From CoreLogic:
Completed foreclosures for all of 2011 totaled 830,000 compared with 1.1 million in 2010. In December 2011 there was a month-over-month decrease in completed foreclosures to 55,000 from 57,000 in November 2011. The December 2011 completed foreclosures figure was also down from one year ago when it stood at 67,000. From the start of the financial crisis in September 2008, there have been approximately 3.2 million completed foreclosures.
Highlights as of December 2011
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The percent of homeowners nationally who were more than 90 days late on their mortgage payment, including homes in foreclosure and REO, was 7.3 percent for December 2011 compared to 7.8 percent for December 2010, and 7.2 percent in November 2011.
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The five states with the highest foreclosure inventory were: Florida (11.9 percent), New Jersey (6.4 percent), Illinois (5.4 percent), Nevada (5.3 percent) and New York (4.6 percent).
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The five states with the lowest foreclosure inventory were: Wyoming (0.7 percent), Alaska (0.8 percent), North Dakota (0.8 percent), Nebraska (1.0 percent) and Washington (1.3 percent).
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Of the top 100 markets, measured by Core Based Statistical Areas (CBSAs) population, 34 are showing an increase in the foreclosure inventory in December 2011 compared to a year ago, an improvement from November 2011 when 46* of the top CBSAs were showing an increase in the foreclosure inventory compared to a year ago.
“The inventory of foreclosed properties has begun to shrink, and the pace at which properties are entering foreclosure is slowing. While foreclosure filings are being curtailed by a variety of judicial and regulatory constraints, mortgage servicers are completing REO sales faster than they are completing foreclosures,” said 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.”
NSDCC detached REO sales: 2010 = 199 @ $316/sf, and in 2011 = 190 @ $293/sf
NSDCC detached Short sales: 2010 = 216 @ $318/sf, and in 2011 = 278 @ $292/sf
NSDCC detached Regular sales: 2010 = 2,045 @ $393/sf, and in 2011 = 2,094 @ $393/sf
The low numbers nationally published by Corelogic were a result of banks holding off foreclosures until settlement.
As Bloomberg and RealtyTrac stated………. “this will result in more foreclosure pain in the short term as some of the foreclosures that should have happened last year instead happen this year — which will likely result in higher foreclosure numbers in 2012 than 2011.”
The estimates from Realtytrac and Zillow are hovering around 1 million completed foreclosures, or REOs, in 2012, a 25 percent increase from 2011.
The positive is that the data suggests that short sales net the banks more money so they should be expected to increase
The bottom line is that in the longer term the bank settlement will help to more quickly clear the so-called shadow inventory, which will in turn help the housing market finally bottom out once and for all.
My buddy who bought in Santa Luz in 2006 is asked every month by his bank when he makes his payment on his $1.2mm underwater home, “do you plan on staying in the house? “. Per Corelogic, there are still large numbers still underwater in SD
– 3800 underwater in 92127
– 2700 underwater in 92130
The good news is we only have one last market to get hit, and expect the high end. The $1mm to $2mm has to get hit next.
http://www.mercurynews.com/business/ci_19899224
Unfortunately, we can not avoid the headwinds.
Realty Trac?
The guys who sell foreclosure subscriptions and declare every year that foreclosure tsunamis are coming?
There are plenty who are underwater, but if they haven’t defaulted by now, when will they? If the banks start handing out principal reductions like candy then problem solved and it will be under the radar.
I have heard of two large REO dealers that are laying off people in substantial numbers.
How about Ben Bernanke in a speech one(1) week ago?
“Looking ahead, the relatively high rate of foreclosures is likely to continue for a while, putting additional homes on the market and dislocating families and disrupting communities in the process.”
http://www.reuters.com/assets/print?aid=USTRE8191HC20120210
All the freeloading deadbeats disgust me.
I feel bad for the renters that payup every month like chumps.
@ shadash … I agree. Somewhere buried in all the cautious optimism that government “freebies” will create the next RE bull market (bubble?), is the law of unintended consequences. I’m not quite sure how it’ll play out, but I still have an ominous feeling it won’t end well. Then again, I’ve been accused of being a perennial renter (read: bear), complete with its associated mindset…
Oh yeah hank, Ben Bernanke and more vagueness.
You and others conveniently ignore the evidence I put forth.
Instead you regurgitate this week’s soundbytes with your indignant arrogance as if they make you smarter than everyone else.
I don’t know why you and others insist – can’t you just go back to patrick.net with the rest of the doomers and wait for the foreclosure headwinds to kill us all?
Or go do your own blog?
In the meantime, I’m going to concentrate on the NSDCC facts.
There are a few rays of sunshine out there, but there are many, many head winds against the economy and housing market. There is no denying that.
Agreed, I just get tired of killing myself to provide pertinent local evidence and people come in here and ignore it.
I checked it – Ben Bernanke has never sold a house in NSDCC.
JTR – As much as one would expect another shoe to drop and have a final washout of buyers and a price drop, your facts in this market sure show a hard baseline forming.
I would be cautious on investments, but with a family I would dive in to buy a primary residence in high quality school/neighborhood where you could stay until the kids get through high school.
Just fix your monthly housing costs (vs the unknown of renting), and forget it/move on with life.
Until fairly recently the bubble position was data-backed while the opposite side was theory-backed. Interesting how that seems to be changing.