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-- Foreclosure inventory down 31 percent nationally from one year ago --
IRVINE, Calif., Dec. 9, 2013 /PRNewswire/ -- CoreLogic® (NYSE: CLGX), a leading residential property information, analytics and services provider, today released its October National Foreclosure Report which provides data on completed U.S. foreclosures and the national foreclosure inventory. According to CoreLogic, there were 48,000 completed foreclosures in the U.S. in October 2013, down from 68,000 in October 2012, a year-over-year decrease of 30 percent. On a month-over-month basis, completed foreclosures decreased 25.6 percent, from 64,000* reported in September.
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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 4.6 million completed foreclosures across the country. As a basis of comparison, prior to the decline in the housing market in 2007, completed foreclosures averaged 21,000 per month nationwide between 2000 and 2006.
As of October 2013, approximately 879,000 homes in the U.S. were in some stage of foreclosure, known as the foreclosure inventory, compared to 1.3 million in October 2012, a year-over-year decrease of 31 percent. The foreclosure inventory as of October 2013 represented 2.2 percent of all homes with a mortgage compared to 3.1 percent in October 2012. The foreclosure inventory was down 2.9 percent from September 2013 to October 2013.
"Year over year, the foreclosure inventory, as a percentage of all homes with a mortgage, has declined almost a full percentage point to 2.2 percent," said Mark Fleming, chief economist for CoreLogic. "This is good news for the housing and mortgage finance markets, but the rate remains elevated relative to the pre-crisis level of about 0.6 percent. There are almost 900,000 properties still in foreclosure, but a normal level would be only a quarter of the current stock."
"The scourge of an elevated foreclosure inventory is easing. In October, every state posted a year-over-year decline in completed foreclosures, which is positive news," said Anand Nallathambi, president and CEO of CoreLogic. "Additionally, the rate of serious delinquencies, which fell more than 25 percent year over year, is at the lowest level in nearly five years, which is great news as we head into a new year."
Highlights as of October 2013:
*September data was revised. Revisions are standard, and to ensure accuracy, CoreLogic incorporates newly released data to provide updated results.
Source: CoreLogic October 2013
Judicial Foreclosure States Foreclosure Ranking (Ranked by Completed Foreclosures)
Non-Judicial Foreclosure States Foreclosure Ranking (Ranked by Completed Foreclosures)
Foreclosure Data for the Largest Core Based Statistical Areas (CBSAs) (Ranked by Completed Foreclosures)
Figure 1 – Number of Mortgaged Homes per Completed Foreclosure
Judicial Foreclosure States vs. Non-Judicial Foreclosure
Figure 2 – Foreclosure Inventory as of October 2013
Judicial Foreclosure States vs. Non-Judicial Foreclosure States
Figure 3 – Foreclosure Inventory by State
The data in this report represents foreclosure activity reported through October 2013.
This report separates state data into judicial versus non-judicial foreclosure state categories. In judicial foreclosure states, lenders must provide evidence to the courts of delinquency in order to move a borrower into foreclosure. In non-judicial foreclosure states, lenders can issue notices of default directly to the borrower without court intervention. This is an important distinction since judicial states, as a rule, have longer foreclosure timelines, thus affecting foreclosure statistics.
A completed foreclosure occurs when a property is auctioned and results in the purchase of the home at auction by either a third party, such as an investor, or by the lender. If the home is purchased by the lender, it is moved into the lender's real estate owned (REO) inventory. In "foreclosure by advertisement" states, a redemption period begins after the auction and runs for a statutory period, e.g., six months. During that period, the borrower may regain the foreclosed home by paying all amounts due as calculated under the statute. For purposes of this Foreclosure Report, because so few homes are actually redeemed following an auction, it is assumed that the foreclosure process ends in "foreclosure by advertisement" states at the completion of the auction.
The foreclosure inventory represents the number and share of mortgaged homes that have been placed into the process of foreclosure by the mortgage servicer. Mortgage servicers start the foreclosure process when the mortgage reaches a specific level of serious delinquency as dictated by the investor for the mortgage loan. Once a foreclosure is "started," and absent the borrower paying all amounts necessary to halt the foreclosure, the home remains in foreclosure until the completed foreclosure results in the sale to a third party at auction or the home enters the lender's REO inventory. The data in this report accounts for only first liens against a property and does not include secondary liens. The foreclosure inventory is measured only against homes that have an outstanding mortgage. Homes with no mortgage liens can never be in foreclosure and are, therefore, excluded from the analysis. Approximately one-third of homes nationally are owned outright and do not have a mortgage. CoreLogic has approximately 85 percent coverage of U.S. foreclosure data.
The data provided is for use only by the primary recipient or the primary recipient's publication or broadcast. This data may not be re-sold, republished or licensed to any other source, including publications and sources owned by the primary recipient's parent company without prior written permission from CoreLogic. Any CoreLogic data used for publication or broadcast, in whole or in part, must be sourced as coming from CoreLogic, a data and analytics company. For use with broadcast or web content, the citation must directly accompany first reference of the data. If the data is illustrated with maps, charts, graphs or other visual elements, the CoreLogic logo must be included on screen or website. For questions, analysis or interpretation of the data, contact Lori Guyton at firstname.lastname@example.org or Bill Campbell at email@example.com. Data provided may not be modified without the prior written permission of CoreLogic. Do not use the data in any unlawful manner. This data is compiled from public records, contributory databases and proprietary analytics, and its accuracy is dependent upon these sources.
CoreLogic (NYSE: CLGX) is a leading property information, analytics and services provider in the United States and Australia. The company's combined data from public, contributory and proprietary sources includes over 3.3 billion records spanning more than 40 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, transportation and government. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in seven countries. For more information, please visit www.corelogic.com.
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