CoreLogic Reports 61,000 Completed Foreclosures in January

          CoreLogic Reports 61,000 Completed Foreclosures in January

- The Foreclosure Inventory Has Fallen Year Over Year for 15 Consecutive
Months -

PR Newswire

IRVINE, Calif., Feb. 28, 2013

IRVINE, Calif., Feb. 28, 2013 /PRNewswire/ -- CoreLogic^® (NYSE: CLGX), a
leading residential property information, analytics and services provider,
today released its National Foreclosure Report, which provides data on
completed U.S. foreclosures and the overall foreclosure inventory. According
to CoreLogic, there were 61,000 completed foreclosures in the U.S. in January
2013, down from 75,000 in January 2012, a year-over-year decrease of 17.8
percent. On a month-over-month basis, completed foreclosures rose from 56,000*
in December 2012 to the January level of 61,000, an increase of 10.5 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 4.2 million completed foreclosures across the country.

To view the multimedia assets associated with this release, please visit:


Approximately 1.2 million homes were in some stage of foreclosure in the U.S.,
known as the foreclosure inventory, as of January 2013 compared to 1.5 million
in January 2012, a 21 percent year-over-year decrease. This was the 15^th
consecutive month with a year-over-year decline. Month over month, the
foreclosure inventory was down 3.3 percent from December 2012 to January 2013.
The foreclosure inventory as of January 2013 represented 2.9 percent of all
homes with a mortgage compared to 3.5 percent in January 2012.

"The backlog of distressed assets continues to fade as the foreclosure
inventory has fallen to a level not seen since mid-2009, with less than 3
percent of all mortgages in foreclosure," said Mark Fleming, chief economist
for CoreLogic. "The improvement is widespread as only six states and 13 of the
largest 100 metro areas had an increase in the foreclosure rate year over

"We still have over a million homes in some stage of foreclosure which is too
high, but the continuing downward trend in completed foreclosures is a very
positive signal that there is a light at the end of the tunnel," said Anand
Nallathambi, president and CEO of CoreLogic. "We expect this trend will
continue in 2013 as the housing market stabilizes and purchase activity picks

Highlights as of January 2013:

  oThe five states with the highest number of completed foreclosures for the
    12 months ending in January 2013 were: California (96,000), Florida
    (95,000), Michigan (74,000), Texas (59,000) and Georgia (50,000). These
    five states account for almost half of all completed foreclosures
  oThe five states with the lowest number of completed foreclosures for the
    12 months ending in January 2013 were: District of Columbia (96), Hawaii
    (458), North Dakota (508), Maine (538) and West Virginia (602).
  oThe five states with the highest foreclosure inventory as a percentage of
    all mortgaged homes were: Florida (10.0 percent), New Jersey (7.2
    percent), New York (5.1 percent), Nevada (4.7 percent) and Illinois (4.6
  oThe five states with the lowest foreclosure inventory as a percentage of
    all mortgaged homes were: Wyoming (0.4 percent), Alaska (0.6 percent),
    North Dakota (0.7 percent), Nebraska (0.8 percent) and Colorado (0.9

*December 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

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 January 2013
Judicial Foreclosure States vs. Non-Judicial Foreclosure States

Figure 3 - Foreclosure Inventory by State Map

The data in this report represent foreclosure activity reported through
January 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 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

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

SOURCE CoreLogic

Contact: For real estate industry and trade media: Bill Campbell,, +1-212-995-8057; For general news media: Lori Guyton,, +1-901-277-6066
Press spacebar to pause and continue. Press esc to stop.