National Foreclosure Report

JUNE 2015

4.1%
In June, the foreclosure
inventory was down
4.1percent from May2015,
representing 44 months
of consecutive year-overyear declines.

The foreclosure rate for

the U.S. has dropped
to its lowest level since
2007, supported by a
continuing decline in
loans made before 2009,
gains in employment, and
higher housing prices.
The decline has not been
uniform geographically,
as the foreclosure rate
varies across metropolitan
areas. In the Denver and
San Francisco areas, the
foreclosure rate has fallen
to 0.3 percent, whereas in
the Tampa market the rate
is 3.5 percent and in Nassau
and Suffolk counties it is an
elevated 4.8 percent.
Frank Nothaft, chief economist at CoreLogic

2015 CoreLogic Proprietary and confidential. This material may not be reproduced in any form without express written permission.

National Overview through June 2015

There Were 43,000 Completed Foreclosures Nationally, Down From 50,000 in June 2014

Seriously Delinquent Rate Is at 3.5 Percent Lowest Level Since January 2008

Approximately 472,000 homes in the United States were in some stage of foreclosure
Compared to 664,000 in June 2014

Completed Foreclosures

43K

14.8% 4.8%

in June 2015

Decline Year Over Year

Compared to May 2015

A CoreLogic analysis shows 43,000 foreclosures were completed in June 2015, a 14.8 percent year-over-year
decline from 50,000* in June 2014. 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 up by 4.8 percent. Completed foreclosures are an indication of the total number of
homes actually lost to foreclosure.

* June 2014 data was revised. Revisions with public records are standard and to ensure accuracy, CoreLogic incorporates newly released data to
provide updated results.

2015 CoreLogic Proprietary and confidential. This material may not be reproduced in any form without express written permission.

JUNE 2015

National Foreclosure Inventory

THE FORECLOSURE
RATE, CURRENTLY AT
1.2PERCENT, IS BACK TO
JANUARY 2008 LEVEL.

28.9%
Compared to June 2014

1.2%
Of All Homes with a Mortgage

Approximately 472,000 homes in the United States were in some

stage of foreclosure as of June 2015, compared to 664,000 in June*
2014, a decrease of 28.9 percent. This was the 44th consecutive
month with a year-over-year decline. As of June 2015, the foreclosure
inventory represented 1.2 percent of all homes with a mortgage,
compared to 1.7 percent in June 2014.

* June 2014 data was revised. Revisions with public records are standard and to ensure accuracy, CoreLogic
incorporates newly released data to provide updated results.

Serious delinquency is at the lowest level in seven and a half years

reflecting the benefits of slow but steady improvements in the
economy and rising home prices. We are also seeing the positive
impact of more stringent underwriting criteria for loans originated
since 2009 which has helped to lower the national seriously
delinquent rate.
Anand Nallathambi, president and CEO of CoreLogic

2015 CoreLogic Proprietary and confidential. This material may not be reproduced in any form without express written permission.

Time Series National Overview

Serious
Delinquency*

-MOM %
Chg in #

-YOY %
Chg in #

Foreclosure
Inventory*

JUL14

AUG14

SEP14

OCT14

NOV14

DEC14

JAN15

FEB15

MAR15

APR15

MAY15

JUN15

1,682

1,664

1,640

1,597

1,595

1,571

1,550

1,508

1,428

1,392

1,361

1,314

-1.8%

-1.1%

-1.5%

-2.6%

-0.1%

-1.5%

-1.3%

-2.7%

-5.3%

-2.5%

-2.2%

-3.4%

-25.7% -23.8% -23.8% -24.3% -23.6% -23.7% -23.2% -20.6% -21.9% -21.7% -21.7% -23.3%

