CoreLogic® Reports 66,000 Completed Foreclosures Nationally in April

--Five States Account for Nearly Half of the Total--

SANTA ANA, Calif., May 30, 2012 /PRNewswire/ -- CoreLogic (NYSE: CLGX), a leading provider of information, analytics and business services, today released its National Foreclosure Report for April, which provides monthly data on completed foreclosures and the overall foreclosure inventory. According to the report, there were 66,000 completed foreclosures in the U.S. in April 2012 compared to 78,000 in April 2011 and 66,000* in March 2012. Since the start of the financial crisis in September 2008, there have been approximately 3.6 million completed foreclosures across the country. Completed foreclosures are an indication of the total number of homes actually lost to foreclosure.

To view the multimedia assets associated with this release, please click:  Corelogic MultiVu

Approximately 1.4 million homes, or 3.4 percent of all homes with a mortgage, were in the national foreclosure inventory as of April 2012 compared to 1.5 million, or 3.5 percent, in April 2011 and 1.4 million, or 3.4 percent, in March 2012.

"There were more than 830,000 completed foreclosures over the past year or, in other words, one completed foreclosure for every 622 mortgaged homes," said Mark Fleming, chief economist for CoreLogic. "Non-judicial foreclosure markets, like Nevada, Arizona and California, completed two and a half times as many foreclosures over the past year as judicial foreclosure states."

"The inventory of homes in foreclosure in judicial foreclosure states is growing, but this increase is being more than offset by declining inventories in non-judicial states where the processing timelines to clear a foreclosure are shorter," said Anand Nallathambi, chief executive officer of CoreLogic. "Nationally the inventory of homes in foreclosure decreased 0.1 percent from what it was a year ago at this time, and has leveled off over the first four months of 2012."

Highlights as of April 2012:

·       The five states with the highest number of completed foreclosures for the 12 months ending in April 2012 were: California (142,000), Florida (92,000), Michigan (60,000), Texas (58,000) and Georgia (57,000). These five states account for 48.8 percent of all completed foreclosures nationally.

·       The five states with the lowest number of completed foreclosures for the 12 months ending in April 2012 were: South Dakota (62), District of Columbia (162), North Dakota (541), West Virginia (598) and Hawaii (601).

·       The five states with the highest foreclosure inventory as a percentage of all mortgaged homes were: Florida (12.0 percent), New Jersey (6.7 percent), Illinois (5.3 percent), Nevada (5.0 percent) and New York (5.0 percent).

·       The five states with the lowest foreclosure inventory were: Wyoming (0.7 percent), Alaska (0.8 percent), North Dakota (0.9 percent), Nebraska (1.0 percent) and South Dakota (1.4 percent).

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

·       Table 1 – Judicial Foreclosure States Foreclosure Ranking (Sorted by Completed Foreclosure):

·       Table 2 – Non-Judicial Foreclosure States Foreclosure Ranking (Sorted by Completed Foreclosures):

·       Table 3 – Foreclosure Data for Select Large Core Based Statistical Areas (CBSAs) Based on Population:

·       Figure 1 – Number of Mortgaged Homes per Completed Foreclosure
Judicial Foreclosure States vs. Non-Judicial Foreclosure States (3-month moving average)

·       Figure 2 – Foreclosure Inventory as of April 2012
Judicial Foreclosure States vs. Non-Judicial Foreclosure States

·       Figure 3 – Foreclosure Inventory by State Map

Methodology

The data in this report represents foreclosure activity reported through April 2012.

This report has state data separated into judicial vs. 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, while in non-judicial foreclosure states lenders can issue notices of default directly to the borrower without court intervention. It's important to distinguish this since judicial states as a rule have longer foreclosure timelines and thus affect foreclosure statistics as a result.

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. Serious delinquency is typically defined as 90, 120, or 150 days delinquent (sometimes more), in foreclosure or in REO. 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. Homes with no mortgage liens can never be in 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.

The number of mortgages per completed foreclosure nationally is calculated by dividing the number of homes with a mortgage by the number of completed foreclosures in the month. By State and CBSA, it's calculated by dividing the number of homes with a mortgage in each area by the sum of completed foreclosures for the prior 12 months. The slight difference in the calculation between national and state and CBSA helps to account for data volatility.

---30---