IRVINE, Calif., April 14, 2015 /PRNewswire/
-- CoreLogic® (NYSE: CLGX), a leading global
property information, analytics and data-enabled services provider,
today released its February 2015 National Foreclosure Report which
shows that the foreclosure inventory declined by 27.3 percent and
completed foreclosures declined by 15.7 percent from February 2014. According to CoreLogic data, there
were 39,000 completed foreclosures nationwide in February 2015, down from 46,000 in February 2014 and representing a decrease of 67
percent from the peak of completed foreclosures in September 2010.
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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 5.6 million completed foreclosures across the
country, and since homeownership rates peaked in the second quarter
of 2004, there have been approximately 7.7 million homes lost to
foreclosure.
CoreLogic also reports the number of mortgages in serious
delinquency declined by 19.3 percent from February 2014 to February
2015 with 1.5 million mortgages, or 4 percent, in serious
delinquency (defined as 90 days or more past due, including those
loans in foreclosure or REO). This is the lowest delinquency rate
since June 2008. On a
month-over-month basis, the number of seriously delinquent
mortgages declined by 1.1 percent.
As of February 2015 the national
foreclosure inventory included approximately 553,000 homes compared
to 761,000 homes in February 2014.
The foreclosure inventory as of February
2015 represented 1.4 percent of all homes with a mortgage,
compared to 1.9 percent in February
2014.
"The number of homes in foreclosure proceedings fell by 27
percent from a year ago and stands at about one-third of what it
was at the trough of the housing cycle," said Frank Nothaft, chief economist at CoreLogic.
"While the drop in the share of mortgages in foreclosure to 1.4
percent is a welcome sign of continued recovery in the housing
market, the share remains more than double the 0.6 percent average
foreclosure rate that we saw during 2000-2004."
"The foreclosure inventory dropped year-over-year in all but two
states," said Anand Nallathambi,
president and CEO of CoreLogic. "The foreclosure rates
in judicial foreclosure states are beginning to pick up and
remain higher than in non-judicial states. What's encouraging is
that fewer Americans are seriously delinquent in paying their
mortgages which in turn is reducing the foreclosure inventory
across the country as a whole."
Additional highlights as of February 2015:
- On a month-over-month basis, completed foreclosures were down
11.6 percent from the 44,000* reported in January 2015. 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.
- The five states with the highest number of completed
foreclosures for the 12 months ending in February 2015 were: Florida (110,000), Michigan (50,000), Texas (34,000), California (30,000) and Georgia (28,000). These five states accounted
for almost half of all completed foreclosures nationally.
- Four states and the District of Columbia had the lowest
number of completed foreclosures for the 12 months ending in
February 2015: South Dakota (15), the District of Columbia (83), North Dakota (334), West Virginia (506) and Wyoming (526).
- On a month-over-month basis, the foreclosure inventory was down
by 1.4 percent from January 2015. The
February 2015 foreclosure rate of 1.4
percent is back to March 2008
levels.
- Four states and the District of Columbia had the highest
foreclosure inventory as a percentage of all mortgaged homes:
New Jersey (5.3 percent),
New York (4.0 percent),
Florida (3.4 percent),
Hawaii (2.8 percent) and the
District of Columbia (2.6
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 (0.5 percent), Montana (0.5 percent) and Minnesota (0.5 percent).
*January 2015 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
Figure 2 -- Foreclosure Inventory as of February 2015
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 February 2015.
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