CoreLogic: Foreclosure Inventory Down 24 Percent Nationally From One Year Ago; 52,000 Completed Foreclosures in April

CoreLogic® (NYSE: CLGX), Irvine, CA, on Wednesday, May 29, 2013, released its April National Foreclosure Report which showed 52,000 completed foreclosures in the nation in April, down 16 percent from the 62,000 in April 2012.  On a month-over-month basis, completed foreclosures remained flat at 52,000, the same number reported for March 2013.

 By way of comparison, before the decline in the housing market in 2007, completed foreclosures averaged 21,000 per month nationwide between 2000 and 2006, according to CoreLogic, a leading residential property information, analytics and services provider.

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 4.4 million completed foreclosures across the country.

As of April 2013, approximately 1.1 million homes in the U.S. were in some stage of foreclosure, known as the foreclosure inventory, compared to 1.5 million in April 2012, a year-over-year decrease of 24 percent. Month over month, the foreclosure inventory was down 2 percent from March 2013 to April 2013. The foreclosure inventory as of April 2013 represented 2.8 percent of all homes with a mortgage compared to 3.5 percent in April 2012.

"The shadow of foreclosure and distress continues to fade, with the annualized sum of completed foreclosures having declined for 17 straight months," said Dr. Mark Fleming, chief economist for CoreLogic. "Six states have year-over-year declines in the foreclosure inventory of more than 40 percent, and in Arizona and California the year-over-year decline is more than 50 percent."

"The shadow inventory continued to drop in April as the number of completed foreclosures fell by 16 percent on a year-over-year basis," said Anand Nallathambi, president and CEO of CoreLogic. "Fewer distressed properties combined with improving home prices and a pickup in home purchases are significant signals that the ongoing recovery in the housing and mortgage markets continues to gather steam."

Highlights as of April 2013:

  • The five states with the highest number of completed foreclosures for the 12 months ending in April 2013 were: Florida (102,000),California (79,000), Michigan (68,000), Texas (53,000) and Georgia (47,000).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 April 2013 were: South Dakota (81), District of Columbia (100), North Dakota (461), Hawaii (466) and West Virginia (527).
  • The five states with the highest foreclosure inventory as a percentage of all mortgaged homes were: Florida (9.5 percent), New Jersey (7.4 percent), New York (5.1 percent), Maine (4.4 percent) and Nevada (4.3 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 Virginia (0.9 percent).

*March 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 StatesApril 2013
Foreclosure InventoryForeclosure Inventory Pct. Point Change from a Year AgoCompleted Foreclosures (12 months ending April 2013)Number of Mortgages per Completed Foreclosure (12 month sum ending April 2013)
National 2.8% -0.7% 723,131 55
Florida 9.5% -2.6% 101,614 27
Illinois 4.3% -1.3% 31,804 56
Ohio 2.9% -0.7% 30,536 45
Indiana 2.8% -0.8% 18,807 44
Pennsylvania 2.8% -0.3% 13,612 103
South Carolina 3.0% -0.7% 10,381 59
Louisiana 2.2% -0.3% 9,723 45
Oklahoma 2.6% -0.1% 8,660 42
Maryland 3.5% 0.4% 5,140 191
Iowa 1.9% -0.3% 5,020 69
Massachusetts 1.9% -0.2% 4,454 189
New York 5.1% 0.1% 3,921 470
Connecticut 4.2% -0.4% 3,700 125
New Jersey 7.4% 0.7% 3,392 348
Kansas 1.4% -0.3% 2,968 103
New Mexico 3.0% -0.5% 2,674 91
Kentucky 2.2% -0.7% 2,382 177
Nebraska 0.8% -0.2% 1,928 111
Delaware 3.0% 0.2% 1,151 133
Maine 4.4% 0.1% 616 234
Hawaii 3.8% -0.5% 466 355
North Dakota 0.7% -0.2% 461 120
South Dakota 1.0% -0.3% N/A N/A
Vermont 2.5% -0.1% N/A N/A

