CoreLogic Reports 55,000 Completed Foreclosures in March
—Foreclosure Inventory Down 23 Percent Nationally Since March 2012—
IRVINE, Calif., April 30, 2013
IRVINE, Calif., April 30, 2013 /PRNewswire/ --CoreLogic^® (NYSE: CLGX), a
leading residential property information, analytics and services provider,
today released its March National Foreclosure Report which provides data on
completed U.S. foreclosures and the national foreclosure inventory. According
to CoreLogic, there were 55,000 completed foreclosures in the U.S. in March
2013, down from 66,000 in March 2012, a year-over-year decrease of 16 percent.
On a month-over-month basis, completed foreclosures rose from 52,000* in
February 2013 to the March level of 55,000, an increase of 6 percent.
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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 4.2 million completed foreclosures across
Approximately 1.1 million homes in the U.S. were in some stage of foreclosure,
known as the foreclosure inventory, as of March 2013 compared to 1.5 million
in March 2012, a year-over-year decrease of 23 percent. Month over month, the
foreclosure inventory was down 1.9 percent from February 2013 to March 2013.
The foreclosure inventory as of March 2013 represented 2.8 percent of all
homes with a mortgage compared to 3.5 percent in February 2013.
"In March, completed foreclosures were down 52 percent from the peak in 2010,
and almost all of the top 100 major metropolitan areas have declining
foreclosure rates," said Dr. Mark Fleming, chief economist for CoreLogic. "The
foreclosure rate nationally is down 23 percent relative to a year ago,
signaling continuedreduction in the stock of distressed assets."
"For 17 consecutive months, foreclosures have declined year over year across
the U.S," said Anand Nallathambi, president and CEO of CoreLogic. "Although we
still have more than a million homes in some stage of foreclosure, this trend,
combined with rising home prices, isanother signal of a gradually improving
Highlights as of March 2013:
oThe five states with the highest number of completed foreclosures for the
12 months ending in March 2013 were: Florida (103,000), California
(83,000), Michigan (70,000), Texas (53,000) and Georgia (48,000). 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 March 2013 were: South Dakota (81), District of
Columbia (101), Hawaii (421), North Dakota (487) and West Virginia (554).
oThe five states with the highest foreclosure inventory as a percentage of
all mortgaged homes were: Florida (9.7 percent), New Jersey (7.3 percent),
New York (5.0 percent), Maine (4.4 percent) and Illinois (4.4 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 Montana (0.9
*February 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
Table 2: Non-Judicial Foreclosure States Foreclosure Ranking (Ranked by
Table 3: Foreclosure Data for Select Large Core Based Statistical Areas
(CBSAs) (Ranked by Completed Foreclosures)
Figure 1: Number of Mortgaged Homes per Completed Foreclosure
Judicial Foreclosure States vs. Non-Judicial Foreclosure States (three-month
Figure 2: Foreclosure Inventory as of February 2013
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 March
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.
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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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