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CoreLogic Reports 57,000 Completed Foreclosures in September - October 31, 2012

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CoreLogic Reports 57,000 Completed Foreclosures in September - October 31, 2012 Powered By Docstoc
					                                                          FOR IMMEDIATE RELEASE
                                                                               October 31, 2012


                                                                     Contact Information Below

               CoreLogic® Reports 57,000 Completed Foreclosures in September

     —Homes Lost to Foreclosure Decline Year-Over-Year and Month-Over-Month—

IRVINE, Calif., October 31, 2012—CoreLogic® (NYSE: CLGX), a leading provider of
information, analytics and business services, today released its National Foreclosure Report
for September that provides monthly data on completed U.S. foreclosures and the overall
foreclosure inventory. According to the report, there were 57,000 completed foreclosures in
the U.S. in September 2012, down from 83,000 in September 2011 and 59,000* in August
2012. 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 3.9 million completed foreclosures across
the country.


Approximately 1.4 million homes, or 3.3 percent of all homes with a mortgage, were in the
national foreclosure inventory as of September 2012 compared to 1.5 million, or 3.5 percent,
in September 2011. Month-over-month, the national foreclosure inventory was down 1.1
percent from August 2012 to September 2012. The foreclosure inventory is the share of all
mortgaged homes in any stage of the foreclosure process.


“The continuing downward trend in foreclosures along with a gradual clearing of the shadow
inventory are signs of stabilization and improvement in the housing market,” said Anand
Nallathambi, president and CEO of CoreLogic. “Increasingly improving market conditions and
industry and government policy are allowing distressed homeowners to pursue refinancing, loan
modifications or short sales rather than foreclosures.”


“Homes lost to foreclosure in September 2012 are down 50 percent since the peak month in
September 2010 and 22 percent less than the beginning of the year,” said Mark Fleming,
chief economist for CoreLogic. “While there is significant progress to be made before
                                                             FOR IMMEDIATE RELEASE
                                                                                   October 31, 2012


returning to pre-crisis levels, the trend is in the right direction as short sales, up 27 percent
year over year in August, continue to gain popularity.”
Highlights as of September 2012:
     • The five states with the highest number of completed foreclosures for the 12 months
       ending in September 2012 were: California (108,000), Florida (92,000), Texas
       (59,000), Georgia (55,000) and Michigan (51,000). These five states account for 47.7
       percent of all completed foreclosures nationally.
     • The five states with the lowest number of completed foreclosures for the 12 months
       ending in September 2012 were: South Dakota (20), District of Columbia (58), Hawaii
       (436), North Dakota (583) and Maine (625).
     • The five states with the highest foreclosure inventory as a percentage of all
       mortgaged homes were: Florida (11.5 percent), New Jersey (7.3 percent), New York
       (5.3 percent), Illinois (5.2 percent) and Nevada (4.9 percent).
     • The 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 South Dakota (1.1 percent).

*August data was revised. Revisions are standard, and to ensure accuracy CoreLogic
incorporates newly released data to provide updated results.
                                                              FOR IMMEDIATE RELEASE
                                                                                     October 31, 2012


Judicial Foreclosure States Foreclosure Ranking (Sorted by Completed Foreclosures):

                                                              September-2012


                                                                       Completed
       Judicial States                                                                  Number of Mortgages
                                                    Foreclosure       Foreclosures
                                                                                           per Completed
                                   Foreclosure     Inventory Pct.      (12 months
                                                                                        Foreclosure (12 month
                                    Inventory    Point Change from       ending
                                                                                             sum ending
                                                     a Year Ago        September
                                                                                          September 2012)
                                                                          2012)

