Price Reduced on Michael Jordan's Illinois Residence

Ok, this isn't exactly North Texas, but it's still fun to peak inside celebrity homes, no matter where they are! 

CHICAGO, Jan. 18, 2013 /PRNewswire/ -- The asking price on basketball legend Michael Jordan 's longtime personal residence has been reduced from $29 million to $21 million. The secluded 56,000-square-foot compound is presented by listing agent Katherine Malkin of Baird & Warner, who originally listed it in February 2012.

Designed to Jordan's specific needs and taste, the property offers nine bedrooms, more than 15 baths and five fireplaces. In addition to the main residence, the estate features an attached three bedroom guesthouse, an indoor/outdoor entertaining and pool area, an outdoor tennis court, a putting green, a deep water pond and three separate climate-controlled multi-car garages. The residence was constructed between 1993 and 1995 and extensively renovated in 2009.

Among the features of the estate is the attached indoor basketball complex. Completed in 2001, the recreational facility has a separate entry and nearby parking area. It features a full size regulation basketball court with specially cushioned hardwood flooring, adjustable backstops and basket, and competition-quality high intensity lighting. The court also has a one-of-a-kind sound system with speakers expressly "tuned" to provide perfect acoustics within the court space.


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CoreLogic® Home Price Index Rises 7.4 Percent Year Over Year in November

Almost All States Show Positive Growth

Irvine, Calif., January 15, 2013 /PRNewswire/ — CoreLogic® (NYSE: CLGX), a leading provider of information, analytics and business services, today released its November CoreLogic HPI® report. Home prices nationwide, including distressed sales, increased on a year-over-year basis by 7.4 percent in November 2012 compared to November 2011. This change represents the biggest increase since May 2006 and the ninth consecutive increase in home prices nationally on a year-over-year basis. On a month-over-month basis, including distressed sales, home prices increased by 0.3 percent in November 2012 compared to October 2012*. The HPI analysis shows that all but six states are experiencing year-over-year price gains.

Excluding distressed sales, home prices nationwide increased on a year-over-year basis by 6.7 percent in November 2012 compared to November 2011. On a month-over-month basis excluding distressed sales, home prices increased 0.9 percent in November 2012 compared to October 2012. Distressed sales include short sales and real estate owned (REO) transactions.

The CoreLogic Pending HPI indicates that December 2012 home prices, including distressed sales, are expected to rise by 7.9 percent on a year-over-year basis from December 2011 and fall by 0.5 percent on a month-over-month basis from November 2012 reflecting a seasonal winter slowdown. Excluding distressed sales, December 2012 house prices are poised to rise 8.4 percent year-over-year from December 2011 and by 0.7 percent month-over-month from November 2012. The CoreLogic Pending HPI is a proprietary and exclusive metric that provides the most current indication of trends in home prices. It is based on Multiple Listing Service (MLS) data that measure price changes for the most recent month.

“As we close out 2012 the pending index suggests prices will remain strong,” said Mark Fleming, chief economist for CoreLogic. “Given that the recently released Qualified Mortgage rules issued by the Consumer Financial Protection Bureau are not expected to significantly restrict credit availability relative to today, the gains made in 2012 will likely be sustained into 2013.”

“For the first time in almost six years, most U.S. markets experienced sustained increases in home prices in 2012,” said Anand Nallathambi, president and CEO of CoreLogic. “We still have a long way to go to return to 2005-2006 levels, but all signals currently point to a progressive stabilization of the housing market and the positive trend in home price appreciation to continue into 2013.”

Highlights as of November 2012:
Including distressed sales, the five states with the highest home price appreciation were: Arizona (+20.9 percent), Nevada (+14.2 percent), Idaho (+13.8 percent), North Dakota (+11.3 percent), California (+11.1 percent).
Including distressed sales, the five states with the lowest home price depreciation were: Delaware (-4.9 percent), Illinois (-2.2 percent), Connecticut (-0.5 percent), New Jersey (-0.5 percent) and Rhode Island (-0.3 percent).
Excluding distressed sales, the five states with the highest home price appreciation were: Arizona (+16.5 percent), North Dakota (+12.9 percent), Nevada (+12.6 percent), Hawaii (+11.6 percent) and Idaho (+11.6 percent).
Excluding distressed sales, this month only two states posted home price depreciation: Delaware (-3.5 percent) and Alabama (-2.2 percent).
Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to November 2012) was -26.8 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -20.7 percent.
The five states with the largest peak-to-current declines, including distressed transactions, were Nevada (-52.9 percent), Florida (-44.3 percent), Arizona (-39.8 percent), California (-35.8 percent) and Michigan (-35.4 percent).
Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, only thirteen are showing year-over-year declines in November, seven fewer than in October.

