in News > Residential Mortgage
print the content item
Although the national foreclosure rate increased 3.5% in May, compared to April, the number of homes in foreclosure was down 27% by comparison to May 2012, according to CoreLogic's May National Foreclosure Report.

There were 52,000 completed foreclosures in May, down from 71,000 a year ago, according to the report. There were about 50,000 completed foreclosures in April.

Total shadow inventory is down 34% from its peak in 2010, when it reached 3 million homes, according to CoreLogic. It is down 18% compared to May 2012, when there were 2.4 million homes in shadow inventory.

CoreLogic notes that since the financial crisis began in September 2008, there have been approximately 4.4 million completed foreclosures across the country.

However, things are improving, as the rate of seriously delinquent mortgages is at its lowest level since December 2008.

Dr. Mark Fleming, chief economist for CoreLogic, noted that over the last year, shadow inventory has decreased by double-digit figures in 42 states, resulting in rapid declines in the first quarter.

"We continue to see a sharp drop in foreclosures around the country and with it a decrease in the size of the shadow inventory," added Anand Nallathambi, president and CEO of CoreLogic. "Affordability, despite the rise in home prices over the past year, and consumer confidence are big contributors to these positive trends."

States with the highest number of completed foreclosures for the 12 months ending in May were Florida (103,000), California (76,000), Michigan (64,000), Texas (51,000) and Georgia (47,000). These five states account for almost half of all completed foreclosures nationally.

The five states with the lowest number of completed foreclosures included the District of Columbia (108), Hawaii (453), North Dakota (467), West Virginia (517) and Maine (644).

As of April, shadow inventory was under 2 million properties, or 5.3 months’ supply, the report states. This represented 85% of the 2.3 million properties currently seriously delinquent, in foreclosure or REO.

For more, click here.


First American_id1388


Latest Top Stories

FHFA Clarifies Rep And Warranty Framework

"We know that the [existing] Representation and Warranty Framework did not provide enough clarity to enable lenders to understand when Fannie Mae or Freddie Mac would exercise their remedy to require repurchase of a loan," said Mel Watt, director of the FHFA.


Mounting Indicators Prove Housing 'Recovery' Illusory

While there are some signs that things are improving, in reality there are mounting indicators that another housing downturn is near.


Wingspan Lays Off Employees At Two Call Centers

"It is in the nature of our work with large financial institutions to wrap up specific contracts for services and to have brief periods of time before new contracts begin," Wingspan officials said in a statement.


IDS Reports Spike In HELOC Volume In 2014

The firm is forecasting that if volumes stay at current levels, HELOC loan doc draws this year could exceed those of 2013 by nearly 65%.


CFPB Fines Flagstar Bank $37.5 Million For Mortgage Servicing Violations

In a statement, Richard Cordray, director of the CFPB, says the action taken against Flagstar "signals a new era of enforcement to protect consumers against the cost of servicer runarounds."

Urban Lending_id1351
Hse SandyHook
Industry Resource
Play for Pink
MBATX_id1385
SWBC_id1313
BSI_id1381
Safeguard_id1322