IRVINE, CA - CoreLogic, a leading residential property information, analytics and services provider, released its March MarketPulse report. In this report, CoreLogic Chief Economist Mark Fleming discusses the current state of the economy and the costs that extended disposition timelines of distressed assets ultimately pass on to the consumer. Deputy Chief Economist Sam Khater analyzes the economic impact of a surge in investor activity on REO inventories across the country. This month's edition also features commentary by CoreLogic President and CEO Anand Nallathambi on the transitioning housing market in 2013.
Additional key findings in the March MarketPulse report include:
The time it takes for a distressed property to pass through the entire disposition timeline has risen across all states in the last eight years from an average of seven months to 24 months in non-judicial foreclosure states and 35 months in judicial foreclosure states.
The decline in REO inventories driven by investor demand has been uneven across markets. Midwestern and northeastern markets continue to struggle with REO inventory levels, while some markets in the South and Southwest have experienced massive declines.
Institutional investors accelerated REO purchases in select markets in 2012, most notably in Las Vegas, Atlanta and Phoenix, while individual investor activity was responsible for declines in REO inventory in California markets.
For a full copy of the March CoreLogic MarketPulse report, including a complete set of data and charts, visit the CoreLogic website.
CoreLogic (NYSE: CLGX) is a leading property information, analytics and services provider in the United States and Australia. The Company's combined data from public, contributory, and proprietary sources includes over 3.3 billion records spanning more than 40 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information.