CoreLogic: U.S. foreclosure inventory down 33% IRVINE, Calif. – Oct. 8, 2013 – CoreLogic released its August National Foreclosure Report with a supplement featuring quarterly shadow inventory data as of July 2013. There were 48,000 completed foreclosures in the U.S. in August 2013, down from 72,000 in August 2012, a year-over-year decrease of 34 percent. On a month-over-month basis, completed foreclosures increased 1.3 percent, from 47,000 in July 2013. Overall residential shadow inventory (homes somewhere in the foreclosure process that have not yet closed) as of July 2013 was 1.9 million homes – a value of $293 billion and a 3.7-month supply. The number is down 22 percent from a year ago and down 38 percent from its peak in 2010. In August, about 939,000 U.S. homes in the were in some stage of foreclosure – the foreclosure inventory – compared to 1.4 million in August 2012, a year-over-year decrease of 33 percent. Month over month, the foreclosure inventory was down 3.2 percent from August 2013 to July 2013. The foreclosure inventory as of August 2013 represented 2.4 percent of all homes with a mortgage compared to 3.3 percent in August 2012. “The foreclosure inventory continues to improve, as exhibited by these recent numbers,” said Dr. Mark Fleming, chief economist for CoreLogic. “A surge in completed foreclosures and a rise in the foreclosure inventory is unlikely,” however. “Over the past year, the value of the U.S. shadow inventory dropped by $87 billion–a sign of increased normalcy in the housing market,” said Anand Nallathambi, president and CEO of CoreLogic. “With a year-over-year decrease of 22 percent in July, the shadow inventory has now declined steadily for 10 consecutive months.” Foreclosure highlights • The five states with the highest number of completed foreclosures for the 12 months ending in August 2013 were: Florida (111,000), Michigan (60,000), California (58,000), Texas (43,000) and Georgia (40,000). These five states accounted for almost half of all completed foreclosures nationally. • The five states with the lowest number of completed foreclosures for the 12 months ending in August 2013 were: District of Columbia (94), North Dakota (463), Hawaii (492), West Virginia (501) and Wyoming (723). • The five states with the highest foreclosure inventory as a percentage of all mortgaged homes were: Florida (7.9 percent), New Jersey (6.2 percent), New York (4.9 percent), Maine (4.0 percent) and Connecticut (3.9 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 (0.7 percent) and Colorado (0.7 percent). Shadow Inventory Highlights: Shadow inventory • As of July 2013, shadow inventory (homes at risk of loss) was under 2 million properties, representing 3.7 months’ supply or 85 percent of the 2.2 million properties that were seriously delinquent, in foreclosure or REO. • Of the fewer than 2 million properties in the shadow inventory, 874,000 properties were seriously delinquent (1.8 months’ supply), 661,000 were in some stage of foreclosure (1.3 months’ supply) and 318,000 were already in REO (0.6 months’ supply). CoreLogic estimates the current stock of properties in the shadow inventory, also known as pending supply, by calculating the number of properties that are seriously delinquent, in foreclosure or held as REO by mortgage servicers, but not currently listed on multiple listing services (MLSs). © 2013 Florida Realtors®
Posted on: Tue, 08 Oct 2013 23:59:46 +0000
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