CoreLogic Reports 30,000 Completed Foreclosures in October 2016

Additional October 2016 highlights:

• On a month-over-month basis, completed foreclosures declined by 27.5 percent to 30,000 in October 2016 from the 41,000 reported for September 2016.* As a basis of comparison, before the decline in the housing market in 2007, completed foreclosures averaged 22,000 per month nationwide between 2000 and 2006.
• On a month-over-month basis, the October 2016 foreclosure inventory was down 3.6 percent compared with September 2016.
• The five states with the highest number of completed foreclosures in the 12 months ending in October 2016 were Florida (51,000), Michigan (29,000), Texas (26,000), Ohio (23,000) and Georgia (20,000).These five states accounted for 36 percent of completed foreclosures nationally.
• Four states and the District of Columbia had the lowest number of completed foreclosures in the 12 months ending in October 2016: the District of Columbia (212), North Dakota (278), West Virginia (407), Alaska (622), and Montana (660).
• Four states and the District of Columbia had the highest foreclosure inventory rate in October 2016: New Jersey (2.8 percent), New York (2.7 percent), Maine (1.7 percent), Hawaii (1.7 percent) and the District of Columbia (1.6 percent).
• The five states with the lowest foreclosure inventory rate in October 2016 were Colorado (0.3 percent), Minnesota (0.3 percent), Arizona (0.3 percent), Utah (0.3 percent) and Michigan (0.3 percent).

*September 2016 data was revised. Revisions are standard, and to ensure accuracy CoreLogic incorporates newly released data to provide updated results.

Judicial Foreclosure States (Ranked by Completed Foreclosures)

Non-Judicial Foreclosure States (Ranked by Completed Foreclosures)

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

Figure 1: Number of Mortgaged Homes per Completed Foreclosure

Figure 2: Foreclosure Inventory as of October 2016

Figure 3: Foreclosure Inventory Rate by State Map

For ongoing housing trends and data, visit the CoreLogic Insights Blog: www.corelogic.com/blog.

Methodology
The data in this report represents foreclosure activity reported through October 2016.

This report separates state data into judicial versus 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. 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 "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. Generally, homes with no mortgage liens are not subject to 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
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About CoreLogic
CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.

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SOURCE CoreLogic