CoreLogic: 54,000 Completed Foreclosures in February; Foreclosures Down 19 Percent Nationally Since February 2012

CoreLogic:  54,000 Completed Foreclosures in February; Foreclosures Down 19 Percent Nationally Since February 2012
A report released Thursday, March 28, 2013 by Irvine, CA-based CoreLogic, revealed that there were 54,000 completed foreclosures in the U.S. in February 2013, down from 67,000 in February 2012, a year-over-year decrease of 19 percent. On a month-over-month basis, completed foreclosures fell from 58,000  in January 2013 to the February level of 54,000, a decrease of 7 percent.


As a basis of comparison, before the crash of 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 the country.

Approximately 1.2 million homes were in some stage of foreclosure in the U.S., known as the foreclosure inventory, as of February 2013 compared to 1.5 million in February 2012, a decrease of 21 percent. The foreclosure inventory as of February 2013 represented 2.8 percent of all homes with a mortgage compared to 3.5 percent in February 2012. This was the 16th consecutive month with a year-over-year decline. Month over month, the foreclosure inventory was down 1.8 percent from January 2013 to February 2013.

"February's 54,000 completed foreclosures is the lowest level nationally since September 2007, with most major metropolitan areas experiencing improvements," said  Mark Fleming, chief economist for CoreLogic. "Even the major Florida markets are benefiting with the foreclosure inventories falling the fastest in major metropolitan areas, although from a very high level."

"We continue to see a declining trend in foreclosure activity, with major markets leading the way," said Anand Nallathambi, president and CEO of CoreLogic. "The drop in delinquencies and foreclosure starts will help support a resurgence in the home purchase market this year and next."

Highlights as of February 2013:

> The five states with the highest number of completed foreclosures for the 12 months ending in February 2013 were: Florida (95,000),California (90,000), Michigan (73,000), Texas (57,000) and Georgia (49,000).These five states account for almost half of all completed foreclosures nationally.  
> The five states with the lowest number of completed foreclosures for the 12 months ending in February 2013 were: District of Columbia (96), Hawaii (469), North Dakota (482), Maine (542) and West Virginia (588).  
> The five states with the highest foreclosure inventory as a percentage of all mortgaged homes were: Florida (9.9 percent), New Jersey (7.2 percent), New York (5.0 percent), Nevada (4.6 percent) and Illinois (4.5 percent).  
> The five states with the lowest foreclosure inventory as a percentage of all mortgaged homes were: Wyoming (0.5 percent), Alaska (0.6 percent), North Dakota (0.7 percent), Nebraska (0.8 percent) and Montana (0.9 percent).

*January 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):

Judicial States February 2013
Foreclosure Inventory Foreclosure Inventory Pct. Point Change from a Year Ago Completed Foreclosures (12 months ending February 2013) Number of Mortgages per Completed Foreclosure (12 month sum ending February 2013)
National 2.8%-0.7% 743,90355
Florida9.9% -2.4%95,177 30
Illinois 4.5%-1.1% 31,09958
Ohio3.0% -0.6%30,124 47
Indiana 2.9%-0.8% 17,75647
Pennsylvania2.8% -0.1%13,239 108
South Carolina 3.0%-0.8% 10,46260
Louisiana2.3% -0.3%9,026 49
Oklahoma 2.7%0.1% 8,42345
Massachusetts1.9% -0.1%5,506 154
Iowa 2.0%-0.2% 5,35165
Maryland3.5% 0.2%4,368 226
New York 5.0%0.1% 3,943473
Connecticut4.2% -0.4%3,931 120
New Jersey 7.2%0.5% 3,193377
Kansas1.5% -0.3%2,951 102
New Mexico 3.0%-0.4% 2,65993
Kentucky2.2% -0.7%2,350 184
Nebraska 0.8%-0.2% 2,14099
Delaware3.0% 0.0%1,262 120
Maine 4.4%-0.1% 542266
North Dakota0.7% -0.2%482 116
Hawaii 3.9%-0.4% 469357
Vermont2.5% 0.0%N/A N/A
South Dakota 1.0%-0.4% N/AN/A

