According to newly released data from CoreLogic on foreclosures for the Cleveland area, the rate of foreclosures among outstanding mortgage loans is 1.52 percent for the month of June, an increase of 0.27 percentage points compared to June of 2009 when the rate was 1.25 percent.* Foreclosure activity in Cleveland is lower than the national foreclosure rate which was 3.06 percent for June 2010, representing a 1.54 percentage point difference.
Also in Cleveland, the mortgage delinquency rate has increased. According to CoreLogic data for June, 2010, 6.50 percent of mortgage loans were 90 days or more delinquent compared to 5.67 percent for the same period last year, representing an increase of 0.82 percentage points.*
Corelogic is a leading provider of consumer, financial and property information, analytics and services to business and government. The company combines public, contributory and proprietary data to develop predictive decision analytics and provide business services that bring dynamic insight and transparency to the markets it serves. CoreLogic has built the largest U.S. real estate, mortgage application, fraud, and loan performance databases and is a recognized leading provider of mortgage and automotive credit reporting, property tax, valuation, flood determination, and geospatial analytics and services. More than one million users rely on CoreLogic to assess risk, support underwriting, investment and marketing decisions, prevent fraud, and improve business performance in their daily operations. Formerly the information solutions group of The First American Corporation, CoreLogic began trading under the ticker CLGX on the NYSE on June 2, 2010. The company, headquartered in Santa Ana, Calif., has more than 10,000 employees globally with 2009 revenues of $2 billion. For more information visit www.corelogic.com.
Data Notes and Definitions
90+ Day Delinquency Rate: This measures the percentage of loans that are more than 90 days delinquent including those in foreclosure and REO (real estate owned).
Foreclosure Rate: This measures the percentage of loans in some stage of foreclosure including 90+ delinquencies through properties sold at auction. This does not represent the number of new foreclosure filings as provided by other data companies, but rather the current stock, or inventory, of loans in the foreclosure process which offers a comprehensive view of foreclosure trends.
REO (Real Estate Owned) Rate: This measures the percentage of loans not sold at auction which are then returned to the lender. Foreclosure data for CoreLogic is reported based on the actual number of active mortgage loans rather than the total number of households in a given area, which provides more accurate results by removing paid-in-full mortgages from the equation.
(* Data and percentage point differences are rounded to the nearest tenth and may appear to affect calculations.)