IRVINE, Calif., Aug. 27, 2014 /PRNewswire/
-- CoreLogic® (NYSE: CLGX), a leading global
property information, analytics and data-enabled services provider,
today released its July National Foreclosure Report, which provides
data on completed U.S. foreclosures and foreclosure inventory.
According to CoreLogic, for the month of July 2014, there were 45,000 completed
foreclosures nationally, down from 57,000 in July 2013, a year-over-year decrease of 21.2
percent. On a month-over-month basis, completed foreclosures were
down by 8.5 percent from the 49,000* reported in June 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 5.1 million completed foreclosures across the
country.
As of July 2014, approximately
640,000 homes in the United States
were in some stage of foreclosure, known as the foreclosure
inventory, compared to 976,000 in July
2013, a year-over-year decrease of 34.4 percent. The
foreclosure inventory as of July 2014
made up 1.6 percent of all homes with a mortgage, compared to 2.4
percent in July 2013. The foreclosure
inventory was down 3.3 percent from June
2014, representing 33 months of consecutive year-over-year
declines.
"The stock of distressed debt continues to rapidly decline,
especially in western states," said Sam
Khater, deputy chief economist at CoreLogic. "The number of
seriously delinquent loans fell by more than 25 percent from the
prior year in 10 states and seven of those states were in the
west."
"Based on current trends, the overall foreclosure inventory
could trend down to as low as 500,000 homes by year end which is
very positive news for the housing market. The picture is
considerably brighter in the non-judicial states which maintain
consistently lower foreclosure stocks and, in general, lower levels
of serious delinquency," said Anand
Nallathambi, president and CEO of CoreLogic. "In total,
there are now 36 states with an inventory of foreclosed homes lower
than the national rate of 1.7 percent."
Highlights as of July
2014:
- July represents 18 consecutive months of at least a 20-percent
year-over-year decline in the national inventory of foreclosed
homes.
- All but two state posted double-digit declines in foreclosures
year over year. The District of
Columbia saw a 6.3 percent decline and the state of
Wyoming saw a 14.6-percent
increase in foreclosures year over year.
- Thirty-one states show declines in year-over-year foreclosure
inventory of greater than 30 percent, with Arizona and Utah experiencing declines at 49 percent
each.
- The five states with the highest number of completed
foreclosures for the 12 months ending in July 2014 were: Florida (120,000), Michigan (44,000), Texas (38,000), California (32,000) and Georgia (31,000).These five states account for
almost half of all completed foreclosures nationally.
- The four states and the District of
Columbia with the lowest number of completed foreclosures
for the 12 months ending in July 2014
were: South Dakota (73), the
District of Columbia (110),
North Dakota (307), West Virginia (498) and Wyoming (677).
- The five states with the highest foreclosure inventory as a
percentage of all mortgaged homes were: New Jersey (5.7 percent), Florida (4.8 percent), New York (4.3 percent), Hawaii (3.0 percent) and Maine (2.7 percent).
- The five states with the lowest foreclosure inventory as a
percentage of all mortgaged homes were: Nebraska (0.4 percent), Alaska (0.4 percent), Arizona (0.5 percent), Minnesota (0.5 percent) and North Dakota (0.5 percent).
*June data was revised. Revisions are standard, and to ensure
accuracy, CoreLogic incorporates newly released data to provide
updated results.
Judicial Foreclosure States Ranking (Ranked by Completed
Foreclosures):
Non-Judicial Foreclosure States 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 July 2014
Judicial Foreclosure States vs. Non-Judicial Foreclosure States
Figure 3 – Foreclosure Inventory by State
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 July 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 3.5 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