National Foreclosure Report

Transcription

1 National Foreclosure Report FEBRUARY 2016

2 2.6% In February, the foreclosure inventory was down 2.6 percent from January 2016, representing 52 months of consecutive year-overyear declines. Job creation averaged 207,000 during the first two months of 2016, and incomes grew over the past year. More income and improved household finances have helped bring serious delinquency rates down in nearly every state. However, serious delinquency rates increased in North Dakota and West Virginia, two states affected by price declines for the energy fuel each produces. Frank Nothaft, chief economist at CoreLogic 2016 CoreLogic Proprietary. This material may not be reproduced in any form without express written permission. 2

3 National Overview through February 2016 There Were 34,000 Completed Foreclosures Nationally, Down From 38,000 in February 20 Seriously Delinquent Rate Is at 3.2 Percent Lowest Level Since November 2007 Approximately 434,000 homes in the United States were in some stage of foreclosure Compared to 571,000 in February 20 Completed Foreclosures 34K 10.0% 2.6% in February 2016 Decline Year Over Year Compared to January 2016 A CoreLogic analysis shows 34,000 foreclosures were completed in February 2016, an 10.0 percent year-over-year decline from 38,000* in February 20. By comparison, before the decline in the housing market in 2007, completed foreclosures averaged 21,000 per month nationwide between 2000 and On a month-over-month* basis, completed foreclosures were down by 2.6 percent. Completed foreclosures are an indication of the total number of homes actually lost to foreclosure. * February 20 data was revised. Revisions with public records are standard and to ensure accuracy, CoreLogic incorporates newly released data to provide updated results CoreLogic Proprietary. This material may not be reproduced in any form without express written permission. FEBRUARY

4 National Foreclosure Inventory THE FORECLOSURE RATE, CURRENTLY AT 1.1 PERCENT, IS BACK TO NOVEMBER 2007 LEVELS. 23.9% 1.1% Compared to February 20 Of All Homes with a Mortgage Approximately 434,000 homes in the United States were in some stage of foreclosure as of February 2016, compared to 571,000 in February* 20, a decrease of 23.9 percent. This was the 52nd consecutive month with a year-over-year decline. As of February 2016, the foreclosure inventory represented 1.2 percent of all homes with a mortgage, compared to 1.5 percent in February 20. * February 20 data was revised. Revisions with public records are standard and to ensure accuracy, CoreLogic incorporates newly released data to provide updated results. Home price gains have clearly been a driving force in building positive equity for homeowners. Longer term, we anticipate a better balance of supply with demand in many markets which will help sustain heathy and affordable home values into the future. Anand Nallathambi, president and CEO of CoreLogic 2016 CoreLogic Proprietary. This material may not be reproduced in any form without express written permission. 4

5 Time Series National Overview *in Thousands MAR- APR- MAY- JUN- JUL- AUG- SEP- OCT- NOV- DEC- JAN- 16 FEB- 16 Serious Delinquency* 1,484 1,447 1,419 1,380 1,387 1,362 1,344 1,321 1,283 1,269 1,270 1,252 -MOM % Chg in # -5.1% -2.4% -2.0% -2.7% 0.5% -1.8% -1.3% -1.7% -2.9% -1.1% 0.0% -1.4% -YOY % Chg in # Foreclosure Inventory* -MOM % Chg in # -YOY % Chg in # -21.4% -21.1% -20.9% -21.9% -20.1% -20.7% -20.7% -19.9% -22.3% -22.0% -21.0% -19.9% % -4.6% -2.7% -1.8% -1.4% % -2.8% -2.9% 0.3% -3.9% -2.6% -26.6% -26.5% -26.2% -26.3% -25.7% -23.6% -23.7% -21.9% -22.0% -21.2% -23.4% -23.9% 3.2% THE PERCENTAGE OF MORTGAGES IN SERIOUS DELINQUENCY IS AT 3.2 PERCENT IN FEBRUARY 2016 Completed Foreclosures* MOM % Chg in # 11.6% 2.5% -6.5% -1.4% -0.5% 57.8% -41.0% -0.5% -.3% -4.6% 33.1% -13.9% -YOY % Chg in # -14.8% -.0% -22.0% -22.0% -22.0% 34.5% -45.8% -29.1% -25.4% -29.0% -14.1% -10.0% -12-Month Sum* THE FORECLOSURE INVENTORY RECORDED 52 STRAIGHT MONTHS OF DECLINES CoreLogic Proprietary. This material may not be reproduced in any form without express written permission. FEBRUARY

