IRVINE, Calif., July 9, 2013 /PRNewswire/ -- CoreLogic ® (NYSE: CLGX), a leading residential property information, analytics and services provider, today released its May National Foreclosure Report with a supplement featuring quarterly shadow inventory data as of April 2013.
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According to CoreLogic analysis:
- There were 52,000 completed foreclosures in the U.S. in May 2013, down from 71,000 in May 2012, a year-over-year decrease of 27 percent. On a month-over-month basis, completed foreclosures increased 3.5 percent, from 50,000 in April 2013 to the May level of 52,000.
- Current residential shadow inventory as of April 2013 was under 2 million units, representing a supply of 5.3 months. The overall shadow inventory is down 34 percent from its peak in 2010, when it reached 3 million homes, and down 18 percent from a year ago, when it was at 2.4 million.
- The five states with the highest number of completed foreclosures for the 12 months ending in May 2013 were: Florida (103,000), California (76,000), Michigan (64,000), Texas (51,000) 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 May 2013 were: District of Columbia (108), Hawaii (453), North Dakota (467), West Virginia (517) and Maine (644).
- The five states with the highest foreclosure inventory as a percentage of all mortgaged homes were: Florida (8.8 percent), New Jersey (6.0 percent), New York (4.8 percent), Maine (4.1 percent) and Connecticut (4.1 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 (0.6 percent), Nebraska (0.8 percent) and Virginia (0.8 percent).
- As of April 2013, shadow inventory was under 2 million properties, or 5.3 months' supply, and represented 85 percent of the 2.3 million properties currently seriously delinquent, in foreclosure or REO.
- Of the less than 2 million properties currently in the shadow inventory (Figures 1 and 2), 890,000 properties are seriously delinquent (2.4 months' supply), 761,000 are in some stage of foreclosure (2 months' supply) and 336,000 are already in REO (0.9 months' supply).
- The value of shadow inventory was $314 billion as of April 2013, down from $386 billion in April 2012 and down from $320 billion six months prior, in October 2012.
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