Feb. 27, 2014
/PRNewswire/ -- CoreLogic
(NYSE: CLGX), a leading residential property information, analytics and services provider, today released its January National Foreclosure Report, which provides data on completed U.S. foreclosures and foreclosure inventory. According to CoreLogic, for the month of
, there were 48,000 completed foreclosures nationally, down from 59,000 in
, a year-over-year decrease of 19 percent. On a month-over-month basis, completed foreclosures were up 11.8 percent from the 43,000* reported in
. As a basis of comparison, before the decline in the housing market in 2007, completed foreclosures averaged 21,000 per month nationwide between 2000 and 2006.
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Completed foreclosures are an indication of the total number of homes actually lost to foreclosure. Since the financial crisis began in
, there have been approximately 4.9 million completed foreclosures across the country.
, approximately 794,000 homes in
the United States
were in some stage of foreclosure, known as the foreclosure inventory, compared to 1.2 million in
, a year-over-year decrease of 33 percent. The foreclosure inventory as of January represented 2.0 percent of all homes with a mortgage, compared to 2.9 percent in
. The foreclosure inventory was down 3.3 percent from
, representing the 27
month of year-over-year decline.
"We are recovering, but we're not there yet," said
, chief economist for CoreLogic. "For every completed foreclosure, there are 954 mortgaged homes in non-judicial foreclosure states and 896 mortgaged homes in judicial foreclosure states. Although this is a big improvement relative to the height of the foreclosure crisis, a healthier ratio would be one for every 2,000."
"The painful tide of high foreclosures continues to recede as fewer borrowers are losing their homes and states are working through their shadow inventory," said
, president and CEO of CoreLogic. "We are entering 2014 with less than a million homes in the foreclosure inventory. We expect to see continued progress in the months ahead, but the judicial foreclosure states will continue to lag the rest of the country in working down their backlogs of foreclosed properties."
Highlights as of January 2014:
- The five states with the highest number of completed foreclosures for the 12 months ending in January 2014 were Florida (116,000), Michigan (52,000), Texas (39,000), California (38,000) and Georgia (35,000).These five states account for almost half of all completed foreclosures nationally.
- The five states (including the District of Columbia) with the lowest number of completed foreclosures for the 12 months ending in January 2014 were District of Columbia (60), North Dakota (427), Hawaii (526), West Virginia (543) and Wyoming (732).
- The five states with the highest foreclosure inventory as a percentage of all mortgaged homes were Florida (6.4 percent), New Jersey (6.3 percent), New York (4.8 percent), Connecticut (3.4 percent) and Maine (3.4 percent).
- The five states with the lowest foreclosure inventory as a percentage of all mortgaged homes were Wyoming (0.4 percent), Alaska (0.5 percent), North Dakota (0.6 percent), Colorado (0.5 percent) and Nebraska (0.6 percent).
*December data was revised. Revisions are standard, and to ensure accuracy, CoreLogic incorporates newly released data to provide updated results.