6 Foreclosure Inventory by State % 1.2% 1.5% 0.7% 0.5% 0.6% 0.6% 0.8% 0.9% 0.6% 0.7% 1.3% 1.2% 1.3% 1.2% 1.2% 0.7% 0.5% 2.0% 0.7% 3.4% 1.3% 1.7% 1.8% 1.5% 4.0% 1.5% 2.0% 2.2% states have an inventory of foreclosed homes lower than the national rate 0.3% 2.0% 1.4% 0.6% 0.9% 1.3% 0.7% 0.5% 1.2% 0.9% 0.7% 0.6% 2.2% 2.3% Four states Showed declines of more than 30 percent in year-over-year foreclosure inventory, with Florida ( 37.6%) and Michigan ( 33.8%) experiencing the greatest year-over-year declines As of February 2016 Source: CoreLogic Market Trends 0.3% 4.0% Four states and the District of Columbia with the highest foreclosure inventory as a percentage of mortgaged homes New Jersey New York Hawaii Florida D.C. 2.3% 2.2% 2.2% 3.4% 4.0% Five states with the lowest foreclosure inventory as a percentage of mortgaged homes Alaska Minnesota Arizona Colorado Utah 0.3% 2016 CoreLogic Proprietary. This material may not be reproduced in any form without express written permission. 6

7 State Highlights 72,000 49,000 These five states account for almost half of all completed foreclosures nationally. 29,000 25,000 23, FL MI TX CA OH Five states with the highest number of completed foreclosures during past 12 months DC ND WY WV AK Four states and the District of Columbia, with the lowest number of completed foreclosures during past 12 months Percent of Homes in Foreclosure MN AK CO AZ UT ND CA NE MI VA MT TN WY SD MO GA TX NH AL ID WV WI NC AR KS WA MS IA OR KY VT MA SC IN LA OH IL OK MD NV PA NM DE CT RI ME DC FL NY HI NJ * VT and SD were removed from the list for incomplete data 0% 1% 2% 3% 4% 5% 6% 7% Judicial Non-Judicial Thirty eight states posted a year-over-year, double-digit decline in foreclosures. No states experienced increases. Source: CoreLogic February CoreLogic Proprietary. This material may not be reproduced in any form without express written permission. FEBRUARY

8 State Foreclosure Data Judicial States JUDICIAL STATES FORECLOSURE INVENTORY FORECLOSURE INVENTORY PCT. CHANGE FROM A YEAR AGO COMPLETED FORECLOSURES (12 MONTHS ENDING FEBRUARY 2016) SERIOUS DELINQUENCY YEAR-OVER- YEAR CHANGE National Foreclosure Inventory Rate: 1.1% Foreclosure Inventory Pct. Change from a Year Ago: 23.9% Completed Foreclosures (12 months ending February 2016): 473,143 Serious Delinquency: 3.2% Serious Delinquency Pct.Change from a Year Ago: 19.9% YOY Florida 2.2% -37.6% 71, % Ohio 1.3% -16.0% 23, % Pennsylvania 1.5% -16.3% 18, % New Jersey 4.0% -26.0% 13, % Illinois 1.3% -29.1% 13, % New York 3.4% -18.1% 13, % Indiana 1.2% -17.4% 12, % Maryland 1.5% -25.3% 8, % Oklahoma 1.4% -14.7% 7, % South Carolina 1.2% -16.9% 7, % Oregon 1.2% -25.4% 6, % Louisiana 1.3% -7.7% 6, % Wisconsin 0.7% -18.5% 5, % Kentucky 1.2% -11.6% 3, % Connecticut 1.8% -18.6% 3, % Kansas 0.8% -14.3% 2, % New Mexico 2.0% -10.7% 1, % Delaware 2.0% -0.5% 1, % Maine 2.0% -3.8% % Hawaii 2.3% -19.9% % North Dakota -3.7% % Vermont 1.2% -18.8%. 2.7% Source: CoreLogic February CoreLogic Proprietary. This material may not be reproduced in any form without express written permission. 8