650

629

621

589

573

568

562

550

534

507

492

472

3.5%
THE NUMBER

-MOM %
Chg in #

-2.2%

-3.2%

-1.3%

-5.1%

-2.8%

-0.8%

-1.1%

-2.1%

-2.9%

-5.1%

-2.9%

-4.1%

OF MORTGAGES
IN SERIOUS
DELINQUENCY IS

-YOY %
Chg in #

Completed
Foreclosures*

-MOM %
Chg in #

-YOY %
Chg in #

-12-Month
Sum*

-36.0% -35.6% -34.7% -34.7% -37.0% -34.7% -31.7% -27.8% -26.9% -27.1% -27.2% -28.9%

50

45

-1.7%

-8.8%

66

50

40

39

46.7% -24.7% -20.2% -2.0%

43

35

37

37

41

43

9.9%

-19.2%

7.0%

-1.6%

12.2%

4.8%

AT 3.5 PERCENT IN
JUNE2015

-14.8% -23.6% -4.8% -12.5% -15.4% -15.8% -23.1% -25.4% -23.6% -27.1% -19.6% -14.8%

633

619

615

608

601

593

581

569

557

544

534

526

*Thousands of Units

THE FORECLOSURE INVENTORY RECORDED 44 STRAIGHT MONTHS OF DECLINES

2015 CoreLogic Proprietary and confidential. This material may not be reproduced in any form without express written permission.

JUNE 2015

Foreclosure Inventory by State

1.1%
0.4%

2.2%

0.4%

1.3%

1.4%

31

0.4%
0.7%

0.7%

0.5%
0.5%

0.4%
0.5%

states have an inventory of

foreclosed homes lower than
the national rate

0.4%

0.4%

1.6%
0.8%

2.1%

1.2%

0.6%

4.7%

1.3%
0.7% 0.5%

1.2%

1.9%
1.7%
2.4%

0.7%

0.5%

1.4%

1.4%
1.7%

1.6%

0.9%

0.4%

1.9%

0.7%

3.7% 1.4%

0.5%

0.9%

1.3%

4states+DCwithhighestforeclosureinventoryasapercentageofmortgaged
june 2015
0.9% 0.7%

1.1%

0.6%

0.3%

0.7%

2.7%

2.5%

4.7%

0.3%

Twelve states
Show declines of more than
30 percent in year-overyear foreclosure inventory,
with Florida(47.7%) and
Connecticut (36.9%)
experiencing the greatest yearover-year declines

As of June 2015
Source: CoreLogic Market Trends

Four states and the District of Columbia with the highest

foreclosure inventory as a percentage of mortgaged homes
5stateswithlowestforeclosureinventoryasapercentageofmortgagedhom

june 2015

New Jersey

4.7%

New York
Florida
Hawaii
D.C.

3.7%
2.7%
2.5%
2.4%

Five states with the lowest foreclosure inventory

as a percentage of mortgaged homes
Alaska

0.3%

Minnesota

0.4%

Nebraska

0.4%

North Dakota

0.4%

Montana

0.4%

2015 CoreLogic Proprietary and confidential. This material may not be reproduced in any form without express written permission.

499
32

107

313
27,000

TX

29,000

33,000

MI

CA

OH

SD

DC

ND

WY

WV

Five states with the highest number

Four states and the District of

of completed foreclosures during

Columbia, with the lowest number

past 12months

of completed foreclosures during

past 12months

Percent of Homes in Foreclosure

5.19x4.29
Layout>axes>primaryhorizontalaxis>showrighttoleftaxis
8.5ptand5.5pt

FL

566

These five states

account for
almost half of
all completed
foreclosures
nationally.

46,000

102,000

State Highlights

Judicial

Judicial
Non-Judicial

AK
MN
NE
ND
MT
CO
AZ
UT
CA
MI
VA
TN
WY
SD
MO
TX
GA
NH
WI
AL
WV
ID
NC
KS
IA
AR
MS
WA
LA
KY
IN
SC
VT
OH
RI
MA
OR
OK
IL
PA
MD
CT
DE
NV
NM
ME
DC
HI
FL
NY
NJ

0%

Non-Judicial

Forty-five states posted

a year-over-year,
double-digit decline in
foreclosures. Two states,
Wyoming (+4.1percent),
Massachusetts
(+17.8percent), and the
District of Columbia
(+18.1percent)
experienced increases.