National                             3.3%             -0.2%            763,589                  54
FL                                  11.5%             -0.9%             92,401                  32
IL                                   5.2%             -0.2%             27,769                  67
OH                                   3.4%             -0.1%             26,119                  55
IN                                   3.3%             -0.3%             17,120                  50
PA                                   3.2%             0.6%              11,993                  120
SC                                   3.5%             -0.2%             10,940                  57
OK                                   2.8%             0.3%               9,788                  39
LA                                   2.4%             -0.1%              8,943                  50
MA                                   2.1%             0.2%               7,851                  109
NY                                   5.3%             0.9%               4,713                  401
CT                                   4.5%             0.5%               3,437                  140
MD                                   4.5%             1.6%               3,400                  294
IA                                   2.1%             -0.1%              3,380                  104
NJ                                   7.3%             0.9%               2,942                  417
KS                                   1.6%             -0.1%              2,881                  107
KY                                   2.6%             -0.1%              2,300                  188
DE                                   2.8%             -0.4%              2,251                  69
NM                                   3.4%             0.2%               2,225                  114
NE                                   0.9%             -0.2%              2,145                  106
ME                                   4.5%             0.3%                625                   237
ND                                   0.7%             -0.1%               583                   95
HI                                   4.4%             0.7%                436                   392
SD                                   1.1%             -0.3%               N/A                   N/A
VT                                   2.6%             0.3%                N/A                   N/A
Source: CoreLogic September 2012
                                                              FOR IMMEDIATE RELEASE
                                                                                    October 31, 2012


Non-Judicial Foreclosure States Foreclosure Ranking (sorted by Completed Foreclosures):

                                                              September-2012


                                                                      Completed
                                                                                      Number of Mortgages
     Non-Judicial States                            Foreclosure      Foreclosures
                                                                                          per Completed
                                   Foreclosure     Inventory Pct.     (12 months
                                                                                      Foreclosure (12 month
                                    Inventory    Point Change from      ending
                                                                                           sum ending
                                                     a Year Ago       September
                                                                                        September 2012)
                                                                         2012)

National                             3.3%             -0.2%           763,589                  54
CA                                   2.0%             -0.7%           107,628                  50
TX                                   1.3%             -0.3%            58,690                  50
GA                                   2.1%             -0.6%            54,778                  27
MI                                   1.6%             -0.7%            50,574                  27
AZ                                   1.8%             -1.3%            43,571                  24
NC                                   2.4%             -0.2%            27,584                  48
TN                                   1.6%             -0.5%            24,039                  31
NV                                   4.9%             -1.6%            19,039                  24
MO                                   1.2%             -0.3%            18,617                  42
CO                                   1.3%             -0.4%            16,864                  55
MN                                   1.4%             -0.5%            14,561                  60
WA                                   2.4%             0.7%             13,575                  85
VA                                   1.3%             -0.2%            13,371                  95
WI                                   1.9%             -0.4%            12,752                  60
OR                                   3.2%             0.2%              9,629                  64
AR                                   1.6%             0.2%              6,796                  43
AL                                   1.4%             -0.1%             6,196                  88
UT                                   1.4%             -0.3%             6,183                  69
ID                                   2.5%             0.2%              4,791                  49
NH                                   1.5%             -0.2%             2,786                  68
RI                                   3.2%             -0.1%             2,007                  65
MT                                   1.2%             -0.2%             1,610                  80
MS                                   2.2%             -0.4%             1,216                 191
AK                                   0.7%             -0.1%              929                   89
WY                                   0.5%             -0.3%              782                   91
WV                                   1.4%             -0.3%              704                  175
DC                                   2.4%             0.0%                58                 1618
Source: CoreLogic September 2012
                                                             FOR IMMEDIATE RELEASE
                                                                                    October 31, 2012


Foreclosure Data for Select Large Core Based Statistical Areas (CBSAs) (sorted by Completed
Foreclosures):