*October data was revised. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results.

November HPI for the Country’s Largest CBSAs by Population (Sorted by Single Family Including Distressed)

November National and State HPI (Sorted by Single Family Including Distressed)

Figure 1 - Home Price Index
Percentage Change Year-Over-Year

HPI Single-Family Combined Series
12-Month Change by State

HPI Single-Family Combined Excluded Distressed Series
12-Month Change by State

USDA Loans: Homeownership Could Be Within Your Reach with a USDA Rural Development Single Family Housing Guaranteed Loan Program

 A few days ago, I had lunch with a friend of mine, a single mom with two kids. During the course of the conversation, she lamented the aggravations of apartment dwelling, and that she would love to get her own place, a place with a yard, but was afraid with her income, it would never happen.

            As a realtor, I stay on top of the various loan programs out there, and I turned her on to the USDA’s Rural Development Single Family Housing Guaranteed Loan Program. This loan is designed for people just like my friend. The purpose of this loan program is to assist low to moderate income rural homebuyers achieve their dream of homeownership. The loan program requires no down payment, offers 100 percent financing and a 30-year fixed interest rate, doesn’t require private mortgage insurance (also called PMI), and has no restrictions on size or design of the home.

            Initially, she balked at the idea of living in a “rural” community, but I quickly explained that “rural” doesn’t necessarily mean middle of nowhere. Many communities in easy driving distance of Dallas, Fort Worth and many other employment centers are eligible for the program. Examples include Anna, Melissa, Princeton, Prosper, Farmersville, Fate, and Royse City among many others. And there’s many subdivisions in those communities - new and established - to choose from.

            The program does have eligibility requirements. Since the loan is designed for low to moderate income homeowners, there are income caps. In general, a family of up to four individuals living in Texas can make $74,750; families up to eight members can make up to $98,650.

            There are exceptions for high income for some geographic regions of the state, including North Texas. In Collin, Dallas, Delta, Denton, Ellis, Hunt, Kaufman and Rockwall counties, the limits are $80,650 for a family up to four members and $106,450 for a family up to eight. In Johnson, Parker, and Tarrant counties the limits are $79,550 and $105,000, respectively. Wise County the limit is $77,250 and $101,950. Again, not all of the counties have communities that are eligible for the loan program. For the latest on income and property eligibility, click here.

            While there is no maximum purchase price, per se, qualifying ratios, credit scores, stable and dependable income, and other criteria determine the top amount the applicant can borrow. In general, lenders are looking for a credit score of 620-640 and the housing cost should be no more than 29 percent of the applicant’s income while the applicant’s total debt should be no more than 41 percent of their income.

            My friend also expressed concern that she’d owned a house before and that would make her ineligible. No worries, I told her. The program isn’t limited to first-time home buyers.

            For now, my girlfriend is marking time until her lease is up, but by the time the next school year rolls around, I’m confident we’ll have her tucked into a new home of her own.

           

            Ready for a home of your own? I’m here to help! I know of many wonderful subdivisions in areas that are eligible for this program! And I can refer you to mortgage professionals who can guide through the loan process. Want to know more? Drop me a email now.

Getting Started with Your VA Loan

A VA-guaranteed loan is a fabulous benefit offered to hard-working men and women who have served or are serving in the U.S. military. Some of the benefits available only through a VA loan includes the opportunity to refinance your home up to 100 percent of its value, and purchase a home with no down payment.

A VA loans also eliminates the  private mortgage insurance premium requirement and limits the amount you can be charged for closing costs. The seller also can pay your closing costs. VA-backed loans can't charge you a penalty if you pay off your loan early. Also, the VA may be able to help if you find yourself struggling to make payments. 

You can use a VA-backed loan to:

• Buy a home, a condominium unit in a VA-approved project
• Build a home
• Simultaneously purchase and improve a home
• Improve a home by installing energy-related features or making energy efficient improvements
• Buy a manufactured home and/or lot.

The one cavet is that the home must be for your own personal occupancy.

To qualify for a VA loan, you have to prove that you meet one of the following requirements:

• Served 181 days during peacetime (Active Duty)
• Served 90 days during war time (Active Duty)
• Served 6 years in the Reserves or National Guard
• Be the surviving spouse of a service member who was killed in the line of duty.