1%

2%

3%

4%

5%

6%

7%

Source: CoreLogic June 2015

2015 CoreLogic Proprietary and confidential. This material may not be reproduced in any form without express written permission.

JUNE 2015

State Foreclosure Data

Judicial States
FORECLOSURE
INVENTORY

FORECLOSURE
INVENTORY
PCT. POINT
CHANGEFROM
AYEARAGO

COMPLETED
FORECLOSURES
(12 MONTHS
ENDING
JUNE2015)

SERIOUS
DELINQUENCY
RATE

Florida

2.7%

-2.3%

101,938

6.3%

Ohio

1.3%

-0.4%

27,295

3.8%

Foreclosure Inventory: 1.3%

Pennsylvania

1.6%

-0.4%

20,003

4.3%

Foreclosure Inventory
Pct. Point Change from
a Year Ago:
0.5%

Illinois

1.6%

-0.8%

14,220

4.3%

Indiana

1.2%

-0.4%

13,718

3.5%

New York

3.7%

-0.7%

9,981

6.7%

New Jersey

4.7%

-1.1%

9,947

8.3%

Maryland

1.7%

-0.8%

9,119

5.0%

Serious Delinquency: 3.5%

Louisiana

1.1%

-0.3%

8,429

4.1%

Decline in
Seriously Delinquent
Mortgages:
0.9% YOY

Oklahoma

1.4%

-0.2%

7,704

3.6%

South Carolina

1.3%

-0.4%

7,166

3.4%

Wisconsin

0.7%

-0.2%

5,986

2.1%

Oregon

1.4%

-0.6%

5,657

3.2%

Connecticut

1.7%

-1.0%

5,226

4.9%

Kentucky

1.2%

-0.3%

3,381

3.4%

Kansas

0.8%

-0.1%

2,594

2.8%

New Mexico

2.1%

-0.1%

1,543

4.0%

Delaware

1.9%

-0.3%

1,388

4.6%

Maine

2.2%

-0.6%

809

5.1%

Hawaii

2.5%

-0.6%

758

4.1%

North Dakota

0.4%

-0.1%

313

0.9%

Vermont

1.3%

-0.4%

3.0%

North Dakota

0.5%

0.0%

326

0.9%

South Dakota

0.6%

0.0%

1.7%

Vermont

1.4%

-0.4%

3.2%

JUDICIAL STATES

National

Completed Foreclosures
(12 months ending
June 2015): 526,189

Source: CoreLogic June 2015

2015 CoreLogic Proprietary and confidential. This material may not be reproduced in any form without express written permission.

State Foreclosure Data

Non-Judicial States
FORECLOSURE
INVENTORY

FORECLOSURE
INVENTORY
PCT. POINT
CHANGEFROM
AYEARAGO

COMPLETED
FORECLOSURES
(12 MONTHS
ENDING
JUNE2015)

