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National Foreclosure Report
NOVEMBER 2016
In November, the foreclosure inventory was down 2.4 percent from October 2016, representing 61 months of consecutive year-over-year declines.
2.4%
“The decline in serious delinquency has been substantial, but the default rate remains high in select markets. Serious delinquency rates were the highest in New Jersey and New York at 5.6 percent and 5 percent, respectively. In contrast, the lowest delinquency rate occurred in Colorado at 0.9 percent where a strong job market and home-price growth have enabled more homeowners to stay current.”
Frank Nothaft, chief economist at CoreLogic
2© 2017 CoreLogic — Proprietary. This material may not be reproduced in any form without express written permission.
© 2017 CoreLogic — Proprietary. This material may not be reproduced in any form without express written permission. NOVEMBER 2016 3
National Overview through November 2016
► There Were 26,000 Completed Foreclosures Nationally, Down From 35,000 in
November 2015
► Seriously Delinquent Rate Is at 2.5 Percent Lowest Level Since August 2007
► Approximately 333,000 homes in the United States were in some stage of foreclosure
Compared to 465,000 in November 2015
Completed Foreclosures
26K 25.9% 2.4%in November 2016 Decline Year Over Year Compared to October 2016
A CoreLogic® analysis shows 26,000 foreclosures were completed in November 2016, a 25.9 percent year-over-
year decline from 35,000* in November 2015. By comparison, before the decline in the housing market in 2007,
completed foreclosures averaged 21,000 per month nationwide between 2000 and 2006. On a month-over-month*
basis, completed foreclosures were down by 2.4 percent. Completed foreclosures are an indication of the total
number of homes actually lost to foreclosure.
* November 2015 data was revised. Revisions with public records are standard and to ensure accuracy, CoreLogic incorporates newly released data to provide updated results.
National Foreclosure Inventory
30.0% 0.8%Compared to November 2015 Of All Homes with a Mortgage
Approximately 325,000 homes in the United States were in
some stage of foreclosure as of November 2016, compared to
465,000 in November* 2015, a decrease of 30.0 percent. This was
the 61st consecutive month with a year-over-year decline. As of
November 2016, the foreclosure inventory represented 0.8 percent
of all homes with a mortgage, compared to 1.2 percent in
November 2015.
* November 2015 data was revised. Revisions with public records are standard and to ensure accuracy, CoreLogic incorporates newly released data to provide updated results.
“The 7 percent appreciation in home prices through November 2016 has added an average of $12,500 in home-equity wealth per homeowner across the U.S. during the last year. Sustained growth in home prices is clearly bolstering homeowners’ spending power and balance sheets and, as a result, spurring a continued drop in defaults.”
Anand Nallathambi, president and CEO of CoreLogic
THE FORECLOSURE RATE, CURRENTLY AT 0.8 PERCENT, IS BACK TO JUNE 2007 LEVELS.
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Time Series – National Overview
*in Thousands
DEC- 15
JAN- 16
FEB- 16
MAR- 16
APR- 16
MAY- 16
JUN- 16
JUL- 16
AUG- 16
SEP- 16
OCT- 16
NOV- 16
Serious
Delinquency* 1,275 1,275 1,228 1,177 1,152 1,123 1,108 1,103 1,041 1,036 1,028 1,004
-MOM %
Chg in #-1.0% 0.0% -3.8% -4.2% -2.1% -2.5% -1.4% -0.4% -5.6% -0.4% -0.7% -2.4%
-YOY %
Chg in #-21.7% -20.7% -21.5% -20.8% -20.5% -20.9% -19.9% -20.7% -23.8% -23.2% -22.5% -22.1%
Foreclosure
Inventory*467 449 440 423 403 391 371 363 350 340 333 325
-MOM %
Chg in #0.4% -3.9% -1.9% -3.9% -4.8% -3.0% -5.1% -2.1% -3.5% -2.9% -2.0% -2.4%
-YOY %
Chg in #-20.8% -23.1% -22.9% -24.0% -24.1% -24.4% -27.0% -27.6% -29.8% -30.9% -30.4% -30.0%
Completed
Foreclosures*36 39 35 37 37 34 38 29 29 37 30 26
-MOM %
Chg in #2.2% 10.6% -11.4% 7.3% -2.1% -7.6% 11.3% -22.5% -1.2% 27.3% -18.1% -14.1%
-YOY %
Chg in #-15.2% -15.1% -8.2% -12.1% -16.9% -17.5% -7.4% -29.0% -55.0% -5.4% -24.8% -25.9%
-12-Month
Sum*506 499 496 491 483 476 473 461 426 424 414 405
THE FORECLOSURE INVENTORY RECORDED 61 STRAIGHT MONTHS OF DECLINES.
