Market Overview

CoreLogic Reports Declining Foreclosure Rates in February, Signaling a Strong Economy

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  • Despite 2017 Hurricanes, National Mortgage Delinquency Rate Fell
    Year Over Year
  • February Foreclosure Rate Declined 0.2 Percentage Points Year Over
    Year
  • Early-Stage Delinquency Rates Were Flat from February a Year Ago

CoreLogic® (NYSE:CLGX), a leading global property
information, analytics and data-enabled solutions provider, today
released its monthly Loan
Performance Insights Report
, which
shows that, nationally, 4.8 percent of mortgages were in some stage of
delinquency (30 days or more past due, including those in foreclosure)
in February 2018. This represents a 0.2 percentage point decline in the
overall delinquency rate, compared with February 2017 when it was 5
percent.

This press release features multimedia. View the full release here:
https://www.businesswire.com/news/home/20180508005357/en/

CoreLogic National Overview of Mortgage Loan Performance, featuring February 2018 Data (Graphic: Bus ...

CoreLogic National Overview of Mortgage Loan Performance, featuring February 2018 Data (Graphic: Business Wire)

As of February 2018, the foreclosure inventory rate – which measures the
share of mortgages in some stage of the foreclosure process – was 0.6
percent, down 0.2 percentage points from 0.8 percent in February 2017.
Since August 2017, the foreclosure inventory rate has been steady at 0.6
percent, the lowest level since June 2007, when it was also 0.6 percent.
The February 2018 foreclosure inventory rate was the lowest for the
month of February in 11 years; it was also 0.6 percent in February 2007.

Measuring early-stage delinquency rates is important for analyzing the
health of the mortgage market. To monitor mortgage performance
comprehensively, CoreLogic examines all stages of delinquency, as well
as transition rates, which indicate the percentage of mortgages moving
from one stage of delinquency to the next.

The rate for early-stage delinquencies – defined as 30-59 days past due
– was 2.1 percent in February 2018, up from 2 percent in January 2018
and unchanged from February 2017. The share of mortgages that were 60-89
days past due in February 2018 was 0.7 percent, down from 0.8 percent in
January 2018 and unchanged 0.7 percent in February 2017. The serious
delinquency rate – defined as 90 days or more past due, including loans
in foreclosure – was 2.1 percent in February 2018, unchanged from
January 2018 and down from 2.2 percent in February 2017. The February
2018 serious delinquency rate was the lowest for the month of February
since February 2007, when it was 1.6 percent.

"Last year's hurricanes continue to have an effect on loan performance
in affected markets, showing up in statewide data," said Dr. Frank
Nothaft, chief economist for CoreLogic. "Serious delinquency rates in
February were 50 percent higher than in August 2017 in Texas, and nearly
double in Florida, even though the wind and flood damage was primarily
in coastal markets. In Puerto Rico, the damage was widespread. Serious
delinquency rates were up five-fold over the August-to-February period,
with a significant increase in all metropolitan areas there."

Since early-stage delinquencies can be volatile, CoreLogic also analyzes
transition rates. The share of mortgages that transitioned from current
to 30 days past due was 0.9 percent in February 2018, up from 0.8
percent in January 2018 and down from 1 percent in February 2017. By
comparison, in January 2007, just before the start of the financial
crisis, the current- to 30-day transition rate was 1.2 percent, while it
peaked in November 2008 at 2 percent.

"Overall delinquency rates fell in the U.S. over the past year, driven
by a long run of stringent underwriting, higher employment and wages,"
said Frank Martell, president and CEO of CoreLogic. "At the same time,
our CoreLogic U.S. Home Price Index (HPI) showed a 6.4 percent increase
in home-price appreciation for the 12 months, which ended in February
2018. These factors bode well for the fortunes of both homeowners and
mortgage servicers."

For ongoing housing trends and data, visit the CoreLogic Insights Blog: www.corelogic.com/insights.

Methodology

The data in this report represents foreclosure and delinquency activity
reported through February 2018.

The data in this report accounts for only first liens against a property
and does not include secondary liens. The delinquency, transition and
foreclosure rates are measured only against homes that have an
outstanding mortgage. Homes without mortgage liens are not typically
subject to foreclosure and are, therefore, excluded from the analysis.
Approximately one-third of homes nationally are owned outright and do
not have a mortgage. CoreLogic has approximately 85 percent coverage of
U.S. foreclosure data.

Source: CoreLogic

The data provided is for use only by the primary recipient or the
primary recipient's publication or broadcast. This data may not be
re-sold, republished or licensed to any other source, including
publications and sources owned by the primary recipient's parent company
without prior written permission from CoreLogic. Any CoreLogic data used
for publication or broadcast, in whole or in part, must be sourced as
coming from CoreLogic, a data and analytics company. For use with
broadcast or web content, the citation must directly accompany first
reference of the data. If the data is illustrated with maps, charts,
graphs or other visual elements, the CoreLogic logo must be included on
screen or website. For questions, analysis or interpretation of the
data, contact Alyson Austin at newsmedia@corelogic.com
or Allyse Sanchez at corelogic@ink-co.com.
Data provided may not be modified without the prior written permission
of CoreLogic. Do not use the data in any unlawful manner. This data is
compiled from public records, contributory databases and proprietary
analytics, and its accuracy is dependent upon these sources.

About CoreLogic

CoreLogic (NYSE:CLGX) is a leading global property information,
analytics and data-enabled solutions provider. The company's combined
data from public, contributory and proprietary sources includes over 4.5
billion records spanning more than 50 years, providing detailed coverage
of property, mortgages and other encumbrances, consumer credit, tenancy,
location, hazard risk and related performance information. The markets
CoreLogic serves include real estate and mortgage finance, insurance,
capital markets, and the public sector. CoreLogic delivers value to
clients through unique data, analytics, workflow technology, advisory
and managed services. Clients rely on CoreLogic to help identify and
manage growth opportunities, improve performance and mitigate risk.
Headquartered in Irvine, Calif., CoreLogic operates in North America,
Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.

CORELOGIC, the Home Price Index (HPI) and
the CoreLogic logo are trademarks of CoreLogic, Inc. and/or its
subsidiaries.

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