9 State Foreclosure Data Non-Judicial States NON JUDICIAL STATES FORECLOSURE INVENTORY FORECLOSURE INVENTORY PCT. CHANGE FROM A YEAR AGO COMPLETED FORECLOSURES (12 MONTHS ENDING FEBRUARY 2016) SERIOUS DELINQUENCY YEAR-OVER- YEAR CHANGE Michigan -33.8% 48, % Texas 0.6% -14.7% 28, % California -25.2% 25, % Georgia 0.6% -24.4% 23, % North Carolina 0.7% -.4% 16, % Tennessee 0.5% -33.4% 14, % Virginia 0.5% -21.5% 12, % Missouri 0.6% -21.5% 11, % Arizona -29.2% 11, % Washington 0.9% -26.2% 9, % Alabama 0.7% -23.2% 8,8 3.8% Nevada 1.5% -32.0% 6, % Minnesota -30.0% 5, % Massachusetts 1.3% -10.5% 4, % National Foreclosure Inventory Rate: 1.1% Foreclosure Inventory Pct. Change from a Year Ago: 23.9% Completed Foreclosures (12 months ending February 2016): 473,143 Serious Delinquency: 3.2% Serious Delinquency Pct.Change from a Year Ago: 19.9% YOY Colorado -25.3% 4, % Arkansas 0.9% -18.1% 4, % Iowa 0.9% -13.3% 3, % Idaho 0.7% -26.0% 2, % Utah -24.2% 2, % New Hampshire 0.7% -19.8% 1, % Nebraska -13.5% 1, % Rhode Island 1.7% -2.5% 1, % Mississippi 0.9% -.8% % Montana 0.5% -12.7% % Alaska 0.3% -3.0% % West Virginia 0.7% -.5% % Wyoming 0.6% -8.6% % District of Columbia 2.2% -11.1% % South Dakota 0.6% -14.8%. 1.5% Source: CoreLogic February CoreLogic Proprietary. This material may not be reproduced in any form without express written permission. FEBRUARY

10 Metropolitan Area Highlights Foreclosure Data for the Largest Core Based Statistical Areas (CBSAs) METROPOLITAN AREA FORECLOSURE INVENTORY FORECLOSURE INVENTORY PCT. CHANGE FROM A YEAR AGO COMPLETED FORECLOSURES (12 MONTHS ENDING FEBRUARY 2016) SERIOUS DELINQUENCY YEAR-OVER-YEAR CHANGE Miami-Miami Beach-Kendall, FL 2.9% -33.1% 7, % New York-Jersey City-White Plains, NY-NJ 3.3% -22.4% 6, % Houston-The Woodlands-Sugar Land, TX 0.5% -19.6% 5, % Chicago-Naperville-Arlington Heights, IL 1.5% -30.9% 5,6 4.2% Las Vegas-Henderson-Paradise, NV 1.7% -30.6% 5, % Washington-Arlington-Alexandria, DC-VA- MD-WV 1.0% -19.5% 4, % Los Angeles-Long Beach-Glendale, CA 0.5% -27.1% 4, % Denver-Aurora-Lakewood, CO 0.3% -32.4% 1, % Boston, MA 1.1% -14.4% 1, % San Francisco-Redwood City-South San Francisco, CA 0.2% -34.5% % Source: CoreLogic February CoreLogic Proprietary. This material may not be reproduced in any form without express written permission. 10

11 National Foreclosure Report Methodology The data in this report represents foreclosure activity reported through February This report separates state data into judicial versus 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. In non-judicial foreclosure states, lenders can issue notices of default directly to the borrower without court intervention. This is an important distinction since judicial states, as a rule, have longer foreclosure timelines, thus affecting foreclosure statistics. 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, it is assumed that the foreclosure process ends in foreclosure by advertisement states at the completion of the auction. The foreclosure inventory represents the number and share of mortgaged 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. 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 data in this report accounts for only first liens against a property and does not include secondary liens. The foreclosure inventory is measured only against homes that have an outstanding mortgage. Generally, homes with no mortgage liens are not subject to 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. SOURCE: CORELOGIC The data provided is for use only by the primary recipient or the primary recipient s publication or broadcast. This data may not be re-sold, republished or licensed to any other source, including publications and sources owned by the primary recipient s parent company without prior written permission from CoreLogic. Any CoreLogic data used for publication or broadcast, in whole or in part, must be sourced as coming from CoreLogic, a data and analytics company. For use with broadcast or web content, the citation must directly accompany first reference of the data. If the data is illustrated with maps, charts, graphs or other visual elements, the CoreLogic logo must be included on screen or website. Data provided may not be modified without the prior written permission of CoreLogic. Do not use the data in any unlawful manner. This data is compiled from public records, contributory databases and proprietary analytics, and its accuracy is dependent upon these sources. ABOUT CORELOGIC CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled services provider. The company s combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit CORELOGIC, the CoreLogic logo are trademarks of CoreLogic, Inc. and/or its subsidiaries. CONTACT For more information, please pyee@corelogic.com CoreLogic Proprietary. This material may not be reproduced in any form without express written permission. FEBRUARY

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