2.5%THE PERCENTAGE
OF MORTGAGES
IN SERIOUS
DELINQUENCY IS
AT 2.5 PERCENT IN
NOVEMBER 2016
© 2017 CoreLogic — Proprietary. This material may not be reproduced in any form without express written permission. NOVEMBER 2016 5
Twenty statesShowed declines of more than 30 percent in year-over-year foreclosure inventory, with Washington (−42.4%) and Florida (−41.8%) experiencing the greatest year-over-year declines
states have an inventory of foreclosed homes lower than the national rate
30
Foreclosure Inventory by State
0.6%
0.7%
0.3%
1.0%
0.3%
0.3% 1.5%
0.2%
0.4%
0.4% 0.4%
0.5%
0.4%
0.6%
1.1%
0.5% 1.0%
0.6%
0.4%
0.6%
0.3%
0.5%
1.0%
0.3%
1.0%1.1%
0.9%
0.4%
0.7% 0.5% 0.5%
1.4%
0.8%
0.5%
0.3%0.7%
1.1%
2.6%
1.7%
1.0%
0.3%
0.4%
0.6%
0.7%
0.3%
1.0%
0.3%
0.3% 1.5%
0.2%
0.4%
0.4% 0.4%
0.5%
0.4%
0.6%
1.1%
0.5%
2.8%
1.0%
0.6%
0.4%
0.6%
0.3%
0.5%
1.0%
0.3%
1.0%1.1%
0.9%
0.4%
0.7% 0.5% 0.5%
1.4%
0.8%
0.5%
0.3%0.7%
1.1%
2.6%
1.7%
1.0%
0.3%
1.7%
1.1%
1.6%1.0%
1.3%
2.8%
1.3%1.1%
0.4%0.4%
0.2%
As of November 2016Source: CoreLogic Market Trends
Four states and the District of Columbia with the highest foreclosure inventory as a percentage of mortgaged homes
4 states + DC with highest foreclosure inventory as a percentage of mortgaged homesnov 2016
1.6%
1.7%
1.7%
2.6%
2.8%
D.C.
Maine
Hawaii
New York
New Jersey
Five states with the lowest foreclosure inventory as a percentage of mortgaged homes
0.3%
0.3%
0.3%
0.3%
0.2%
Utah
Minnesota
California
Arizona
Colorado
5 states with lowest foreclosure inventory as a percentage of mortgaged homesnov 2016
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Fifty states posted a year-over-year, double-digit decline in foreclosures.
State Highlights
Percent of Homes in Foreclosure
0% 1% 2% 3% 4% 5%
NJNYMEHI
DCNMFLCTDEOKRI
VTPAOH
ILMDNVMAIN
LAKYSCMSORWV
IAKSAR
WAWITXNCALGASDNDID
NHWYMOTNMTNEVAAKMI
CAUTAZMNCO
Judicial
No
n-Jud
icial
5.19x4.29Click on horizontal Axes>categories in reverse order8.5pt and 5.5ptnov
2016
Source: CoreLogic November 2016
Judicial
Non-Judicial
48,000
31,0
00
25,0
00
22,0
00
20,0
00
FL MI TX OH GA
221 260
375
616 627
DC ND WV AK MT
660
Four states and the District of
Columbia, with the lowest number
of completed foreclosures during
past 12 months* VT and SD were removed from the list for
incomplete data
Five states with the highest number
of completed foreclosures during
past 12 months
These five states account for almost half of completed foreclosures during the past 12 months.
