CoreLogic and LPS are out with their January 2013 reports on U.S. distressed residential real estate properties.CoreLogic reports 61,000 completed foreclosures for the month and the foreclosure inventory falling for 15 consecutive months. According to CoreLogic in their National Mortgage Report, there were 61,000 completed foreclosures in the U.S. in January 2013, down from 75,000 in January 2012 a year-over-year decrease of 17.8 percent. On a month-over-month basis, completed foreclosures rose from 56,000 in December 2012 to the January level of 61,000, an increase of 10.5 percent. As a basis of comparison, prior to the decline in the housing market in 2007, completed foreclosures averaged 21,000 per month between 2000 and 2006. Completed foreclosures are an indication of the total number of homes actually lost to foreclosure. Since the financial crisis began in September 2008, there have been approximately 4.2 million completed foreclosures across the country. The full CoreLogic report can be seen here.LPS released their January 2013 Mortgage Monitor report and lists foreclosure starts as 147,593 for the month, up 8.3% from December 2012, but down significantly at 32.8% from January 2012. They report total U.S. loan delinquency rate in January 2013 at 6.48% defined as seriously delinquent (90+) or in foreclosure properties. This delinquency rate is down 0.9% from December 2012 and 15.5% from a year ago in January 2012. LPS lists the five states with the highest number of completed foreclosures for the 12 months ending in January 2013 were: California (96,000), Florida (95,000), Michigan (74,000), Texas (59,000) and Georgia (50,000). These five states account for almost half of all completed foreclosures nationally. They report the five states highest foreclosure inventory as a percentage of all mortgaged homes were: Florida (10.0 percent), New Jersey (7.2 percent), New York (5.1 percent), Nevada (4.7 percent) and Illinois (4.6 percent). The full LPS Mortgage Monitor report can be seen here.
