CoreLogic® Reports 58,000 Completed Foreclosures in October —The National Foreclosure Inventory Has Fallen 9 Percent Year-to-Date— PR Newswire IRVINE, Calif., Dec. 3, 2012 IRVINE, Calif., Dec. 3, 2012 /PRNewswire/ --CoreLogic^® (NYSE: CLGX), a leading provider of information, analytics and business services, today released its National Foreclosure Report for October that provides data on completed U.S. foreclosures and the overall foreclosure inventory. According to CoreLogic, there were 58,000 completed foreclosures in the U.S. in October 2012, down from 70,000 in October 2011representing a year-over-year decrease of 17 percent. On a month-over-month basis, completed foreclosures fell from 77,000* in September 2012 to the current 58,000, representing a decrease of 25 percent. As a basis of comparison, 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. To view the multimedia assets associated with this release, please click: http://multivu.prnewswire.com/mnr/corelogic/56992/ (Logo:http://photos.prnewswire.com/prnh/20121203/MM19815LOGO) Approximately 1.3 million homes, or 3.2 percent of all homes with a mortgage, were in the national foreclosure inventory as of October 2012 compared to 1.5 million, or 3.6 percent, in October 2011. Month-over-month, the national foreclosure inventory was down 1.3 percent from September 2012 to October 2012. The foreclosure inventory is the share of all mortgaged homes in any stage of the foreclosure process. "A lower foreclosure inventory is a good indicator of improving housing markets," said Anand Nallathambi, president and CEO of CoreLogic. "The downward trend in foreclosure inventories over the past year is yet another signal that a recovery in housing is gaining traction." "As a result of completed foreclosures and alternative disposition methods, the foreclosure inventory has declined by9 percent year-to-date. This is good news for housing markets as we look forward to 2013,"said Mark Fleming, chief economist for CoreLogic. Highlights as of October 2012: oThe five states with the highest number of completed foreclosures for the 12 months ending in October 2012 were: California (105,000), Florida (95,000), Michigan (68,000), Texas (59,000) and Georgia (54,000).These five states account for 49.0 percent of all completed foreclosures nationally. oThe five states with the lowest number of completed foreclosures for the 12 months ending in October 2012 were: South Dakota (19), District of Columbia (64), Hawaii (452), North Dakota (511) and Maine (643). oThe five states with the highest foreclosure inventory as a percentage of all mortgaged homes were: Florida (11.1 percent), New Jersey (7.7 percent), New York (5.3 percent), Illinois (5.0 percent) and Nevada (4.8 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 (0.8 percent) and South Dakota (1.0 percent). *September data was revised from 57,000 completed foreclosures to 77,000. Revisions are standard, and to ensure accuracy CoreLogic incorporates newly released data to provide updated results. The larger-than-usual revision to completed foreclosures is related to the annual online auction of delinquent tax properties in Wayne County, Mich. Excluding Wayne County completed foreclosures, there were 56,000 completed foreclosures in September. 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 ofOctober 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 October 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 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. 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 CoreLogic logo are trademarksof CoreLogic, Inc. and/or its subsidiaries. SOURCE CoreLogic Website: http://www.corelogic.com Contact: For real estate industry and trade media: Bill Campbell, firstname.lastname@example.org, +1-212-995-8057 (office), +1-917-328-6539 (mobile); For general news media: Lori Guyton, email@example.com, +1-901-277-6066
CoreLogic® Reports 58,000 Completed Foreclosures in October
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