IRVINE, Calif., July 8, 2014 /PRNewswire/
-- CoreLogic® (NYSE: CLGX), a leading global
property information, analytics and data-enabled services provider,
today released its May National Foreclosure Report, which provides
data on completed U.S. foreclosures and foreclosure inventory.
According to CoreLogic, for the month of May
2014, there were 47,000 completed foreclosures nationally,
down from 52,000 in May 2013, a year-over-year decrease of 9.4
percent. On a month-over-month basis, completed foreclosures were
up by 3.8 percent from the 45,000* reported in April 2014. As a
basis of comparison, before the decline in the housing market in
2007, completed foreclosures averaged 21,000 per month nationwide
between 2000 and 2006.
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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 5 million completed foreclosures across the
country.
As of May 2014, approximately
660,000 homes in the United States
were in some stage of foreclosure, known as the foreclosure
inventory, compared to 1 million in May
2013, a year-over-year decrease of 37 percent. The
foreclosure inventory as of May 2014
represented 1.7 percent of all homes with a mortgage, compared to
2.6 percent in May 2013. The
foreclosure inventory was down 4.8 percent from April 2014, representing 31 months of consecutive
year-over-year declines.
"Significant gains have been made in the last year to reduce the
foreclosure stock," said Mark
Fleming, chief economist for CoreLogic. "Yet, these
improvements are occurring disproportionately in non-judicial
states. The foreclosure inventory in judicial states is averaging
2.1 percent, which is more than twice the 0.9 percent average that
is occurring in non-judicial states."
"The pace of completed foreclosures slowed in May compared to
last month but I expect this to be a temporary respite," said
Anand Nallathambi, president and CEO
of CoreLogic. "There is still much more hard work to do to clear
the backlog of foreclosed properties. Although difficult, we need
to continue to aggressively clear distressed homes to ensure the
return of a healthy housing market."
Highlights as of May
2014:
- Every state posted double-digit year-over-year declines in
completed foreclosures.
- Thirty-eight states show declines in year-over-year foreclosure
inventory of greater than 30 percent with Arizona, Utah, Nebraska and Minnesota experiencing declines greater than
50 percent.
- The five states with the highest number of completed
foreclosures for the 12 months ending in May
2014 were: Florida
(122,000), Michigan (44,000),
Texas (39,000), California (34,000) and Georgia (32,000).These five states account for
almost half of all completed foreclosures nationally.
- The five states (including the District of Columbia) with the lowest number
of completed foreclosures for the 12 months ending in May 2014 were: the District of Columbia (71), North Dakota (334), West Virginia (515), Wyoming (710) and Alaska (856).
- The five states with the highest foreclosure inventory as a
percentage of all mortgaged homes were: New Jersey (5.8 percent), Florida (5.2 percent), New York (4.3 percent), Hawaii (3.1 percent) and Maine (2.8 percent).
- The five states with the lowest foreclosure inventory as a
percentage of all mortgaged homes were: Alaska (0.3 percent), Nebraska (0.4 percent), North Dakota (0.4 percent), Wyoming (0.4 percent) and Minnesota (0.5 percent).
*April data was revised. Revisions are standard, and to ensure
accuracy, CoreLogic incorporates newly released data to provide
updated results.
Judicial Foreclosure States Foreclosure Ranking (Ranked by
Completed Foreclosures):
Non-Judicial Foreclosure States Foreclosure Ranking (Ranked
by Completed Foreclosures):
Foreclosure Data for the Largest 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
Figure 2: Foreclosure Inventory as of May 2014
Judicial Foreclosure States vs. Non-Judicial Foreclosure
States
Figure 3: Foreclosure Inventory by State Map
For ongoing housing trends and data, visit the CoreLogic
Insights Blog: http://www.corelogic.com/blog.
Methodology
The data in this report represents foreclosure activity reported
through May 2014.
This report separates state data into judicial versus
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
lguyton@cvic.com or 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
global property information, analytics and data-enabled services
provider. 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, and the public sector. 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 North
America, Western Europe and
Asia Pacific. For more
information, please visit www.corelogic.com.
CORELOGIC and the CoreLogic logo are trademarks of CoreLogic,
Inc. and/or its subsidiaries.
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SOURCE CoreLogic