Click here for more detail

.
To show that you are eligible for a VA loan, you must get a Certificate of Eligibility (COE) or Form 26-1880 from the Veterans Association.  The documents you need to request the COE depends on the category of your eligibility. Click here for a list of documents you'll need.

There are three ways to apply for the COE - online, via snail mail or through your lender. If you apply directly, it could take up to six weeks before you get a response, so make sure you request the certificate very early in your home search.

You also have to suitable credit and sufficient income as well. Though there are some exceptions, the VA will guarantee up $417,000. Your lender can help you determine your loan amount.

While VA loans require no down payment, borrowers do have to pay a funding fee. This fee, which can be as high as 3.3% is based on how much you do put down, whether this is your first or subsequent VA loan and whether you're regular military or reserve/National Guard. These fees are waved for vets classified as disabled by the VA.

If you're a veteran or an active service member, let me help guide you through the entire homebuying process. I can refer you to mortgage professionals who can help you find the best VA lender to help you meet your needs. Want to know more? Drop me a email now.

Americans Continue to Expect Growth in Home Prices

Fiscal Cliff Debate Appears to Rattle Overall Economic and Financial Confidence

WASHINGTON, Jan. 7, 2013 /PRNewswire/ -- Consumer confidence in the housing sector grew last month, marked by continued positive attitudes toward home price, rental price, and mortgage rate expectations, according to Fannie Mae's December National Housing Survey results. The growing belief held by Americans that these housing indicators will climb in 2013 may inspire a boost in home purchase activity during the coming months. However, while consumers seem confident that housing activity is on the rise, their outlook toward the economy and personal finances appears to have resumed a more unsettled trend following a show of optimism in November.

"The highest share of consumers in the survey's two-and-a-half-year history expect home prices to increase in the next 12 months. This view is consistent with Fannie Mae's expectation that home prices will rise going forward on a national basis. Combined with consumers' growing mortgage rate and rental price increase expectations, the positive home price outlook could incentivize those waiting on the sidelines of the housing market to buy a home sooner rather than later and thus support continued housing acceleration," said Doug Duncan , senior vice president and chief economist of Fannie Mae. "Despite continued strengthening in the housing market, consumers' concerns over the fiscal cliff and debt ceiling have caused considerable volatility in their perceptions of the larger economy. This uncertainty seems to be prompting a growing share of consumers to expect their personal finances to worsen and may contribute to weaker near-term economic growth."

SURVEY HIGHLIGHTS

Homeownership and Renting

• The average 12-month home price change expectation jumped to 2.6 percent, the highest level since the survey's inception in 2010.
• At 43 percent, the share who believe home prices will go up in the next 12 months reached the highest level recorded, up 6 percentage points over November.
• The percentage who think mortgage rates will go up continued to rise, increasing by 2 percentage points to 43 percent, the highest level since August 2011.
• Twenty-one percent of respondents say it is a good time to sell, a 2 percentage point decrease from last month's record high, but a 10 percentage point increase year over year.
• At 4.4 percent, the average 12-month rental price expectation hit the highest level since the survey's inception, up 0.4 percent over last month.
• Forty-nine percent of those surveyed say home rental prices will go up in the next 12 months, a slight increase from last month.
• The share of respondents who said they would buy if they were going to move decreased slightly to 66 percent.

The Economy and Household Finances

• At 39 percent, the share of respondents who say the economy is on the right track fell by 5 percentage points from last month's survey high.
• The percentage who expect their personal financial situation to get worse over the next 12 months continued to rise, reaching 20 percent and the highest level sinceAugust 2011.
• Twenty-two percent of respondents say their household income is significantly higher than it was 12 months ago, a slight increase over last month and a 5 percentage point increase over September.
• Thirty-seven percent reported significantly higher household expenses compared to 12 months ago, a 3 percentage point increase over the past month and the highest level since December 2011.

The most detailed consumer attitudinal survey of its kind, the Fannie Mae National Housing Survey polled 1,002 Americans via live telephone interview to assess their attitudes toward owning and renting a home, mortgage rates, homeownership distress, the economy, household finances, and overall consumer confidence. Homeowners and renters are asked more than 100 questions used to track attitudinal shifts (findings are compared to the same survey conducted monthly beginning June 2010). Fannie Mae conducts this survey and shares monthly and quarterly results so that we may help industry partners and market participants target our collective efforts to stabilize the housing market in the near-term, and provide support in the future.

For detailed findings from the December 2012 survey, as well as a podcast providing an audio synopsis of the survey results and technical notes on survey methodology and questions asked of respondents associated with each monthly indicator, please visit the Fannie Mae Monthly National Housing Survey site. Also available on the site are quarterly survey results, which provide a detailed assessment of combined data results from three monthly studies. The December 2012 Fannie Mae National Housing Survey was conducted between December 3, 2012 and December 18, 2012. Interviews were conducted by Penn Schoen Berland, in coordination with Fannie Mae.

Opinions, analyses, estimates, forecasts, and other views of Fannie Mae's Economic & Strategic Research (ESR) Group included in these materials should not be construed as indicating Fannie Mae's business prospects or expected results, are based on a number of assumptions, and are subject to change without notice. How this information affects Fannie Mae will depend on many factors. Although the ESR Group bases its opinions, analyses, estimates, forecasts, and other views on information it considers reliable, it does not guarantee that the information provided in these materials is accurate, current, or suitable for any particular purpose. Changes in the assumptions or the information underlying these views could produce materially different results. The analyses, opinions, estimates, forecasts, and other views published by the ESR Group represent the views of that group as of the date indicated and do not necessarily represent the views of Fannie Mae or its management.

Fannie Mae is a leading provider of mortgage credit in the United States. We guarantee and purchase loans so that families can buy homes, refinance their existing mortgages, or access affordable rental housing. Fannie Mae is focused on assisting homeowners in distress, stabilizing neighborhoods, and encouraging sustainable lending. We are committed to improving our financial condition and our priorities are aligned with the public interest. Our work supports the housing recovery today and is helping to build a better housing finance system for the future.

SOURCE Fannie Mae
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North Texas Home Sales Remained Strong Through the End of 2012

            As North Texans celebrated the end of 2012, home sales remained strong in December.

            According to data from the North Texas Real Estate Information Services, closed sales in December 2012 were up 7.2 percent over December 2011. With more than 5,800 sales closed and another 5,000 pending, that’s good news for those thinking about selling their homes.

            And they’re moving faster and at a higher price than the same time in 2011.

            The median sales price in December 2012 was $162,472, up 10.2 percent from December 2011, when the median sales price was $147,500.

            Days on the market dropped. 21.4 percent in December, meaning buyers were snapping up inventory much faster than the previous year.

            If you’re thinking about selling, now is the time. There’s only a 3.9 month supply of home on the market. That means that the market has only two-thirds the inventory it needs to meet the market demand.

           

            Want to know more? Drop me a note at lynn.windle@coldwellbanker. I will provide you a free, customize comparative market analysis so you can make informed decisions about your home investment.

What the American Taxpayer Relief Act of 2012 Means to Real Estate in 2013

As we collectively tiptoe backward from the so-called fiscal cliff, those of us in the real estate industry are sifting through the American Taxpayer Relief Act of 2012 to see what it means for our clients.
First and foremost, the act extends the Mortgage Cancellation Relief through Jan. 1, 2014. What this means is that homeowners facing short sales, reduced loan principals, or foreclosures in 2013 can avoid paying taxes on any debt still owed to the bank. Had this provision not passed, the IRS would have taxed the debt as income. The fear that this measure would expire sent homeowners rushing to complete short sales by the end of 2012.
Also high on the priorty list is the deduction for mortgage insurance premiums for filers making below $110,000. Mortgage insurance is insurance that some lenders require home buyers to pay if they put little or no money down. The purpose of this insurance is to insulate the lender against default by the borrower. Mortgage insurance is often called PMI, for private mortgage insurance.
The American Taxpayer Relief Act allows qualified homeowners to write off this insurance premium, in addition to other deductions related to home ownership  such as mortgage interest and property taxes. Some insurance trade groups estimate this provision saves a typical homeowner about $350 in taxes.
Other import provisions of the act include a 15 year straight-line cost recovery for qualified leasehold improvements on commercial properties. is extended through 2013 and made retroactive to cover 2012.
Also homeowners can take a 10 percent tax credit up to $500 for homeowners for energy improvements to existing homes.
If you want to know what this can mean to your taxes, consult your tax professional. If you want to know what this means for your home buying and selling opportunities in 2013, give me a shout!

Bankrate: Mortgage Rates Move Slightly

NEW YORK, Jan. 3, 2013 /PRNewswire/ -- Mortgage rates were pretty tame during the holiday season, with the benchmark 30-year fixed mortgage rate inching lower to 3.58 percent this week, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.35 discount and origination points.

To see mortgage rates in your area, go to http://www.bankrate.com/funnel/mortgages/.

The average 15-year fixed mortgage rate nosed higher to 2.88 percent and the larger jumbo 30-year mortgage was also a touch higher to 4.08 percent. Adjustable rate mortgages were lower, with the popular 3-year ARM declining to 2.93 percent and the 7-year ARM pulling back to 2.92 percent.

Relief that the fiscal cliff has been averted will likely send mortgage rates higher in the next week or so, but don't take this as the beginning of a long-standing trend. We still have a slow growth economy with high unemployment, and the debt ceiling negotiations will get started soon and are sure to be contentious. This will only serve to fuel uncertainty and volatility, both of which may end up bringing mortgage rates back down.

The last time mortgage rates were above 5 percent was Apr. 2011. At the time, the average 30-year fixed rate was 5.07 percent, meaning a $200,000 loan would have carried a monthly payment of $1,082.22. With the average rate now 3.58 percent, the monthly payment for the same size loan would be $907.04, a difference of $175 per month for anyone refinancing now.

SURVEY RESULTS

30-year fixed: 3.58% -- down from 3.59% last week (avg. points: 0.35)

15-year fixed: 2.88% -- up from 2.87% last week (avg. points: 0.27)

5/1 ARM: 2.76% -- down from 2.77% last week (avg. points: 0.29)

Bankrate's national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets.

For a full analysis of this week's move in mortgage rates, go to http://www.bankrate.com/.

The survey is complemented by Bankrate's weekly Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next seven days. More than half of the respondents, 55 percent, forecast an increase in mortgage rates over the coming week. A bit more than one-quarter – 27 percent – expect mortgage rates to fall and just 18 percent see mortgage rates remaining more or less unchanged over the next seven days.

For the full mortgage Rate Trend Index, go to http://www.bankrate.com/RTI
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National Foreclosure Inventory Falls 18 Percent From One Year Ago

CoreLogic® Reports 55,000 Completed Foreclosures in November

IRVINE, Calif., January 3, 2013 /PRNewswire/ — CoreLogic® (NYSE: CLGX), a leading provider of information, analytics and business services, today released its National Foreclosure Report, which provides data on completed U.S. foreclosures and the overall foreclosure inventory. According to CoreLogic, there were 55,000 completed foreclosures in the U.S. in November 2012, down from 72,000 in November 2011, a year-over-year decrease of 23 percent. On a month-over-month basis, completed foreclosures fell from 59,000* in October 2012 to the current 55,000, a decrease of 6 percent. As a basis of comparison, prior to the decline in the housing market in 2007, completed foreclosures averaged 21,000 per month 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 4.0 million completed foreclosures across the country.

Approximately 1.2 million homes, or 3.0 percent of all homes with a mortgage, were in the national foreclosure inventory as of November 2012 compared to 1.5 million, or 3.5 percent, in November 2011. Month-over-month, the national foreclosure inventory was down 3.5 percent from October 2012 to November 2012. Year-over-year, the foreclosure inventory was down 18 percent. The foreclosure inventory is the share of all mortgaged homes in any stage of the foreclosure process.

“The continued fall in completed foreclosures is a positive supply-side contribution in many regions of the U.S.,” said Anand Nallathambi, president and CEO of CoreLogic. “We still have a long way to go to return to historic norms, but this trend is firmly in the right direction.”

“The pace of completed foreclosures has significantly improved over a year ago as short sales gain popularity as a disposition method. Additionally, the inventory of foreclosed properties continues to decline while the housing market demonstrates an ongoing ability to absorb the distressed sales that result from completed foreclosures,” said Mark Fleming, chief economist for CoreLogic.

Highlights as of November 2012:
The five states with the highest number of completed foreclosures for the 12 months ending in November 2012 were: California (102,000), Florida (94,000), Michigan (75,000), Texas (58,000) and Georgia (52,000).These five states account for 50 percent of all completed foreclosures nationally.
The five states with the lowest number of completed foreclosures for the 12 months ending in November 2012 were: South Dakota (10), District of Columbia (62), Hawaii (415), North Dakota (491) and Maine (597).
The five states with the highest foreclosure inventory as a percentage of all mortgaged homes were: Florida (10.4 percent), New Jersey (7.3 percent), New York (5.1 percent), Nevada (4.7 percent) and Illinois (4.7 percent).
The five states with the lowest foreclosure inventory as a percentage of all mortgaged homes were: Wyoming (0.4 percent), Alaska (0.7 percent), North Dakota (0.7 percent), Nebraska (0.8 percent) and South Dakota (1.0 percent).

