CoreLogic® Reports 55,000 Completed Foreclosures in November

         CoreLogic® Reports 55,000 Completed Foreclosures in November

- - The National Foreclosure Inventory Has Fallen 18 Percent From One Year Ago
- -

PR Newswire

IRVINE, Calif., Jan. 3, 2013

IRVINE, Calif., Jan. 3, 2013 /PRNewswire/ -- CoreLogic^® (NYSE: CLGX), a
leading provider of information, analytics and business services, today
released its National Foreclosure Report, which provides data on completed
U.S. foreclosures and the overall foreclosure inventory. According to
CoreLogic, there were 55,000 completed foreclosures in the U.S. in November
2012, down from 72,000 in November 2011, a year-over-year decrease of 23
percent. On a month-over-month basis, completed foreclosures fell from 59,000*
in October 2012 to the current 55,000, a decrease of 6 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 4.0 million completed foreclosures across the country.

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Approximately 1.2 million homes, or 3.0 percent of all homes with a mortgage,
were in the national foreclosure inventory as of November 2012 compared to 1.5
million, or 3.5 percent, in November 2011. Month-over-month, the national
foreclosure inventory was down 3.5 percent from October 2012 to November 2012.
Year-over-year, the foreclosure inventory was down 18 percent. The
foreclosure inventory is the share of all mortgaged homes in any stage of the
foreclosure process.

"The continued fall in completed foreclosures is a positive supply-side
contribution in many regions of the U.S.," said Anand Nallathambi, president
and CEO of CoreLogic. "We still have a long way to go to return to historic
norms, but this trend is firmly in the right direction."

"The pace of completed foreclosures has significantly improved over a year ago
as short sales gain popularity as a disposition method. Additionally, the
inventory of foreclosed properties continues to decline while the housing
market demonstrates an ongoing ability to absorb the distressed sales that
result from completed foreclosures," said Mark Fleming, chief economist for

Highlights as of November 2012:

  oThe five states with the highest number of completed foreclosures for the
    12 months ending in November 2012 were: California (102,000), Florida
    (94,000), Michigan (75,000), Texas (58,000) and Georgia (52,000).These
    five states account for 50 percent of all completed foreclosures
  oThe five states with the lowest number of completed foreclosures for the
    12 months ending in November 2012 were: South Dakota (10), District of
    Columbia (62), Hawaii (415), North Dakota (491) and Maine (597).
  oThe five states with the highest foreclosure inventory as a percentage of
    all mortgaged homes were: Florida (10.4 percent), New Jersey (7.3
    percent), New York (5.1 percent), Nevada (4.7 percent) and Illinois (4.7
  oThe five states with the lowest foreclosure inventory as a percentage of
    all mortgaged homes were: Wyoming (0.4 percent), Alaska (0.7 percent),
    North Dakota (0.7 percent), Nebraska (0.8 percent) and South Dakota (1.0

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

Judicial Foreclosure States Foreclosure Ranking (Sorted by Completed

Non-Judicial Foreclosure States Foreclosure Ranking (Sorted by Completed

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 November 2012
Judicial Foreclosure States vs. Non-Judicial Foreclosure States

Figure 3 – Foreclosure Inventory by State Map

The data in this report represents foreclosure activity reported through
November 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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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 or Bill
Campbell at 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

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Contact: For real estate industry and trade media: Bill Campbell,, +1-212-995-8057 (office), +1-917-328-6539 (mobile);
For general news media: Lori Guyton,, +1-901-277-6066
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