Source: CoreLogic February 2013

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

Non-Judicial States February 2013
Foreclosure Inventory Foreclosure Inventory Pct. Point Change from a Year Ago Completed Foreclosures (12 months ending February 2013)Number of Mortgages per Completed Foreclosure (12 month sum ending February 2013)
National 2.8%-0.7% 743,90355
California1.1% -1.4%90,147 59
Michigan 1.3%-0.7% 72,51818
Texas1.2% -0.3%56,935 51
Georgia 1.9%-0.6% 48,72330
Arizona1.3% -1.5%38,098 27
North Carolina 2.0%-0.5% 26,31751
Tennessee1.3% -0.6%22,359 33
Missouri 1.1%-0.5% 18,34642
Colorado0.9% -0.5%15,794 57
Washington 2.5%1.0% 14,43778
Minnesota1.1% -0.7%13,680 62
Virginia 1.0%-0.5% 13,03898
Nevada4.6% -0.6%12,543 35
Wisconsin 1.6%-0.6% 11,54666
Alabama1.3% -0.2%6,986 78
Oregon 2.9%-0.2% 5,957101
Utah1.4% -0.5%4,820 87
Idaho 2.0%-0.4% 4,13055
Arkansas2.4% 0.8%3,854 75
New Hampshire 1.3%-0.4% 2,44876
Rhode Island3.1% 0.0%1,657 77
Montana 0.9%-0.5% 1,52384
Mississippi2.1% -0.7%1,138 203
Wyoming 0.5%-0.2% 88581
Alaska0.6% -0.2%882 94
West Virginia 1.2%-0.3% 588219
District of Columbia2.3% -0.3%96 964

Source: CoreLogic February 2013

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

CBSAFebruary 2013
Foreclosure Inventory Foreclosure Inventory Pct. Point Change from a Year Ago Completed Foreclosures (12 months ending February 2013) Number of Mortgages per Completed Foreclosures (12 month sum ending February 2013)
Atlanta-Sandy Springs-Marietta, GA 2.0% -0.7%31,522 30
Phoenix-Mesa-Glendale, AZ 1.3%-1.7% 25,72927
Chicago-Joliet-Naperville, IL 5.3% -1.3%20,113 60
Riverside-San Bernardino-Ontario, CA 1.7%-1.9% 18,61835
Houston-Sugar Land-Baytown, TX 1.2% -0.5%15,301 52
Los Angeles-Long Beach-Glendale, CA 1.2%-1.3% 14,89778
Tampa-St. Petersburg-Clearwater, FL 10.4% -2.2%14,095 31
Warren-Troy-Farmington Hills, MI 1.1%-0.8% 11,83635
Minneapolis-St. Paul-Bloomington, MN-WI 1.1% -0.8%11,497 52
Dallas-Plano-Irving, TX 1.2%-0.3% 11,11856
Orlando-Kissimmee-Sanford, FL 9.9% -2.7%10,844 32
St. Louis, MO-IL 1.3%-0.5% 10,73340
Sacramento--Arden-Arcade--Roseville, CA1.1% -1.6%8,661 43
Denver-Aurora-Broomfield, CO 0.9%-0.6% 7,49763
Oakland-Fremont-Hayward, CA 0.9% -1.3%5,817 74
Seattle-Bellevue-Everett, WA 2.4%0.8% 5,55787
San Diego-Carlsbad-San Marcos, CA 0.9% -1.2%5,544 82
Washington-Arlington-Alexandria, DC-VA-MD-WV 2.0%-0.4% 4,785171
Philadelphia, PA 2.7% -0.1%4,179 130
Santa Ana-Anaheim-Irvine, CA 0.9%-1.2% 3,937112
Portland-Vancouver-Hillsboro, OR-WA 2.6% 0.0%3,392 112
Baltimore-Towson, MD 3.4% 0.3% 1,830241
New York-White Plains-Wayne, NY-NJ 5.5% -0.1%1,006 921
Nassau-Suffolk, NY 6.6%-0.1% 718600
Edison-New Brunswick, NJ 6.0% 0.5%700 506

Source: CoreLogic February 2013
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