CoreLogic, a leading provider of information, analytics and business services, today released its National Foreclosure Report for January, which provides monthly data on completed foreclosures, foreclosure inventory and 90+ delinquency rates.
There were 69,000 completed foreclosures in January 2012, compared to 80,000 in January 2011, and 65,000 in December 2011.
The number of completed foreclosures for the previous twelve months was 860,128. From the start of the financial crisis in September 2008, there have been approximately 3.3 million completed foreclosures.
“We are encouraged by the noticeable progress we are seeing over the last several months in the mortgage industry,” said Anand Nallathambi, chief executive officer of CoreLogic. “During the last several years the industry has faced enormous challenges working through difficult and complex issues. We are hopeful that these recent improvements are early signals of revitalization in the mortgage market.”
Approximately 1.4 million homes, or 3.3 percent of all homes with a mortgage, were in the foreclosure inventory as of January 2012 compared to 1.5 million, or 3.6 percent, in January 2011 and 1.4 million, or 3.4 percent, in December 2011.
Annual Count of SFRs foreclosed in San Diego County/% 3rd-Party buys
2009 – 8,692 (21%)
2010 – 7,455 (31%)
2011 – 6,313 (28%)
These numbers should keep dropping as we convert from foreclosures to short-sales.
What is worse to have foreclosures or short sales for housing prices?
I think short sales are worse.
Foreclosed properties bought by flippers are renovated and sold for retail, or retail-plus.
Foreclosed properties that go back-to-bene are vacated, cleaned up with light improvements added, and then priced for retail sale. They are vacant, so they’re easy to show, and the servicers/banks are letting them sitting active on the MLS for a few days to ensure everyone gets a shot at making an offer.
Short sales are the opposite.
They are hard to show, look like crap, and bargain-priced.
That’s what I was thinking. thanks