                                                                 September-2012

                                                                      Completed         Number of
                   CBSA                               Foreclosure
                                                                     Foreclosures     Mortgages per
                                                        Inventory
                                        Foreclosure                   (12 months       Completed
                                                        Pct. Point
                                         Inventory                      ending       Foreclosures (12
                                                      Change from
                                                                      September     month sum ending
                                                       a Year Ago
                                                                         2012)       September 2012)
Atlanta-Sandy Springs-Marietta, GA         2.5%          -0.7%          36,521             26
Phoenix-Mesa-Glendale, AZ                  1.9%          -1.6%          31,129             23
Riverside-San Bernardino-Ontario, CA       2.9%          -1.0%          21,691             31
Chicago-Joliet-Naperville, IL              6.1%          -0.2%          19,370             64
Los Angeles-Long Beach-Glendale, CA        2.1%          -0.6%          17,791             67
Houston-Sugar Land-Baytown, TX             1.4%          -0.4%          16,706             48
Tampa-St. Petersburg-Clearwater, FL       11.7%          -0.6%          13,738             33
Warren-Troy-Farmington Hills, MI           1.5%          -0.8%          13,566             31
Minneapolis-St. Paul-Bloomington, MN-
WI
                                           1.6%          -0.6%          12,515             48

Dallas-Plano-Irving, TX                    1.4%          -0.2%          11,813             53
Orlando-Kissimmee-Sanford, FL             11.6%          -1.3%          11,107             32
Sacramento--Arden-Arcade--Roseville,
CA
                                           2.1%          -1.0%          10,287             37
St. Louis, MO-IL                           1.5%          -0.3%          10,101             43
Denver-Aurora-Broomfield, CO               1.3%          -0.4%          8,192              59
Oakland-Fremont-Hayward, CA                1.7%          -0.9%          7,821              56
San Diego-Carlsbad-San Marcos, CA          1.7%          -0.6%          6,663              70
Portland-Vancouver-Hillsboro, OR-WA        2.8%          0.2%           5,343              73
Seattle-Bellevue-Everett, WA               2.4%          0.7%           5,245              95
Washington-Arlington-Alexandria, DC-
VA-MD-WV
                                           2.6%          0.4%           5,011             165
Santa Ana-Anaheim-Irvine, CA               1.6%          -0.5%          4,850              93
Philadelphia, PA                           3.1%          0.5%           4,221             130
Baltimore-Towson, MD                       4.4%          1.6%           1,414             316
New York-White Plains-Wayne, NY-NJ         5.8%          0.5%           1,065             883
Edison-New Brunswick, NJ                   6.0%          0.8%            706              512
Nassau-Suffolk, NY                         7.1%          1.0%            641              679
Source: CoreLogic September 2012
                                                             FOR IMMEDIATE RELEASE
                                                                                  October 31, 2012



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 September 2012
Judicial Foreclosure States vs. Non-Judicial Foreclosure States
                                                         FOR IMMEDIATE RELEASE
                                                                              October 31, 2012


Figure 3 – Foreclosure Inventory by State Map




Methodology
The data in this report represents foreclosure activity reported through September 2012.

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, while 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
                                                          FOR IMMEDIATE RELEASE
                                                                               October 31, 2012


“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 residential property information, analytics and services
provider in the United States and Australia. Our combined data from public, contributory and
proprietary sources spans over 700 million records across 40 years including detailed property
records, consumer credit, tenancy, hazard risk and location information. The markets
CoreLogic serves include real estate and mortgage finance, insurance, capital markets,
transportation and government. We deliver value to our clients through unique data, analytics,
workflow technology, advisory and managed services. Our clients rely on us 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
visit www.corelogic.com.

CORELOGIC and the stylized CoreLogic logo are registered trademarks owned by CoreLogic,
Inc. and/or its subsidiaries. No trademark of CoreLogic shall be used without the express written
consent of CoreLogic.

For real estate industry and trade media:            For general news media:
Bill Campbell                                        Lori Guyton
bill@campbelllewis.com                               lguyton@cvic.com
(212) 995.8057 (office)                              (901) 277.6066
(917) 328.6539 (mobile)

                                               ###

				
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Description: CoreLogic Reports 57,000 Completed Foreclosures in September - October 31, 2012