CoreLogic® Reports 57,000 Completed Foreclosures in September

        CoreLogic® Reports 57,000 Completed Foreclosures in September

- Homes Lost to Foreclosure Decline Year-Over-Year and Month-Over-Month -

PR Newswire

IRVINE, Calif., Oct. 31, 2012

IRVINE, Calif., Oct. 31, 2012 /PRNewswire/ --CoreLogic^® (NYSE: CLGX), a
leading provider of information, analytics and business services, today
released its National Foreclosure Report for September that provides monthly
data on completed U.S. foreclosures and the overall foreclosure inventory.
According to the report, there were 57,000 completed foreclosures in the U.S.
in September 2012, down from 83,000 in September 2011 and 59,000* in August
2012. Prior to the decline in the housing market in 2007, completed
foreclosures averaged 21,000 per month 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 3.9 million completed foreclosures across the country.

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Approximately 1.4 million homes, or 3.3 percent of all homes with a mortgage,
were in the national foreclosure inventory as of September 2012 compared to
1.5 million, or 3.5 percent, in September 2011. Month-over-month, the national
foreclosure inventory was down 1.1 percent 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."

"Homes lost to foreclosure in September 2012 are down 50 percent since the
peak month in September 2010 and 22 percent less than the beginning of the
year," said Mark Fleming, chief economist for CoreLogic. "While there is
significant progress to be made before returning to pre-crisis levels, the
trend is in the right direction as short sales, up 27 percent year over year
in August, continue to gain popularity." 

Highlights as of September 2012:

  oThe 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 percent of all completed foreclosures
    nationally.
  oThe 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).
  oThe five states with the highest foreclosure inventory as a percentage of
    all mortgaged homes were: Florida (11.5 percent), New Jersey (7.3
    percent), New York (5.3 percent), Illinois (5.2 percent) and Nevada (4.9
    percent).
  oThe five states with the lowest foreclosure inventory as a percentage of
    all mortgaged homes were: Wyoming (0.5 percent), Alaska (0.7 percent),
    North Dakota (0.7 percent), Nebraska (0.9 percent) and South Dakota (1.1
    percent).

*August 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 (Sorted by Completed
Foreclosures)

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

Table 3: Foreclosure Data for Select Large Core Based Statistical Areas
(CBSAs) (sorted by Completed Foreclosures)

Figure 1: Number of Mortgaged Homes per Completed Foreclosure
Judicial Foreclosure States vs. Non-Judicial Foreclosure States (3-month
moving average)

Figure 2: Foreclosure Inventory as of September 2012
Judicial Foreclosure States vs. Non-Judicial Foreclosure States

Figure 3: Foreclosure Inventory by State Map

Methodology
The data in this report represents foreclosure activity reported through
September 2012.

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, while 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
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republished or licensed to any other source, including publications and
sources owned by the primary recipient's parent company without prior written
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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
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logo must be included on screen or website. For questions, analysis or
interpretation of the data, contact Lori Guyton at lguyton@cvic.comor 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 residential property information,
analytics and services provider in the United States and Australia. Our
combined data from public, contributory and proprietary sources spans over 700
million records across 40 years including detailed property records, consumer
credit, tenancy, hazard risk and location information.The markets CoreLogic
serves include real estate and mortgage finance, insurance, capital markets,
transportation and government.We deliver value to our clients through unique
data, analytics, workflow technology, advisory and managed services.Our
clients rely on us 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
visitwww.corelogic.com.

CORELOGIC and the stylized CoreLogic logo are registered trademarks owned by
CoreLogic, Inc. and/or its subsidiaries. No trademark of CoreLogic shall be
used without the express written consent of CoreLogic.

SOURCE CoreLogic

Website: http://www.corelogic.com
Contact: For real estate industry and trade media: Bill Campbell,
+1-212-995-8057 or cell, +1-917-328-6539, bill@campbelllewis.com; For general
news media: Lori Guyton, +1-901-277-6066, lguyton@cvic.com
 
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