Source: CoreLogic April 2013

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

Non-Judicial StatesApril 2013
Foreclosure InventoryForeclosure Inventory Pct. Point Change from a Year AgoCompleted Foreclosures (12 months ending April 2013)Number of Mortgages per Completed Foreclosure (12 month sum ending April 2013)
National 2.8% -0.7% 723,131 55
California 1.2% -1.2% 79,374 65
Michigan 1.3% -0.8% 68,277 19
Texas 1.2% -0.4% 52,566 54
Georgia 1.9% -0.5% 46,775 30
Arizona 1.3% -1.5% 34,387 29
North Carolina 1.9% -0.6% 26,167 50
Tennessee 1.4% -0.5% 21,554 33
Missouri 1.1% -0.4% 17,184 44
Washington 2.3% 0.5% 16,671 66
Colorado 0.9% -0.6% 14,828 58
Minnesota 1.0% -0.7% 13,700 61
Virginia 0.9% -0.6% 12,724 98
Nevada 4.3% -0.8% 11,664 37
Wisconsin 1.5% -0.7% 10,768 69
Alabama 1.4% -0.1% 6,696 78
Oregon 2.9% -0.3% 4,855 121
Idaho 2.0% -0.5% 4,209 54
Utah 1.5% -0.4% 4,105 101
Arkansas 2.3% 0.7% 4,039 70
New Hampshire 1.3% -0.3% 2,426 76
Rhode Island 3.2% 0.0% 1,582 80
Montana 0.9% -0.6% 1,457 87
Mississippi 2.0% -0.8% 1,198 189
Wyoming 0.5% -0.2% 913 77
Alaska 0.6% -0.2% 896 90
West Virginia 1.2% -0.3% 527 241
District of Columbia 2.0% -0.5% 100 928

Source: CoreLogic April 2013

Foreclosure Data for the Largest Core Based Statistical Areas (CBSAs) (Ranked by Completed Foreclosures):

CBSAApril 2013
Foreclosure InventoryForeclosure Inventory Pct. Point Change from a Year AgoCompleted Foreclosures (12 months ending April 2013)Number of Mortgages per Completed Foreclosures (12 month sum ending April 2013)
Atlanta-Sandy Springs-Marietta, GA 2.1% -0.7% 30,067 30
Phoenix-Mesa-Glendale, AZ 1.2% -1.7% 22,730 30
Chicago-Joliet-Naperville, IL 5.1% -1.5% 20,990 56
Riverside-San Bernardino-Ontario, CA 1.8% -1.7% 16,258 39
Tampa-St. Petersburg-Clearwater, FL 9.9% -2.5% 15,130 28
Houston-Sugar Land-Baytown, TX 1.2% -0.5% 13,958 55
Los Angeles-Long Beach-Glendale, CA 1.4% -1.1% 13,034 87
Minneapolis-St. Paul-Bloomington, MN-WI 1.1% -0.8% 11,306 52
Orlando-Kissimmee-Sanford, FL 9.5% -3.0% 11,180 30
Warren-Troy-Farmington Hills, MI 1.1% -0.8% 10,742 38
St. Louis, MO-IL 1.3% -0.5% 10,469 40
Dallas-Plano-Irving, TX 1.3% -0.3% 10,084 60
Sacramento-Arden-Arcade-Roseville, CA 1.2% -1.5% 7,473 49
Denver-Aurora-Broomfield, CO 0.9% -0.6% 6,877 66
Seattle-Bellevue-Everett, WA 2.2% 0.4% 6,325 76
Oakland-Fremont-Hayward, CA 1.0% -1.2% 5,124 82
Washington-Arlington-Alexandria, DC-VA-MD-WV 1.9% -0.4% 4,886 165
San Diego-Carlsbad-San Marcos, CA 1.1% -1.0% 4,841 91
Philadelphia, PA 2.7% -0.3% 4,615 114
Santa Ana-Anaheim-Irvine, CA 1.0% -1.0% 3,297 131
Portland-Vancouver-Hillsboro, OR-WA 2.5% -0.3% 3,020 124
Baltimore-Towson, MD 3.4% 0.4% 2,147 205
New York-White Plains-Wayne, NY-NJ 5.6% -0.1% 1,052 870
Edison-New Brunswick, NJ 6.1% 0.6% 747 468
Nassau-Suffolk, NY 6.6% -0.2% 697 609

Source: CoreLogic April 2013


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