News & trendsMarket conditions

Chicago foreclosure inventory decline badly lags national rate

by Joe Zekas on 3/29/13

According to data released yesterday by CoreLogic, of the nation’s 25 largest CBSAs, Chicago had the third highest number of completed foreclosures (20,113) in the twelve months ending in February 2013, trailing only Atlanta and Phoenix. Chicago’s foreclosure inventory declined 1.3% year-over-year while the national foreclosure inventory declined by 21%.

Yesterday’s CoreLogic news release:

According to CoreLogic, there were 54,000 completed foreclosures in the U.S. in February 2013, down from 67,000 in February 2012, a year-over-year decrease of 19 percent. On a month-over-month basis, completed foreclosures fell from 58,000* in January 2013 to the February level of 54,000, a decrease of 7 percent.

As a basis of comparison, prior to the decline in the housing market in 2007, completed foreclosures averaged 21,000 per month nationwide between 2000 and 2006. Completed foreclosures are an indication of the total number of homes actually lost to foreclosure. Since the financial crisis began in September 2008, there have been approximately 4.2 million completed foreclosures across the country.

Approximately 1.2 million homes were in some stage of foreclosure in the U.S., known as the foreclosure inventory, as of February 2013 compared to 1.5 million in February 2012, a decrease of 21 percent. The foreclosure inventory as of February 2013 represented 2.8 percent of all homes with a mortgage compared to 3.5 percent in February 2012. This was the 16th consecutive month with a year-over-year decline. Month over month, the foreclosure inventory was down 1.8 percent from January 2013 to February 2013.

“February’s 54,000 completed foreclosures is the lowest level nationally since September 2007, with most major metropolitan areas experiencing improvements,” said Dr. Mark Fleming, chief economist for CoreLogic. “Even the major Florida markets are benefiting with the foreclosure inventories falling the fastest in major metropolitan areas, although from a very high level.”

“We continue to see a declining trend in foreclosure activity, with major markets leading the way,” said Anand Nallathambi, president and CEO of CoreLogic. “The drop in delinquencies and foreclosure starts will help support a resurgence in the home purchase market this year and next.”

Highlights as of February 2013
The five states with the highest number of completed foreclosures for the 12 months ending in February 2013 were: Florida (95,000),California (90,000), Michigan (73,000), Texas (57,000) and Georgia (49,000).These five states account for almost half of all completed foreclosures nationally.

The five states with the lowest number of completed foreclosures for the 12 months ending in February 2013 were: District of Columbia (96), Hawaii (469), North Dakota (482), Maine (542) and West Virginia (588).

The five states with the highest foreclosure inventory as a percentage of all mortgaged homes were: Florida (9.9 percent), New Jersey (7.2 percent), New York (5.0 percent), Nevada (4.6 percent) and Illinois (4.5 percent).

The five states with the lowest foreclosure inventory as a percentage of all mortgaged homes were: Wyoming (0.5 percent), Alaska (0.6 percent), North Dakota (0.7 percent), Nebraska (0.8 percent) and Montana (0.9 percent).

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