CoreLogic January 2016 National Foreclosure Report!

foreclosure

Courtesy of CoreLogic, this article contains most everything you wanted to know about U.S. residential property foreclosures!

The report was created by, and is posted with, the permission of CoreLogic, a data and analytics company. The January 2016 National Foreclosure Report shows the foreclosure inventory declined by 21.7 percent and completed foreclosures declined by 16.2 percent compared with January 2015. The number of completed foreclosures nationwide decreased year over year from 46,000 in January 2015 to 38,000 in January 2016. The number of completed foreclosures in January 2016 was down 67.6 percent from the peak of 117,743 in September 2010.

The foreclosure inventory represents the number of homes at some stage of the foreclosure process and completed foreclosures reflect the total number of homes lost to foreclosure. Since the financial crisis began in September 2008, there have been approximately 6.1 million completed foreclosures across the country, and since homeownership rates peaked in the second quarter of 2004, there have been approximately 8.2 million homes lost to foreclosure.

As of January 2016, the national foreclosure inventory included approximately 456,000, or 1.2 percent, of all homes with a mortgage compared with 583,000 homes, or 1.5 percent, in January 2015. The January 2016 foreclosure inventory rate has been steady at 1.2 percent since October of 2015 and is the lowest for any month since November 2007.

CoreLogic also reports that the number of mortgages in serious delinquency (defined as 90 days or more past due, including loans in foreclosure or REO) declined by 22.5 percent from January 2015 to January 2016, with 1.2 million mortgages, or 3.2 percent, in this category. The January 2016 serious delinquency rate is the lowest in eight years, since November 2007.

“In January, the national foreclosure rate was 1.2 percent, down to one-third the peak from exactly five years earlier in January 2011, a remarkable improvement,” said Dr. Frank Nothaft, chief economist for CoreLogic. “The months’ supply of foreclosure fell to 12 months, which is modestly above the nine-month rate seen 10 years earlier and indicates the market’s ability to clear the stock of foreclosures is close to normal.”

“The improvement in distressed properties continues across the country in every state which is contributing to the lack of stock of available homes and resulting price escalation in many markets,” said Anand Nallathambi, president and CEO of CoreLogic. “So far the trend toward lower delinquency and foreclosures has been immune from shocks from such things as the collapse in oil prices attesting to the durability of the housing recovery.”

Additional January 2016 highlights:

  • On a month-over-month basis, completed foreclosures increased by 16.4 percent to 38,000 in January 2016 from the 33,000 reported in December 2015.* 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.
  • On a month-over-month basis, the foreclosure inventory was down 1.6 percent in January 2016 compared to December 2015.
  • The five states with the highest number of completed foreclosures for the 12 months ending in January 2016 were Florida (74,000), Michigan (49,000), Texas (29,000), California (25,000) and Ohio (24,000). These five states accounted for almost half of all completed foreclosures nationally.
  • Four states and the District of Columbia had the lowest number of completed foreclosures for the 12 months ending in January 2016: the District of Columbia (97), North Dakota (298), Wyoming (551), West Virginia (589) and Alaska (707).
  • Four states and the District of Columbia had the highest foreclosure inventory rates in January 2016: New Jersey (4.3 percent), New York (3.5 percent), Hawaii (2.4 percent), Florida (2.3 percent) and the District of Columbia (2.3 percent).
  • The five states with the lowest foreclosure inventory rate in January 2016 were Alaska (0.3 percent), Minnesota (0.4 percent), Colorado (0.4 percent), Arizona (0.4 percent) and Utah (0.4 percent).

*December 2015 data was revised. Revisions are standard, and to ensure accuracy CoreLogic incorporates newly released data to provide updated results.

Judicial Foreclosure States Ranked by Completed Foreclosures:

Judicial States

January 2015

Foreclosure Inventory Rate January 2016

Foreclosure Inventory Year-Over-Year Change

Completed Foreclosures (12 months ending January 2016)

Completed Foreclosures (12 months ending January 2015)

Serious Delinquency Rate January 2016

Serious Delinquency Rate Year-Over-Year Change

National

1.2%

-21.8%

472,659

592,972

3.2%

-22.5%

Florida

2.4%

-36.6%

74,303

115,521

5.2%

-36.0%

Ohio

1.4%

-14.1%

23,614

31,515

3.8%

-20.9%

Pennsylvania

1.6%

-16.8%

18,989

21,881

4.1%

-18.0%

Illinois

1.4%

-27.7%

13,240

19,255

3.8%

-27.0%

Indiana

1.3%

-14.6%

12,924

16,520

3.4%

-22.6%

New Jersey

4.3%

-22.7%

12,808

10,790

7.5%

-19.6%

New York

3.5%

-15.9%

12,045

11,373

6.2%

-16.6%

Maryland

1.6%

-25.6%

8,052

16,997

4.5%

-23.0%

South Carolina

1.1%

-27.1%

7,282

9,801

3.4%

-15.9%

Oklahoma

1.5%

-11.9%

7,074

9,616

3.6%

-15.7%

Oregon

1.2%

-25.2%

5,963

6,588

2.6%

-27.4%

Wisconsin

0.7%

-14.2%

5,713

7,042

2.1%

-21.8%

Louisiana

1.3%

-7.7%

5,448

7,039

4.3%

-14.2%

Connecticut

1.8%

-18.9%

3,585

5,456

4.3%

-25.0%

Kentucky

1.2%

-10.2%

3,137

4,256

3.2%

-20.5%

Kansas

0.9%

-11.6%

2,698

4,707

2.7%

-21.4%

New Mexico

2.0%

-7.7%

1,785

2,151

4.1%

-10.7%

Delaware

2.1%

5.9%

1,280

1,630

4.4%

-15.1%

Maine

2.1%

-3.8%

806

960

4.7%

-18.1%

Hawaii

2.4%

-17.9%

739

959

3.9%

-15.8%

North Dakota

0.4%

-8.1%

298

324

1.0%

-6.7%

Source: CoreLogic January 2016

Non-Judicial Foreclosure States Ranked by Completed Foreclosures:

