This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

CoreLogic Reports 61,000 Completed Foreclosures In January

IRVINE, Calif., Feb. 28, 2013 /PRNewswire/ -- CoreLogic ® (NYSE: CLGX), a leading residential property information, analytics and services provider, today released its National Foreclosure Report, which provides data on completed U.S. foreclosures and the overall foreclosure inventory. According to CoreLogic, there were 61,000 completed foreclosures in the U.S. in January 2013, down from 75,000 in January 2012, a year-over-year decrease of 17.8 percent. On a month-over-month basis, completed foreclosures rose from 56,000* in December 2012 to the January level of 61,000, an increase of 10.5 percent. As a basis of comparison, prior to the decline in the housing market in 2007, completed foreclosures averaged 21,000 per month 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.

To view the multimedia assets associated with this release, please visit: http://www.multivu.com/mnr/59589-corelogic-national-foreclosure-report-january-2013

(Logo: http://photos.prnewswire.com/prnh/20130228/MM67331)

Approximately 1.2 million homes were in some stage of foreclosure in the U.S., known as the foreclosure inventory, as of January 2013 compared to 1.5 million in January 2012, a 21 percent year-over-year decrease. This was the 15 th consecutive month with a year-over-year decline. Month over month, the foreclosure inventory was down 3.3 percent from December 2012 to January 2013. The foreclosure inventory as of January 2013 represented 2.9 percent of all homes with a mortgage compared to 3.5 percent in January 2012.

"The backlog of distressed assets continues to fade as the foreclosure inventory has fallen to a level not seen since mid-2009, with less than 3 percent of all mortgages in foreclosure," said Mark Fleming, chief economist for CoreLogic. "The improvement is widespread as only six states and 13 of the largest 100 metro areas had an increase in the foreclosure rate year over year."

"We still have over a million homes in some stage of foreclosure which is too high, but the continuing downward trend in completed foreclosures is a very positive signal that there is a light at the end of the tunnel," said Anand Nallathambi, president and CEO of CoreLogic. "We expect this trend will continue in 2013 as the housing market stabilizes and purchase activity picks up."

Highlights as of January 2013:

  • The five states with the highest number of completed foreclosures for the 12 months ending in January 2013 were: California (96,000), Florida (95,000), Michigan (74,000), Texas (59,000) and Georgia (50,000). 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 January 2013 were: District of Columbia (96), Hawaii (458), North Dakota (508), Maine (538) and West Virginia (602).
  • The five states with the highest foreclosure inventory as a percentage of all mortgaged homes were: Florida (10.0 percent), New Jersey (7.2 percent), New York (5.1 percent), Nevada (4.7 percent) and Illinois (4.6 percent).
  • The five states with the lowest foreclosure inventory as a percentage of all mortgaged homes were: Wyoming (0.4 percent), Alaska (0.6 percent), North Dakota (0.7 percent), Nebraska (0.8 percent) and Colorado (0.9 percent).

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

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,698.18 -77.94 -0.44%
S&P 500 2,059.69 -8.20 -0.40%
NASDAQ 4,880.2280 -20.6570 -0.42%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs