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Foreclosures and Shadow Inventory Decline By Double Digits

foreclosure inventoryForeclosures and Shadow Inventory are each down double digits from a year ago as the market continues to improve.  In May there were 52,000 foreclosures completed in the U.S., a decline of 27 percent from 71,000 completed foreclosures a year ago, according to a new report from CoreLogic.  The shadow inventory (foreclosed homes that are bank owned but not listed for sale) l falling below one million homes in April, a decline of 34 percent from it’s peak in 2010, when it reached 3 million homes.

Mortgage delinquencies are improving as well with less than 2.3 million mortgages (5.6 percent of total mortgages) being seriously delinquent as of the end of May.  This is the lowest level for mortgage delinquencies since December 2008.

Judicial Foreclosure States Foreclosure Ranking (Ranked by Completed Foreclosures):

Judicial States May 2013
Foreclosure Inventory Foreclosure Inventory Pct. Point Change from a Year Ago Completed Foreclosures (12 months ending May 2013) Serious Delinquency Rate
National 2.6% -1.3% 706,349 5.6%
Florida 8.8% -2.9% 103,087 13.3%
Illinois 4.0% -1.4% 31,408 7.5%
Ohio 2.6% -0.9% 29,581 5.8%
Indiana 2.5% -0.9% 18,479 5.2%
Pennsylvania 2.7% -0.5% 13,956 5.5%
South Carolina 2.7% -0.8% 10,080 5.2%
Oklahoma 2.3% -0.4% 8,736 4.6%
Louisiana 2.0% -0.5% 7,513 5.1%
Iowa 1.7% -0.4% 4,901 3.3%
Maryland 3.4% -0.5% 4,788 7.4%
New York 4.8% -0.3% 3,847 8.0%
Massachusetts 1.8% -0.2% 3,842 4.9%
Connecticut 4.1% -0.4% 3,649 6.9%
New Jersey 6.0% -0.7% 3,321 10.8%
Kansas 1.3% -0.4% 3,031 3.5%
New Mexico 2.8% -0.7% 2,847 5.0%
Kentucky 2.0% -0.8% 2,208 4.6%
Nebraska 0.8% -0.2% 1,832 2.3%
Delaware 2.7% -0.1% 1,161 6.3%
Maine 4.1% 0.0% 644 6.7%
North Dakota 0.6% -0.2% 467 1.2%
Hawaii 3.7% -0.5% 453 5.6%
South Dakota 0.9% -0.4% N/A 2.0%
Vermont 2.3% -0.2% N/A 3.8%

Source: CoreLogic May 2013

Non-Judicial Foreclosure States Foreclosure Ranking (Ranked by Completed Foreclosures):

Non-Judicial States May 2013
Foreclosure Inventory Foreclosure Inventory Pct. Point Change from a Year Ago Completed Foreclosures (12 months ending May 2013) Serious Delinquency Rate
National 2.6% -1.3% 706,349 5.6%
California 1.2% -1.3% 76,063 3.9%
Michigan 1.1% -0.9% 63,624 4.2%
Texas 1.1% -0.4% 51,101 3.4%
Georgia 1.7% -0.7% 47,069 5.5%
Arizona 1.1% -1.5% 32,910 3.4%
North Carolina 1.7% -0.7% 26,577 4.5%
Tennessee 1.2% -0.6% 21,027 4.8%
Washington 2.2% 0.1% 18,323 5.4%
Missouri 1.0% -0.5% 16,367 3.5%
Colorado 0.8% -0.6% 14,039 2.6%
Minnesota 0.9% -0.7% 12,931 3.1%
Virginia 0.8% -0.7% 12,666 3.2%
Nevada 4.0% -1.0% 11,320 9.3%
Wisconsin 1.4% -0.7% 10,348 3.4%
Alabama 1.2% -0.3% 6,469 4.9%
Oregon 2.8% -0.4% 4,536 4.9%
Arkansas 1.8% 0.2% 4,298 5.3%
Idaho 1.9% -0.6% 4,081 3.9%
Utah 1.4% -0.3% 3,825 3.6%
New Hampshire 1.2% -0.4% 2,383 3.7%
Rhode Island 2.5% -0.4% 1,614 6.7%
Montana 0.9% -0.5% 1,379 2.2%
Mississippi 1.6% -1.1% 1,215 6.2%
Alaska 0.6% -0.3% 886 1.8%
Wyoming 0.5% -0.2% 844 1.8%
West Virginia 1.1% -0.4% 517 3.2%
District of Columbia 2.1% -0.3% 108 5.1%

Source: CoreLogic May 2013

Foreclosure Data for the Largest Core Based Statistical Areas (CBSAs) Based on Population (Ranked by Completed Foreclosures):

CBSA May 2013
Foreclosure Inventory Foreclosure Inventory Pct. Point Change from a Year Ago Completed Foreclosures (12 months ending May 2013) Serious Delinquency Rate
Atlanta-Sandy Springs-Marietta, GA 1.9% -0.9% 30,029 5.9%
Phoenix-Mesa-Glendale, AZ 1.0% -1.7% 21,186 3.2%
Chicago-Joliet-Naperville, IL 4.7% -1.6% 20,536 8.7%
Riverside-San Bernardino-Ontario, CA 1.7% -1.9% 15,719 5.6%
Houston-Sugar Land-Baytown, TX 1.1% -0.6% 13,614 3.5%
Los Angeles-Long Beach-Glendale, CA 1.3% -1.2% 12,561 4.2%
Minneapolis-St. Paul-Bloomington, MN-WI 1.0% -0.8% 10,746 3.2%
Dallas-Plano-Irving, TX 1.2% -0.4% 9,693 3.7%
Seattle-Bellevue-Everett, WA 2.0% -0.1% 6,811 5.0%
Denver-Aurora-Broomfield, CO 0.8% -0.7% 6,504 2.6%
Philadelphia, PA 2.6% -0.4% 4,909 5.4%
San Diego-Carlsbad-San Marcos, CA 1.0% -1.1% 4,832 3.3%
Washington-Arlington-Alexandria, DC-VA-MD-WV 1.8% -0.7% 4,526 4.7%
Baltimore-Towson, MD 3.4% -0.5% 2,092 7.3%
New York-White Plains-Wayne, NY-NJ 5.0% -0.6% 1,142 8.4%

Source: CoreLogic May 2013

Completed Foreclosures | Source: CoreLogic
CoreLogic Serious Delinquency Rates | Source: CoreLogic

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