CoreLogic, a premier provider of real estate and consumer related data, just released the latest info on U.S. housing markets from a default perspective. Another report from Freddie Mac adds to this, as well as an excellent summary by the Mortgage Bankers Association (MBA).
Key Findings from CoreLogic, Freddie Mac and the MBA include:
- 60,000 foreclosures were completed in June 2012 vs. 80,000 in June 2011
- Since September 2008, 3.7 million foreclosures have been completed
- 1.4 million homes (3.4 percent of all homes with a mortgage) were included in the national foreclosure inventory as of June 2012 vs. 1.5 million (3.5 percent) in June 2011
- While foreclosure numbers held static in May and June, REO sales declined, signaling a rising inventory of lender-owned real estate, noted Mark Fleming, CoreLogic’s Chief Economist
- Almost half (48.4 percent) of the foreclosures for the 12 months ended June 2012 were in five states:
- Five states with the fewest completed foreclosures for the 12-months ending June 30, 2012 (which totaled just 0.2 percent):
- States with the greatest foreclosure inventory as a percentage of all mortgaged homes do not strongly correlate to those with high numbers of foreclosures. As of June 30, 2012, REO Inventory as a percent of homes with mortgages in the top and bottom five states include:
- Freddie Max reported that HARP loan volume made up 18 percent of their loan volume in June 2012
- Single-family home delinquency rate has declined for five consecutive months and ended up June at 3.45 percent
- Refinance lending made up 70 percent of the total volume in June 2012
While not comparable to the data series noted by CoreLogic and Freddie Max, the Federal Reserve System tracks bank delinquencies by loan type. This series also includes 1-4 family properties plus home equity loans. The delinquency rate (quarterly) is shown in the graph.
The country continues to work through the remnants of the devastating housing bubble—and there indeed is light at the end of the tunnel. Better yet, it’s not another train.