Foreclosure Snapshot — Things Are Looking Up

Homeowners have seen rising equity as home prices have recovered, and correspondingly the amount of distressed real estate reaching the market continues to wane. CoreLogic, a leading provider of property information, analytics and services with a $2.6 billion market cap, monthly releases a report summarizing foreclosures and distressed real estate in the CoreLogic National Foreclosure Report.

Analyses are shown comparing judicial foreclosure states (where foreclosures are processed through the court system) and non-judicial foreclosure states (no required court intervention in the foreclosure process). Data include the level of foreclosure inventory, percent change from the prior year, number of foreclosures completed in the prior 12 months and the percentage of homes that are seriously delinquent. In addition to national and dates data, 15 metropolitan statistical areas (MSAs) are reported.

Some of the findings:

  • With 55,000 foreclosures in June 2013, the pace is 20 percent less than the same month one year ago
  • Foreclosure inventory has declined more than 14 percent year-to-date
  • Less than 2.2 million mortgages today are seriously delinquent (mortgages 90 days or more past due), with the rate the lowest since December 2008
  • 4.5 million foreclosures have been completed since the start of the financial crisis
  • National foreclosure inventory is down 28 percent June 2013 vs. June 2012, and down 2.9 percent sequentially since May 2013
  • Completed foreclosures have now declined for 19 months in a row
  • 49 states posted a year-over-year decline in foreclosures in June
  • The five states with the lowest and highest percentage of foreclosure inventory as a percent of mortgaged homes

Lowest
0.5 percent Wyoming
0.6 percent Alaska
0.7 percent North Dakota
0.7 percent Nebraska
0.8 percent Colorado

Highest
4.1 percent Maine
4.2 percent Connecticut
4.8 percent New York
6.0 percent New Jersey
8.6 percent Florida

The five highest are judicial foreclosure states, while three of the five lowest are non-judicial foreclosure states (Colorado, Alaska and Wyoming)

  • Nationally, foreclosure statistics in June included:

Foreclosure inventory was 2.5 percent of all homes with mortgages
Foreclosure inventory fell 0.8 percent in the past 12 months
The serious delinquency rate was 5.5 percent – down 23.7 percent from a year ago

To read the entire report (there is a sea of information packed into 10 pages), click http://www.corelogic.com/research/foreclosure-report/national-foreclosure-report-june-2013.pdf.

To read previous monthly reports back to March 2012 click http://www.corelogic.com/about-us/researchtrends/national-foreclosure-report.aspx#

Another pile of evidence of an improving housing market.

Ted

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