Tag Archives: CoreLogic

The number of completed foreclosures surged from 37,000 in August up to 55,000 in September, an increase of 49.5 percent, largely due to an annual public auctioning of thousands of tax-foreclosed properties in Wayne County, Michigan, where Detroit is the county seat, according to CoreLogic. By comparison, foreclosure completions averaged about 21,000 per month in the pre-recession years from 2000 to 2006.

CoreLogic, a leading global property information, analytics, and data-enabled services provider, recently announced that it has come out with the Insights App, a mobile app designed to enhance user perspective on U.S. and international property markets.

The distressed sales share, which includes sales of REO properties and short sales, was reported to be 9.3 percent for August 2015, down 2.3 percentage points from August 2014. August’s distressed sales share of 9.3 percent is the lowest since September 2007 and is less than a third off from its peak in January 2009, when it made up nearly a third of total residential home sales (32.4 percent).

With July’s decline, the cash sales share has fallen year-over-year every month since January 2013, a total of 31 consecutive months, according to CoreLogic. July 2015’s reported share of 30.8 percent was a dropoff from the share of 34.2 percent reported in July 2014. As has historically been the case, REO sales made up 56 percent of cash sales in July 2015, and resales had the second highest share at 30.2 percent.

The two primary drivers of household formation over time are demographic and economic factors, according to Nothaft. For example, household growth averaged about 2 percent annually from the mid-1960s until the early 1980s when baby boomers were at the prime household formation age, but household formation rates halved from 1990 until the mid-2000s when the population of those born in the 1970s, a much smaller birth cohort, reached their 20s.

The pipeline of U.S. homes in some stage of foreclosure continues to decline with approximately 470,000 homes classified as in some state of distress during the month of August, down 25.2 percent from August of 2014, according to CoreLogic’s latest National Foreclosure report.

Sales of distressed residential properties (REOs and short sales) continued heading toward their "normal" levels with another substantial year-over-year decline in July 2015, according to distressed sales data released by CoreLogic on Thursday.

Though more than a quarter of REO sales were cash transactions in June, REO sales made up only about 6 percent of total home sales during the month. During the peak month of January 2011 for cash sales, REO properties made up about 23.8 percent of all home sales.

Nevada had the highest share of residential properties in negative equity (commonly referred to as "underwater" or "upside down") in Q2 with 20.6 percent, followed by Florida, Arizona, Rhode Island, and Illinois, according to CoreLogic.

The national aggregate value of negative equity at the end of Q2 was approximately $309.5 billion, which was a decline from $338 billion at the end of Q1 and from $350 billion year-over-year (11.6 percent), according to CoreLogic.