*October data was revised. Revisions are standard, and to ensure accuracy CoreLogic incorporates newly released data to provide updated results.

Judicial Foreclosure States Foreclosure Ranking (Sorted by Completed Foreclosures)

Non-Judicial Foreclosure States Foreclosure Ranking (Sorted by Completed Foreclosures)

Foreclosure Data for Select Large Core Based Statistical Areas (CBSAs) (Sorted by Completed Foreclosures)

Figure 1 – Number of Mortgaged Homes per Completed Foreclosure
Judicial Foreclosure States vs. Non-Judicial Foreclosure States (3-month moving average)

Figure 2 – Foreclosure Inventory as of November 2012
Judicial Foreclosure States vs. Non-Judicial Foreclosure States

Figure 3 – Foreclosure Inventory by State Map

Shadow Inventory, Now at 2.3 Million Units, Seen as Manageable in 2013

CoreLogic® Reports Shadow Inventory Continues Decline in October 2012

IRVINE, Calif., January 2, 2013 /PRNewswire/ — CoreLogic (NYSE: CLGX), a leading provider of information, analytics and business services, reported today that the current residential shadow inventory as of October 2012 fell to 2.3 million units*, representing a supply of seven months. The October inventory level represents a 12.3 percent drop from October 2011, when shadow inventory stood at 2.6 million units.

CoreLogic estimates the current stock of properties in the shadow inventory, also known as pending supply, by calculating the number of properties that are seriously delinquent, in foreclosure and held as real estate owned (REO) by mortgage servicers but not currently listed on multiple listing services (MLSs). Transition rates of “delinquency to foreclosure” and “foreclosure to REO” are used to identify the currently distressed unlisted properties most likely to become REO properties. Properties that are not yet delinquent but may become delinquent in the future are not included in the estimate of the current shadow inventory. Shadow inventory is typically not included in the official reporting measurements of unsold inventory.

“The size of the shadow inventory continues to shrink from peak levels in terms of numbers of units and the dollars they represent,” said Anand Nallathambi, president and CEO of CoreLogic. ”We expect a gradual and progressive contraction in the shadow inventory in 2013 as investors continue to snap up foreclosed and REO properties and the broader recovery in housing market fundamentals takes hold.”

“Almost half of the properties in the shadow are delinquent and not yet foreclosed,” said Mark Fleming, chief economist for CoreLogic. “Given the long foreclosure timelines in many states, the current shadow inventory stock represents little immediate threat to a significant swing in housing market supply. Investor demand will help to absorb the already foreclosed and REO properties in the shadow inventory in 2013.”

Data Highlights as of October 2012:

• As of October 2012, shadow inventory fell to 2.3 million units, or seven months’ supply, and represented 85 percent of the 2.7 million properties currently seriously delinquent, in foreclosure or in REO. 
• Of the 2.3 million properties currently in the shadow inventory (Figures 1 and 2), 1.04 million units are seriously delinquent (3.3 months’ supply), 903,000 are in some stage of foreclosure (2.8 months’ supply) and 354,000 are already in REO (1.1 months’ supply). 
• As of October 2012, the dollar volume of shadow inventory was $376 billion, down from $399 billion a year ago. 
• Over the three months ending in October 2012, serious delinquencies, which are the main driver of the shadow inventory, declined the most in Arizona (13.3 percent), California (9.7 percent), Michigan (6.8 percent), Colorado (6.8 percent) and Wyoming (5.9 percent). 
• As of October 2012, Florida, California, Illinois, New York and New Jersey make up 45 percent of the 2.7 million properties that are seriously delinquent, in foreclosure or in REO. In October 2011, these same states made up 51.3 percent of all the distressed mortgages that were at least 90 days delinquent, in foreclosure or REO.

*Previous data was revised. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results.

 October 2012 Shadow Inventory Report with additional charts and roll rate information is available here.

Figure 1: Shadow Inventory Detail
Count in Millions, Not Seasonally Adjusted

Figure 2: Months’ Supply Shadow Inventory Detail
Number of Months, Not Seasonally Adjusted

Figure 3: Months’ Supply
Number of Months, Not Seasonally Adjusted