CoreLogic® Reports 69,000 Completed Foreclosures Nationally in March

-- Largest Improvements in Foreclosure Rate from a Year Ago were in Nevada and Arizona --

SANTA ANA, Calif., May 1, 2012 — (PRNewswire) — CoreLogic (NYSE: CLGX), a leading provider of information, analytics and business services, today released its National Foreclosure Report for March, which provides monthly data on completed foreclosures, foreclosure inventory and 90+ day delinquency rates. There were 69,000 completed foreclosures in March 2012 compared to 85,000 in March 2011 and 66,000* in February 2012. Through the first quarter of 2012, there were 198,000 completed foreclosures compared to 232,000 through the first quarter of 2011. Since the start of the financial crisis in September 2008, there have been approximately 3.5 million completed foreclosures.

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Approximately 1.4 million homes, or 3.4 percent of all homes with a mortgage, were in the national foreclosure inventory as of March 2012 compared to 1.5 million, or 3.5 percent, in March 2011 and 1.4 million, or 3.4 percent, in February 2012. The number of loans in the foreclosure inventory decreased by nearly 100,000, or 6.0 percent, in March 2012 compared to March 2011.

"The overall delinquency level was unchanged in March, remaining at its lowest point since July 2009," said Mark Fleming, chief economist for CoreLogic. "Non-judicial foreclosure markets like Nevada, Arizona, and California are experiencing significant improvements in their shares of delinquent borrowers. Some judicial foreclosure states are also improving, like Florida, but not to the extent of non-judicial markets."

The share of borrowers nationally that were more than 90 days late on their mortgage payment, including homes in foreclosure and real estate owned (REO) assets, fell to 7.0 percent in March 2012 from 7.5 percent in March 2011, and remained unchanged from 7.0 percent in February 2012.

Also in March, the inventory of REO assets held by servicers nationwide grew more slowly than the pace of REO sales, as measured by the distressed clearing ratio.  The distressed clearing ratio is calculated by dividing the number of REO sales by the number of completed foreclosures. The higher the distressed clearing ratio, the faster the pace of REO sales relative to the pace of completed foreclosures.  The distressed clearing ratio for March 2012 was 0.81, up from 0.76 in February 2012.

"Compared to a year ago, the number of completed foreclosures has slowed," said Anand Nallathambi, chief executive officer of CoreLogic. "Since the foreclosure inventory is also coming down, this suggests that loan modifications, short sales, deeds-in-lieu are increasingly being used as an alternative to foreclosures to clear distressed assets in our communities. This is what was envisioned with the recent National Foreclosure Settlement, and can often be a better outcome for both borrowers and investors."

Highlights as of March 2012

  • The five states with the largest number of completed foreclosures for the 12 months ending in March 2012 were: California (150,000), Florida (92,000), Michigan (62,000), Arizona (58,000) and Texas (57,000). These five states account for 49.1 percent of all completed foreclosures nationally.
  • The percent of homeowners nationally who were more than 90 days late on their mortgage payments, including homes in foreclosure and REO, was 7.0 percent for March 2012 compared to 7.5 percent for March 2011, and 7.0 percent in February 2012.   
  • The five states with the highest foreclosure rates were: Florida (12.1 percent), New Jersey (6.6 percent), Illinois (5.4 percent), Nevada (4.9 percent) and New York (4.9 percent).
  • The five states with the lowest foreclosure rates were: Wyoming (0.7 percent), Alaska (0.8 percent), North Dakota (0.8 percent), Nebraska (1.1 percent) and South Dakota (1.4 percent).
  • Of the top 100 markets, measured by Core Based Statistical Areas (CBSAs) population, 35 are showing an increase in the year-over-year foreclosure rate in March 2012, two more than in February 2012 when 33 of the top CBSAs were showing an increase in the year-over-year foreclosure rate.   

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


Table 1: Judicial Foreclosure States Foreclosure and Delinquency Ranking
(Sorted by Foreclosure Inventory)

Table 2: Non-Judicial Foreclosure States Foreclosure and Delinquency Ranking
(Sorted by Foreclosure Inventory)

Table 3: Foreclosure and Delinquency Levels for Select Large Core Based Statistical Areas (CBSAs)

Figure 1: Completed Foreclosures per Thousand Active Loans
Judicial Foreclosure States vs. Non-Judicial Foreclosure States (3-month moving average)

Figure 2: Foreclosure Rates as of March 2012
Judicial Foreclosure States vs. Non-Judicial Foreclosure States

Figure 3: CoreLogic 90+ Day Delinquency Rates



The data in this report represents foreclosures and delinquencies reported through March 2012.

This report has state data separated into judicial vs. 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, while in non-judicial foreclosure states lenders can issue notices of default directly to the borrower without court intervention. It's important to distinguish this since judicial states as a rule have longer foreclosure timelines and thus affect foreclosure statistics as a result.

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, we assume the foreclosure process ends in "foreclosure by advertisement" states at the completion of the auction. 

The foreclosure inventory represents the number and ratio of 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.  Serious delinquency is typically defined as 90, 120, or 150 days delinquent (sometimes more), in foreclosure or in REO. 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 foreclosure inventory is measured only against homes that have an outstanding mortgage.  Homes with no mortgage liens can never be in 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.

The distressed clearing ratio is calculated by dividing the number of REO sales by completed foreclosures.  It is a measure of whether the REO inventory is growing or shrinking.  The higher the ratio, the faster the REO inventory is clearing.

About CoreLogic

CoreLogic (NYSE: CLGX) is a leading provider of consumer, financial and property information, analytics and services to business and government. The Company combines public, contributory and proprietary data to develop predictive decision analytics and provide business services that bring dynamic insight and transparency to the markets it serves. CoreLogic has built one of the largest and most comprehensive U.S. real estate, mortgage application, fraud, and loan performance databases and is a recognized leading provider of mortgage and automotive credit reporting, property tax, valuation, flood determination, and geospatial analytics and services. More than one million users rely on CoreLogic to assess risk, support underwriting, investment and marketing decisions, prevent fraud, and improve business performance in their daily operations. The Company, headquartered in Santa Ana, Calif. , has approximately 5,000 employees globally. For more information, visit .

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