Here is a graph for CoreLogic showing judicial vs non-judical states. What that means is there are some states you have to go through a judicial process, a court process, to foreclose on a house. In some states it’s much easier. The blue line represents the states where it’s easier, so their percentage of houses in foreclosure inventory is actually less than it was on the judicial states. Why is that? Because they already cleared a bunch of it. Because it is less difficult to do, they did more. In the states where it became more difficult to foreclose on a home, more foreclosures got tied up in the court system. They are about to be released. – Courtesy of KCM Crew
Michele Herndon
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