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Home | Tag Archives: CoreLogic

Tag Archives: CoreLogic

Foreclosure Completions Down Two-Thirds From 2010 Peak

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Foreclosure inventory, which is the number of homes in some state of foreclosure, totaled 553,000 in February (about 1.4 percent of all residential mortgages nationwide), the lowest total since March 2008 and a year-over-year decline of 27.3 percent from February 2014, when there were 761,000 homes in some state of foreclosure (1.9 percent of all residential mortgages).

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Negative Equity Remains a ‘Serious Issue’ Despite Year-Over-Year Decline

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Despite the year-over-year decline in the percentage of underwater residential properties, negative equity remains a serious issue, according to Anand Nallathambi, president and CEO of CoreLogic. For the full year of 2014, 1.2 million borrowers regained equity – but nearly five and a half million properties remained in negative equity as of the end of the year after approximately 172,000 homes slipped into negative equity from the third quarter to the fourth quarter in 2014.

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Florida, Michigan Lead in Completed Foreclosures, But Other Numbers Do Not Correlate

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Despite both states having high numbers of completed foreclosures for the previous 12 months, other foreclosure-related statistics between the two states do not correlate. Florida's foreclosure inventory rate of 3.5 percent for January (third among states behind New Jersey and New York) was more than double the national average for the month (1.4 percent), whereas Michigan's foreclosure inventor was less than half that number (0.6 percent).

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Analyst: Recent Spike in Foreclosure Starts Likely Due to Seasonality

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According to Black Knight, however, one stat experienced an increase – foreclosure starts jumped by 5.5 percent year-over-year in January up to their highest level since December 2013. About 51 percent of January's reported total of 94,300 foreclosure starts were repeat foreclosures, according to Black Knight. January's spike in foreclosure starts is likely attributed more to seasonality than any type of pattern that may be forming, according to Black Knight's SVP of Loan Data Products, Trey Barnes.

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Report: Foreclosure Rate in Judicial States More Than Triple That of Non-Judicial States

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The foreclosure rate in judicial states was more than triple the rate in non-judicial states in January (2.4 percent compared to 0.7 percent, according to CoreLogic). New Jersey, a judicial foreclosure state, led the pack in foreclosure rate with 5.2 percent of all residential homes with a mortgage in some state of foreclosure during January. Second was New York, another judicial foreclosure state, with 4.0 percent.

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Foreclosure Inventory Drops By One-Third Year-Over-Year

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Completed foreclosures have totaled approximately 5.5 million nationwide since the height of the financial crisis in September 2008 and have totaled approximately 7 million since homeownership peaked in the second quarter of 2004. January's foreclosure rate of 1.4 percent, meaning 1.4 percent of all residential homes with a mortgage nationwide are in some state of foreclosure, was the lowest level reported since March 2008. Year-over-year, the foreclosure rate was down 0.6 percentage points, from 2.0 percent reported in January 2014.

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REO Cash Sales Share Falling, But Still High

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While REO sales still had the largest share of all-cash home sales in December 2014, both the share of cash sales that are REO sales and the share of REO sales that are cash sales were down month-over-month, according to data released by CoreLogic on Monday.

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