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CoreLogic: US Jan Foreclosures Rise But Trend Still Positive

WASHINGTON (MNI) – The number of foreclosures completed on residential
homes with a mortgage totaled roughly 61,000 in January, up from 56,000 in
December but still down nearly 18% from last year, data analytics firm CoreLogic
reported Thursday.

Despite the slight uptick in January foreclosures, CoreLogic Chief
Economist Mark Fleming said in a statement that “the backlog of distressed
assets continues to fade as the foreclosure inventory has fallen to a level not
seen since mid-2009, with less than 3% of all mortgages in foreclosure.”

Fleming added that only six states have seen a rise in foreclosure
inventory from last year as improvement has been “widespread.”

CoreLogic said there were approximately 1.2 million homes in the
foreclosure inventory in January 2013 – which is nearly a 21% decrease from
January 2012 when the inventory of foreclosed homes stood at 1.5 million.

On a month-over-month basis the foreclosure inventory fell 3.3% from
December and now only 2.9% of all homes with a mortgage are considered part of
the foreclosure inventory compared to 3.5% in January of last year.

CoreLogic defines the foreclosure inventory as any home that has been
placed into the foreclosure process by a mortgage servicer and remains their
until either the borrower pays off the necessary amounts to stop a foreclosure,
the foreclosure is completed and sold to a third party or the home enters into
the lenders REO inventory.

Anand Nallathambi, CEO of CoreLogic also said in a statement that the
foreclosure inventory is still “too high” but that the recent improvement is a
good sign.

“We expect this trend will continue in 2013 as the housing market
stabilizes and purchase activity picks up,” Nallathambi added.


–MNI Washington Bureau; tel: +1 202-371-2121; email: imckendry@mni-news.com

[TOPICS: MAUDS$,M$U$$$,M$$CR$]

Article source: http://mninews.deutsche-boerse.com/content/corelogic-us-jan-foreclosures-rise-trend-still-positive

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