March 24th, 2012
Econintersect: Yesterday, Econintersect reported that Corelogic's Shadow inventory levels in the period ending January 2012 were unchanged from the previous reporting period. Now Corelogic is reporting that two of the three elements of shadow inventory - delinquent mortgages and homes in the foreclosure process - declined in February 2012.
Highlights of the report show a reduction of 5% month-over-month (14% YoY) in delinquencies and a 0.5% reduction month-over-month (0.3% YoY) in foreclosures. Florida continues to lead in the amount of delinquent loans.
|Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure):||7.57%|
|Month-over-month change in delinquency rate:||-5.0%|
|Year-over-year change in delinquency rate:||-14.0%|
|Total U.S foreclosure pre-sale inventory rate:||4.13%|
|Month-over-month change in foreclosure presale inventory rate:||-0.5%|
|Year-over-year change in foreclosure presale inventory rate:||-0.3%|
|Number of properties that are 30 or more days past due, but not in foreclosure: (A)||3,781,000|
|Number of properties that are 90 or more days delinquent, but not in foreclosure:||1,722,000|
|Number of properties in foreclosure pre-sale inventory: (B)||2,065,000|
|Number of properties that are 30 or more days delinquent or in foreclosure: (A+B)||5,846,000|
|States with highest percentage of non-current* loans:||FL, MS, NV, NJ, IL|
|States with the lowest percentage of non-current* loans:||MT, AK, WY, SD, ND|
*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.
(1) Totals are extrapolated based on LPS Applied Analytics’ loan-level database of mortgage assets
(2) All whole numbers are rounded to the nearest thousand
This report is based on CoreLogic's loan-level database of nearly 40 million mortgage loans.