Foreclosure Inventory by State
Take a look at the CoreLogic map, the darker the color, the more foreclosures they have. As you can see we are doing really well in Colorado.
A majority of the foreclosure inventory are in the states in the Northeast. and they will have some challenges still to go through over the next 12 months.
That’s because of their judicial process, they had to put all their foreclosures through a court procedure and that slowed everything down.
So some of their distressed properties are still on the market and are still coming to the market, so they’re still going to have another year to get through that.
We could take a look at Florida, which I’m not as concerned about. There are pockets in Florida that are having a challenge. And the state of Florida already knows how to handle those challenges so they’ll get through those foreclosures rather well.
The only reason the state of Nevada is still that deep color is the fact that there they passed a law about 18 months ago that was very, very restrictive as to how you could foreclose on people and they’re in the process now of making it a bit easier to process.
Once that takes place you’ll see that state start to soften in color. They’ll get through their distresses properties especially since there are people sitting and waiting to buy them once they’re released. So Nevada will be good to go soon enough.