CoreLogic Logo

CoreLogic Reports 49,000 Completed Foreclosures in July

—Foreclosure inventory down 32 percent nationally from one year ago—

IRVINE, Calif., August 29, 2013 /PRNewswire/ — CoreLogic® (NYSE: CLGX), a leading residential property information, analytics and services provider, today released its July National Foreclosure Report which provides data on completed U.S. foreclosures and the national foreclosure inventory. According to CoreLogic, there were 49,000 completed foreclosures in the U.S. in July 2013, down from 65,000 in July 2012, a year-over-year decrease of 25 percent. On a month-over-month basis, completed foreclosures decreased 8.6 percent from the 53,000* reported in June.

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. 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 4.5 million completed foreclosures across the country.

As of July 2013, approximately 949,000 homes in the U.S. were in some stage of foreclosure, known as the foreclosure inventory, compared to 1.4 million in July 2012, a year-over-year decrease of 32 percent. Month over month, the foreclosure inventory was down 4.4 percent from June 2013 to July 2013. The foreclosure inventory as of July 2013 represented 2.4 percent of all homes with a mortgage compared to 3.4 percent in July 2012.

“As the housing market continues to recover, the foreclosure inventory is declining quickly, down by 32 percent from a year ago,” said Mark Fleming, chief economist for CoreLogic. “Continued strength in the housing market will contribute to our outlook for ongoing improvement in the stock of distressed assets through the end of this year.”

“Completed foreclosures and delinquency rates continued their rapid descent in July. Every state posted a year-over-year decline in foreclosures and serious delinquencies fell to the lowest level since December 2008,” said Anand Nallathambi, president and CEO of CoreLogic. “Not surprisingly, non-judicial states have come the farthest the fastest in reducing shadow inventory and lowering delinquency rates.”

Highlights as of July 2013:

*June data was revised. Revisions are standard, and to ensure accuracy, CoreLogic incorporates newly released data to provide updated results.

Table 1: Judicial Foreclosure States Foreclosure Ranking (Ranked by Completed Foreclosures

Table 2: Non-Judicial Foreclosure States Foreclosure Ranking (Ranked by Completed Foreclosures)

Table 3: Foreclosure Data for the Largest Core Based
Statistical Areas (CBSAs) (Ranked by Completed Foreclosures)

Figure 1: Number of Mortgaged Homes per Completed Foreclosure

Figure 2: Foreclosure Inventory as of July 2013

Figure 3 (is a map): Foreclosure Inventory by State Map

Methodology
The data in this report represents foreclosure activity reported through July 2013.

This report separates state data into judicial vs. 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.

Source: CoreLogic
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 lguyton@cvic.com or Bill Campbell at bill@campbelllewis.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.

About CoreLogic
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.

CORELOGIC and the CoreLogic logo are trademarks of CoreLogic, Inc. and/or its subsidiaries.

For real estate industry and trade media:
Bill Campbell
bill@campbelllewis.com
(212) 995.8057

For general news media:
Lori Guyton
lguyton@cvic.com
(901) 277.6066

###

Photo Gallery

Table 1: Judicial Foreclosure States Foreclosure Ranking (Ranked by Completed Foreclosures
Table 1: Judicial Foreclosure States Foreclosure Ranking (Ranked by Completed Foreclosures
Table 2: Non-Judicial Foreclosure States Foreclosure Ranking (Ranked by Completed Foreclosures)
Table 2: Non-Judicial Foreclosure States Foreclosure Ranking (Ranked by Completed Foreclosures)
Table 3: Foreclosure Data for the Largest Core Based Statistical Areas (CBSAs) (Ranked by Completed Foreclosures)
Table 3: Foreclosure Data for the Largest Core Based Statistical Areas (CBSAs) (Ranked by Completed Foreclosures)
Figure 1: Number of Mortgaged Homes per Completed Foreclosure
Figure 1: Number of Mortgaged Homes per Completed Foreclosure
Figure 2: Foreclosure Inventory as of July 2013
Figure 2: Foreclosure Inventory as of July 2013
Figure 3: Foreclosure Inventory by State Map
Figure 3: Foreclosure Inventory by State Map

Related Link