Last Updated: February 10, 2012 03:00pm ET

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CoreLogic Reports 24% Drop in National Foreclosures in 2011

By Carrie Rossenfeld, special to GlobeSt.com
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"Mortgage servicers are completing
REO sales faster than they are
completing foreclosures," says Fleming.

(Mark Your Calendars: RealShare REAL ESTATE 2012, March 22nd in Los Angeles).

SANTA ANA, CA-Provider of information, analytics and business services CoreLogic reports a significant decrease in the number of national year-over-year home foreclosures for 2011. The firm’s first national foreclosure report provides monthly data on completed foreclosures, foreclosure inventory and 90-plus delinquency rates.

The report reveals that completed foreclosures for 2011 totaled 830,000 compared with 1.1 million in 2010. In addition, the downward trend in home foreclosures is evident in recent months, with completed national foreclosures in December 2011 down to 55,000 from 57,000 in November 2011.

Also, the number of loans in the national foreclosure inventory decreased 8.4% in December 2011 as compared to December 2010, amounting to a decline of 130,000 properties, the report says. Delinquencies in mortgage payments also decreased in 2011, with the number of borrowers that were 90 or more days late on payments down from 7.8% in December 2010 to 7.3% in December 2011.

In addition, the distressed clearing ratio increased in December 2011, up to 1.03 from 0.94 in November 2011, meaning servicers nationwide were able to increase the rate at which they were able to process distressed assets.

“Mortgage servicers are completing REO sales faster than they are completing foreclosures,” says Mark Fleming, chief economist with CoreLogic. “This is the first time in a year that REO sales have outpaced completed foreclosures, and part of the reason for the decrease in the foreclosure inventory.”

CoreLogic could not be reached by GlobeSt.com for further comment, but the findings add a glimmer of hope to previous gloomy reports about foreclosures.

Categories: West, Residential, Acquisitions/Dispositions, Market Pulse, Orange County

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Comments+ Add your comment

Posted by Michael DB
Curious to know how much of the data and/or indicated results, if any, are the result of impacts on the foreclosure process from the "robo signing" debacle?
February 13, 2012 at 01:45 PM EDT #

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