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SOURCE CoreLogic, Inc.
—Report Examines the Role of Investors in the Purchase of REOs—
IRVINE, Calif., March 18, 2013 /PRNewswire/ -- CoreLogic® (NYSE: CLGX), a leading residential property information, analytics and services provider, today 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.
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.
About CoreLogic 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. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, transportation and government. 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 seven countries. For more information, please visit www.corelogic.com.
CORELOGIC and the CoreLogic logo are trademarks of CoreLogic, Inc. and/or its subsidiaries.
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