Non-Judicial States

January 2016

Foreclosure Inventory Rate January 2016

Foreclosure Inventory Year-Over-Year Change

Completed Foreclosures (12 months ending January 2016)

Completed Foreclosures (12 months ending January 2015)

Serious Delinquency Rate January 2016

Serious Delinquency Rate Year-Over-Year Change

National

1.2%

-21.8%

472,659

592,972

3.2%

-22.5%

Michigan

0.4%

-29.8%

49,032

46,127

2.2%

-30.4%

Texas

0.6%

-12.3%

28,761

35,545

2.7%

-12.8%

California

0.4%

-24.3%

25,154

29,358

1.6%

-23.0%

Georgia

0.7%

-20.9%

23,500

29,327

3.3%

-20.6%

North Carolina

0.7%

-18.0%

15,834

21,073

2.9%

-18.6%

Tennessee

0.5%

-27.4%

14,349

15,081

3.3%

-21.0%

Virginia

0.5%

-20.3%

12,137

11,910

2.2%

-17.9%

Missouri

0.6%

-15.9%

11,302

12,806

2.6%

-21.7%

Arizona

0.4%

-23.0%

11,000

12,663

1.7%

-17.6%

Washington

1.0%

-22.2%

9,979

14,139

2.3%

-30.3%

Alabama

0.7%

-18.1%

8,591

9,371

3.8%

-18.3%

Nevada

1.6%

-30.5%

6,564

8,649

4.0%

-26.2%

Minnesota

0.4%

-29.7%

5,362

6,335

1.7%

-27.6%

Massachusetts

1.3%

-4.2%

4,599

3,532

3.4%

-18.2%

Colorado

0.4%

-28.8%

4,362

5,958

1.3%

-26.6%

Arkansas

0.9%

-10.1%

4,177

5,049

3.6%

-24.3%

Iowa

0.9%

-11.7%

3,440

4,966

2.2%

-20.9%

Idaho

0.7%

-21.4%

2,634

3,717

1.7%

-30.8%

Utah

0.4%

-24.0%

2,302

3,570

1.6%

-26.6%

New Hampshire

0.7%

-19.5%

1,457

1,906

2.2%

-24.8%

Nebraska

0.5%

-6.8%

1,366

1,591

1.8%

-17.7%

Rhode Island

1.8%

7.7%

1,243

1,650

4.5%

-20.9%

Mississippi

0.9%

-16.4%

1,044

1,131

4.9%

-14.5%

Montana

0.5%

-12.7%

726

982

1.4%

-19.1%

Alaska

0.3%

-3.1%

707

854

1.1%

-24.4%

West Virginia

0.7%

-16.9%

589

552

3.1%

-9.0%

Wyoming

0.6%

-4.5%

551

562

1.7%

-8.7%

District of Columbia

2.3%

-9.4%

97

110

3.7%

-15.6%

Source: CoreLogic January 2016

Foreclosure Data for Select Core Based Statistical Areas (CBSAs) Ranked by Completed Foreclosures:

CBSA

January 2016

Foreclosure Inventory Rate January 2016

Foreclosure Inventory Year-Over-Year Change

Completed Foreclosures (12 months ending January 2016)

Completed Foreclosures (12 months ending January 2015)

Serious Delinquency Rate January 2016

Serious Delinquency Rate Year-Over-Year Change

Miami-Miami Beach-Kendall, FL

3.1%

-32.4%

6,919

12,869

7.0%

-33.6%

New York-Jersey City-White Plains, NY-NJ

3.5%

-20.3%

6,741

5,589

6.0%

-19.4%

Houston-The Woodlands-Sugar Land, TX

0.6%

-14.0%

5,837

8,259

2.6%

-12.5%

Chicago-Naperville-Arlington Heights, IL

1.6%

-29.6%

5,644

9,601

4.3%

-27.6%

Las Vegas-Henderson-Paradise, NV

1.7%

-29.1%

4,981

6,747

4.5%

-25.6%

Los Angeles-Long Beach-Glendale, CA

0.5%

-23.6%

4,250

4,799

1.8%

-24.2%

Washington-Arlington-Alexandria, DC-VA-MD-WV

1.0%

-19.2%

3,805

5,922

2.9%

-19.1%

Denver-Aurora-Lakewood, CO

0.3%

-36.1%

1,332

2,361

1.0%

-31.7%

Boston, MA

1.2%

-8.4%

1,072

749

3.3%

-18.8%

San Francisco-Redwood City-South San Francisco, CA

0.1%

-34.3%

187

248

0.6%

-31.5%

Source: CoreLogic January 2016

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 web site.  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.

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