Foreclosures continue to decline
CoreLogic, an information and analytics provider, has reported 57,000 completed foreclosures in the United States in September 2012, down from 83,000 in September 2011 and 59,000 in August 2012.
Approximately 1.4 million homes, or 3.3% of all homes with a mortgage, were in the national foreclosure inventory as of September 2012 compared with 1.5 million, or 3.5%, in September 2011. Month-over-month, the national foreclosure inventory was down 1.1% from August 2012 to September 2012. The foreclosure inventory is the share of all mortgaged homes in any stage of the foreclosure process.
"The continuing downward trend in foreclosures, along with a gradual clearing of the shadow inventory, are signs of stabilization and improvement in the housing market," said Anand Nallathambi, president and CEO of CoreLogic. "Increasingly improving market conditions and industry and government policy are allowing distressed homeowners to pursue refinancing, loan modifications or short sales rather than foreclosures."
Completed foreclosures are an indication of the total number of homes actually lost to foreclosure. Since the financial crisis began in September 2008, there have been approximately 3.9 million completed foreclosures across the country.
Other highlights of the September 2012 CoreLogic report:
• The five states with the highest number of completed foreclosures for the 12 months ending in September 2012 were: California (108,000), Florida (92,000), Texas (59,000), Georgia (55,000) and Michigan (51,000). These five states account for 47.7% of all completed foreclosures nationally.
• The five states with the lowest number of completed foreclosures for the 12 months ending in September 2012 were: South Dakota (20), District of Columbia (58), Hawaii (436), North Dakota (583) and Maine (625).
• The five states with the highest foreclosure inventory as a percentage of all mortgaged homes were: Florida (11.5%), New Jersey (7.3%), New York (5.3%), Illinois (5.2%) and Nevada (4.9%).
• The five states with the lowest foreclosure inventory as a percentage of all mortgaged homes were: Wyoming (0.5%), Alaska (0.7%), North Dakota (0.7%), Nebraska (0.9%) and South Dakota (1.1%).
Scotts Miracle-Gro to expand Georgia facility
Scotts Miracle-Gro and the Butts County Development Authority have announced that the Ohio-based company is expanding its operations at its facility in Jackson, Ga.
The expansion will create as many as 10 addition jobs to the existing work force of about 75 associates. The total capital investment to the area by Scotts now totals $6 million.
“Jackson is an ideal location for one of our growing media facilities,” said Dave Swihart, Scotts senior VP global supply chain. “Local community leaders have been very supportive of our company, making the choice to expand in the area an easy decision.”
The company received incentives at the state level to help fund the enhancements to the facility. This expansion and job growth is made possible by productive public-private partnerships with both the Georgia Department of Economic Development and the Development Authority of Butts County.
Construction on the expanded facility began in October, with completion and full production set to begin in early 2013.
Toro and Yanmar form partnership
The Toro Co. has announced a partnership with Yanmar America Corp. Yanmar will provide diesel engines for select Toro commercial turf maintenance equipment. The Yanmar diesel engines will allow Toro to comply with the U.S. Environmental Protection Agency’s Tier 4 emissions regulations, which go into effect Jan. 1, 2013.
The first Toro products to feature Yanmar’s Tier 4 compliant diesel engine technology will be select commercial mowers over 25 horsepower.
Tier 4 is the strictest EPA emissions requirement for off-highway diesel engines. The regulations set specific limits on the amount of pollutants, specifically oxides of nitrogen and particulate matter, that can be released into the environment. The requirements are part of the federal Clean Air Act to reduce air pollution because of its potential hazards to human health and the environment. In May 2004, as part of its Clean Diesel Program, the EPA finalized a comprehensive rule to reduce emissions from non-road diesel engines. The rule consists of four tiers of emissions standards; Tier 4 is the final stage.
"We are pleased with our new partnership with Yanmar," said Darren Redetzke, VP for Toro’s Commercial Business. "Toro is confident that our customers will appreciate the state-of-the-art Yanmar diesel engine technology which has been developed to ensure both high quality performance and the cleanest emissions."