© 2017 CoreLogic — Proprietary. This material may not be reproduced in any form without express written permission. NOVEMBER 2016 7
JUDICIAL STATES FORECLOSURE INVENTORY
FORECLOSURE INVENTORY PCT. CHANGE FROM
A YEAR AGO
COMPLETED FORECLOSURES
(12 MONTHS ENDING
NOVEMBER 2016)
SERIOUS DELINQUENCY
RATE
Florida 1.4% −41.8% 48,494 3.6%
Ohio 1.1% −24.7% 22,271 3.2%
Pennsylvania 1.1% −30.3% 18,451 3.4%
New York 2.6% −24.4% 14,635 5.0%
New Jersey 2.8% −35.6% 13,418 5.6%
Illinois 1.0% −27.3% 12,986 3.0%
Indiana 1.0% −25.2% 12,708 2.9%
South Carolina 0.8% −27.2% 7,395 2.7%
Oregon 0.7% −40.3% 7,102 1.8%
Oklahoma 1.1% −22.5% 7,067 3.1%
Maryland 1.0% −35.4% 5,916 3.5%
Louisiana 1.0% −20.4% 4,765 4.1%
Wisconsin 0.5% −23.7% 4,358 1.7%
Connecticut 1.3% −22.8% 3,856 3.4%
Kentucky 0.9% −25.8% 3,490 2.7%
Kansas 0.6% −26.0% 2,887 2.3%
New Mexico 1.5% −28.0% 1,965 3.3%
Delaware 1.3% −32.9% 1,651 3.5%
Maine 1.7% −11.2% 895 3.7%
Hawaii 1.7% −31.2% 737 3.0%
North Dakota 0.4% 4.6% 260 1.0%
Vermont 1.1% −9.4% . 2.3%
Source: CoreLogic November 2016
State Foreclosure DataJudicial States
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National
Foreclosure Inventory Rate: 0.8%
Foreclosure Inventory Pct. Change from a Year Ago: −30.0%
Completed Foreclosures (12 months ending November 2016): 404,882
Serious Delinquency: 2.5%
Serious Delinquency Pct.Change from a Year Ago: −22.1% YOY
NON−JUDICIAL STATES
FORECLOSURE INVENTORY
FORECLOSURE INVENTORY PCT. CHANGE FROM
A YEAR AGO
COMPLETED FORECLOSURES
(12 MONTHS ENDING
NOVEMBER 2016)
SERIOUS DELINQUENCY
RATE
Michigan 0.3% −34.3% 31,412 1.8%
Texas 0.5% −12.4% 25,414 2.2%
Georgia 0.5% −25.0% 19,552 2.7%
California 0.3% −32.7% 19,141 1.3%
North Carolina 0.5% −29.7% 13,985 2.4%
Virginia 0.3% −26.1% 11,519 1.8%
Tennessee 0.4% −24.5% 11,137 2.7%
Missouri 0.4% −31.1% 10,495 2.1%
Washington 0.6% −42.4% 10,203 1.6%
Alabama 0.5% −27.6% 8,824 3.1%
Arizona 0.3% −29.4% 8,720 1.4%
Massachusetts 1.0% −24.3% 6,450 2.6%
Nevada 1.0% −36.0% 5,820 2.9%
Arkansas 0.6% −36.9% 4,607 3.0%
Minnesota 0.3% −32.0% 4,006 1.3%
Colorado 0.2% −40.9% 3,315 0.9%
Iowa 0.6% −31.5% 2,846 1.8%
Idaho 0.4% −38.2% 2,316 1.3%
Utah 0.3% −28.5% 1,903 1.2%
Rhode Island 1.1% −35.3% 1,607 3.3%
New Hampshire 0.4% −30.9% 1,452 1.7%
Nebraska 0.4% −22.7% 1,239 1.5%
Mississippi 0.7% −19.3% 873 4.2%
Wyoming 0.4% −18.3% 812 1.9%
Montana 0.4% −22.7% 627 1.2%
Alaska 0.3% −3.8% 616 1.1%
West Virginia 0.7% −2.8% 375 2.9%
District of Columbia 1.6% −30.5% 221 3.0%
South Dakota 0.5% −19.5% . 1.4%
Source: CoreLogic November 2016
State Foreclosure DataNon-Judicial States
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National
Foreclosure Inventory Rate: 0.8%
Foreclosure Inventory Pct. Change from a Year Ago: −30.0%
Completed Foreclosures (12 months ending November 2016): 404,882
Serious Delinquency: 2.5%
Serious Delinquency Pct.Change from a Year Ago: −22.1% YOY
METROPOLITAN AREA FORECLOSURE INVENTORY
FORECLOSURE INVENTORY PCT. CHANGE FROM
A YEAR AGO
COMPLETED FORECLOSURES
(12 MONTHS ENDING
NOVEMBER 2016)
SERIOUS DELINQUENCY
RATE
New York-Jersey City-White Plains, NY-NJ 2.5% −29.1% 7,172 4.7%
Chicago-Naperville-Arlington Heights, IL 1.1% −29.6% 5,758 3.3%
Miami-Miami Beach-Kendall, FL 2.1% −35.1% 5,062 5.1%
Houston-The Woodlands-Sugar Land, TX 0.6% 8.3% 4,690 2.3%
Las Vegas-Henderson-Paradise, NV 1.1% −35.6% 4,650 3.2%
Washington-Arlington-Alexandria, DC-VA-
MD-WV0.7% −30.7% 3,762 2.4%
Los Angeles-Long Beach-Glendale, CA 0.3% −31.7% 3,359 1.4%
Boston, MA 0.9% −27.5% 1,351 2.4%
Denver-Aurora-Lakewood, CO 0.2% −43.8% 763 0.8%
San Francisco-Redwood City-South San
Francisco, CA0.1% −38.0% 152 0.5%
Source: CoreLogic November 2016
Metropolitan Area HighlightsForeclosure Data for the Largest Core Based Statistical Areas (CBSAs)
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National Foreclosure Report Methodology
The data in this report represents foreclosure activity reported through November 2016.
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
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