent. In some states and metro areas, mortgage delinquencies are more than double that of the national average.
Florida, Mississippi, New Jersey, and New York are all states with serious mortgage delinquencies—90 days or more in arrears—of at least 5.0 percent or higher. Similarly, some of the nation’s largest metro areas—including Chicago, Las Vegas, Miami, and New York City—have serious delinquency rates ranging much higher than the national average or the cited states. In the Miami metro area alone, serious delinquency is 6.9 percent.