SERIOUS
DELINQUENCY
RATE

Michigan

0.5%

-0.3%

46,451

2.5%

Texas

0.6%

-0.2%

33,020

2.6%

California

0.5%

-0.2%

28,610

1.7%

Georgia

0.7%

-0.3%

26,909

3.4%

North Carolina

0.7%

-0.2%

18,258

2.9%

Tennessee

0.5%

-0.2%

13,469

3.4%

1.1%

-0.5%

12,082

2.7%

Arizona

0.4%

-0.1%

12,026

1.7%

Missouri

0.6%

-0.1%

11,938

2.6%

Virginia

0.5%

-0.2%

11,771

2.3%

Alabama

0.7%

-0.1%

8,932

3.9%

Nevada

1.9%

-0.4%

7,046

4.6%

Minnesota

0.4%

-0.1%

6,204

1.8%

Colorado

0.4%

-0.2%

5,029

1.4%

Arkansas

0.9%

-0.1%

4,653

3.9%

Iowa

0.9%

-0.2%

4,210

2.2%

Massachusetts

1.4%

0.2%

4,117

3.7%

Idaho

0.7%

-0.4%

3,062

2.0%

Utah

0.4%

-0.2%

2,927

1.8%

New Hampshire

0.7%

-0.1%

1,651

2.5%

Rhode Island

1.4%

-0.5%

1,586

4.9%

Nebraska

0.4%

0.0%

1,345

1.7%

Mississippi

0.9%

-0.2%

966

4.9%

Montana

0.4%

-0.2%

825

1.4%

Alaska

0.3%

-0.1%

723

1.3%

West Virginia

0.7%

-0.1%

566

2.8%

Wyoming

0.5%

0.0%

499

1.7%

District of Columbia

2.4%

0.4%

107

3.9%

South Dakota

0.5%

0.0%

32

1.5%

NON-JUDICIAL
STATES

Washington

National
Foreclosure Inventory: 1.3%
Foreclosure Inventory
Pct. Point Change from
a Year Ago:
0.5%
Completed Foreclosures
(12 months ending
June 2015): 526,189
Serious Delinquency: 3.5%
Decline in
Seriously Delinquent
Mortgages:
0.9% YOY

Source: CoreLogic June 2015

2015 CoreLogic Proprietary and confidential. This material may not be reproduced in any form without express written permission.

JUNE 2015

Metropolitan Area Highlights

Foreclosure Data for the Largest Core Based Statistical Areas (CBSAs)
FORECLOSURE
INVENTORY

FORECLOSURE
INVENTORY PCT.
POINT CHANGE
FROM A YEAR AGO

COMPLETED
FORECLOSURES
(12 MONTHS
ENDING
JUNE2015)

SERIOUS
DELINQUENCY
RATE

Tampa-St. Petersburg-Clearwater, FL

3.5%

-2.5%

16,750

7.2%

Atlanta-Sandy Springs-Roswell, GA

0.7%

-0.3%

14,524

3.3%

Orlando-Kissimmee-Sanford, FL

2.5%

-2.4%

12,970

5.9%

Houston-The Woodlands-Sugar Land, TX

0.6%

-0.2%

7,304

2.5%

Phoenix-Mesa-Scottsdale, AZ

0.4%

-0.1%

7,114

1.5%

Chicago-Naperville-Arlington Heights, IL

1.8%

-0.9%

6,316

4.9%

Riverside-San Bernardino-Ontario, CA

0.7%

-0.3%

6,070

2.6%

Dallas-Plano-Irving, TX

0.6%

-0.2%

5,445

2.5%

St. Louis, MO-IL

0.7%

-0.1%

5,332

2.9%

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

3.8%

-0.9%

5,162

6.6%

Baltimore-Columbia-Towson, MD

1.7%

-0.8%

4,895

5.1%

Los Angeles-Long Beach-Glendale, CA

0.5%

-0.2%

4,834

2.0%

Minneapolis-St. Paul-Bloomington, MN-WI

0.4%

-0.1%

4,754

1.8%

Charlotte-Concord-Gastonia, NC-SC

0.8%

-0.3%

4,476

2.9%

Warren-Troy-Farmington Hills, MI

0.3%

-0.2%

3,960

1.9%

METROPOLITAN AREA

Source: CoreLogic June 2015

2015 CoreLogic Proprietary and confidential. This material may not be reproduced in any form without express written permission.

10

National Foreclosure Report Methodology

The data in this report represents foreclosure activity reported through June 2015.
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 lenders 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 lenders 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 recipients 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 recipients 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 companys combined
data from public, contributory and proprietary sources includes over 3.5 billion records spanning more than 40 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
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CONTACT
For more information, please email bvisini@corelogic.com.

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JUNE 2015

11

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