National Foreclosure Report Ten Years Later
United States Residential Foreclosure Crisis: Ten Years Later
MARCH 2017
" We're now at the point of maximum vulnerability. People's emotional attachment to their property is melting into the air."
Sam Khater, deputy chief economist at CoreLogic, February 2010
" No one remained untouched [during the foreclosure crisis], not homeowners, Wall Street, investors or the government..."
Sam Khater, deputy chief economist at CoreLogic, May 2011
" We are seeing an ongoing strengthening of the residential housing market..."
Anand Nallathambi, president and CEO of CoreLogic ,December 2012
" The housing market is clearly on the mend, but we expect the ultimate conclusion of the present housing down cycle to be another several years away..."
Anand Nallathambi, president and CEO of CoreLogic , June 2013
" The pathway to a full recovery in housing is proving to be a very long one, but lower distressed stock levels are one clear indicator that we continue to make slow-butsteady progress..."
Anand Nallathambi, president and CEO of CoreLogic , April 2014
"Job market gains and home-price appreciation help to push serious delinquency and foreclosure rates lower. The CoreLogic national HPI showed home prices in July rose 6.9% from a year earlier, building equity for homeowners..."
Frank Nothaft, chief economist at CoreLogic, September 2015
"Foreclosure inventory fell by 30 percent from the previous year, the largest year-over-year decline since January 2015."
Frank Nothaft, chief economist at CoreLogic, October 2016
? 2017 CoreLogic -- Proprietary. This material may not be reproduced in any form without express written permission.
2
State Foreclosure Data
Peak year, peak month, peak number, unemployment rate in that state in the peak month, total foreclosures for each state from 2007?2016
S TAT E
FORECLOSURE INVENTORY PEAK YEAR
FORECLOSURE INVENTORY PEAK MONTH
FORECLOSURE INVENTORY
PEAK NUMBER, IN THOUSANDS
National Alaska Alabama Arkansas Arizona California Colorado Connecticut District of Columbia Delaware Florida Georgia Hawaii Iowa Idaho Illinois Indiana Kansas Kentucky Louisiana Massachusetts Maryland Maine Michigan Minnesota Missouri Mississippi Montana North Carolina North Dakota Nebraska New Hampshire New Jersey New Mexico Nevada New York Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Virginia Vermont Washington Wisconsin West Virginia Wyoming
Source: CoreLogic
2011 2011 2011 2013 2010 2009 2010 2012 2011 2011 2010 2011 2012 2010 2010 2012 2012 2011 2012 2011 2011 2012 2012 2011 2010 2010 2010 2011 2012 2011 2010 2010 2012 2012 2010 2012 2011 2011 2012 2012 2011 2012 2012 2011 2011 2010 2011 2012 2013 2011 2011 2010
January January January February December October December
April October January December January
April December December February
January February January January
March August January January December December December January January February December December September
April December
August February February
April August February February January January August December January January January January February December
1,563 1 10 7 49
193 18 22 3 5 394 42 8 9 7 106 33 6 13 14 20 45 7 42 19 13 7 2 35 < 1 3 4 89 9 43 101 56 11 20 47 5 25 1 17 47 11 21 2 29 20 2 1
? 2017 CoreLogic -- Proprietary. This material may not be reproduced in any form without express written permission.
UNEMPLOYMENT RATE IN
PEAK MONTH
9.0% 8.7% 11.0% 8.1% 9.9% 11.6% 8.8% 8.0% 10.1% 8.5% 10.7% 10.8% 6.2% 5.9% 9.0% 9.6% 9.2% 7.2% 9.0% 8.8% 7.7% 7.1% 8.7% 11.5% 7.0% 9.2% 10.3% 8.6% 10.0% 4.3% 4.3% 5.3% 9.0% 6.6% 13.6% 8.5% 9.8% 6.4% 8.9% 8.3% 11.7% 10.0% 5.0% 10.1% 8.0% 7.3% 7.1% 5.8% 8.4% 8.8% 9.6% 6.2%
TOTAL FORECLOSURES BY STATE FOR THE 10 YEARS
(2007?2016), IN THOUSANDS
7,783 9 81 56
399 1,111 159 38
5 16 960 473 11 46 48 267 183 45 35 79 65 109 7 553 103 170 20 12 231 4 23 26 85 24 219 98 326 94 79 162 19 110 n/a 210 529 59 163 n/a 155 89 8 7
MARCH 2017
3
Ten States with the Highest Peak
25x5.98 Foreclosure Rate
and 5.5pt
march annual
2co0m1F7Lpleted
foreclosures
NV
12/2010
NJ
03/2013
IL
02/2012
NY
08/2012
CT
04/2012
ME MD
HI AZ
01/2012 08/2012 08/2012 12/2010
0%
2%
4%
6%
8%
10%
Source: CoreLogic
06/2011
12%
14%
Peak Foreclosure %
December 2016 Foreclosure %
Number of Completed Foreclosures (Thousands)
Foreclosure Crisis Chronology
1,400 1,200 1,000
800 600 400 200
-
191,295
2000
183,437
2001
232,330
255,010
275,900
293,541
383,037
2002
2003
2004
2005
2006
2000
Bush Elected President
November 2000
2004
Bush Re-elected President
November 2004
2007
Two Bear Stearns subprime funds lost nearly all their value
June 2007
2008
Lehman Brothers Collapse
September 2008 Fannie Mae &
Freddie Mac Enter Conservatorship September 2008
Troubled Asset Relief Program (TARP) created October 2008
Obama Elected President November 2008
592,622
983,88
2007
2008
2009
Unemployment Peaks Nationally
at 10 Percent October 2009
? 2017 CoreLogic -- Proprietary. This material may not be reproduced in any form without express written permission.
4
Peak Foreclosure Rate for the Largest Ten CBSAs
Miami Las Vegas
Chicago New York Los Angeles Washington DC
Boston Denver Houston San Francisco
12/2010 10/2011 09/2012 10/2009 08/2012 12/2010 01/2011 08/2011 09/2011
Source: CoreLogic
0%
5%
10%
15%
02/2011
20%
25%
Peak Foreclosure %
December 2016 Foreclosure %
1,178,234 1,035,033 81
958,957
853,358
679,923
608,321
506,609
385,748
2009
2010
2011
2010
Dodd-Frank becomes law
July 2010
Cash Sales Peak January 2011
Home Prices Hit Bottom March 2011
Consumer Financial Protection Bureau (CFPB) Created July 2011
2011
2012
2013
2014
2015
2016
2017
2012
Mortgage Interest Rates Drop to
Lowest Level (3.31%) November 2012
Obama Re-elected President
November 2012
2013
Home Prices Rise 10 Percent
Year Over Year March 2013
2015
Serious Delinquency
Rate Drops Below 4 percent
for first time since
Start of Crisis
March 2015
TRID Rules go into effect October 2015
2016
Trump elected President
November 2016
? 2017 CoreLogic -- Proprietary. This material may not be reproduced in any form without express written permission.
MARCH 2017
5
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