National Foreclosure Report Ten Years Later

United States Residential Foreclosure Crisis: Ten Years Later

MARCH 2017

" We're now at the point of maximum vulnerability. People's emotional attachment to their property is melting into the air."

Sam Khater, deputy chief economist at CoreLogic, February 2010

" No one remained untouched [during the foreclosure crisis], not homeowners, Wall Street, investors or the government..."

Sam Khater, deputy chief economist at CoreLogic, May 2011

" We are seeing an ongoing strengthening of the residential housing market..."

Anand Nallathambi, president and CEO of CoreLogic ,December 2012

" The housing market is clearly on the mend, but we expect the ultimate conclusion of the present housing down cycle to be another several years away..."

Anand Nallathambi, president and CEO of CoreLogic , June 2013

" The pathway to a full recovery in housing is proving to be a very long one, but lower distressed stock levels are one clear indicator that we continue to make slow-butsteady progress..."

Anand Nallathambi, president and CEO of CoreLogic , April 2014

"Job market gains and home-price appreciation help to push serious delinquency and foreclosure rates lower. The CoreLogic national HPI showed home prices in July rose 6.9% from a year earlier, building equity for homeowners..."

Frank Nothaft, chief economist at CoreLogic, September 2015

"Foreclosure inventory fell by 30 percent from the previous year, the largest year-over-year decline since January 2015."

Frank Nothaft, chief economist at CoreLogic, October 2016

? 2017 CoreLogic -- Proprietary. This material may not be reproduced in any form without express written permission.

2

State Foreclosure Data

Peak year, peak month, peak number, unemployment rate in that state in the peak month, total foreclosures for each state from 2007?2016

S TAT E

FORECLOSURE INVENTORY PEAK YEAR

FORECLOSURE INVENTORY PEAK MONTH

FORECLOSURE INVENTORY

PEAK NUMBER, IN THOUSANDS

National Alaska Alabama Arkansas Arizona California Colorado Connecticut District of Columbia Delaware Florida Georgia Hawaii Iowa Idaho Illinois Indiana Kansas Kentucky Louisiana Massachusetts Maryland Maine Michigan Minnesota Missouri Mississippi Montana North Carolina North Dakota Nebraska New Hampshire New Jersey New Mexico Nevada New York Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Virginia Vermont Washington Wisconsin West Virginia Wyoming

Source: CoreLogic

2011 2011 2011 2013 2010 2009 2010 2012 2011 2011 2010 2011 2012 2010 2010 2012 2012 2011 2012 2011 2011 2012 2012 2011 2010 2010 2010 2011 2012 2011 2010 2010 2012 2012 2010 2012 2011 2011 2012 2012 2011 2012 2012 2011 2011 2010 2011 2012 2013 2011 2011 2010

January January January February December October December

April October January December January

April December December February

January February January January

March August January January December December December January January February December December September

April December

August February February

April August February February January January August December January January January January February December

1,563 1 10 7 49

193 18 22 3 5 394 42 8 9 7 106 33 6 13 14 20 45 7 42 19 13 7 2 35 < 1 3 4 89 9 43 101 56 11 20 47 5 25 1 17 47 11 21 2 29 20 2 1

? 2017 CoreLogic -- Proprietary. This material may not be reproduced in any form without express written permission.

UNEMPLOYMENT RATE IN

PEAK MONTH

9.0% 8.7% 11.0% 8.1% 9.9% 11.6% 8.8% 8.0% 10.1% 8.5% 10.7% 10.8% 6.2% 5.9% 9.0% 9.6% 9.2% 7.2% 9.0% 8.8% 7.7% 7.1% 8.7% 11.5% 7.0% 9.2% 10.3% 8.6% 10.0% 4.3% 4.3% 5.3% 9.0% 6.6% 13.6% 8.5% 9.8% 6.4% 8.9% 8.3% 11.7% 10.0% 5.0% 10.1% 8.0% 7.3% 7.1% 5.8% 8.4% 8.8% 9.6% 6.2%

TOTAL FORECLOSURES BY STATE FOR THE 10 YEARS

(2007?2016), IN THOUSANDS

7,783 9 81 56

399 1,111 159 38

5 16 960 473 11 46 48 267 183 45 35 79 65 109 7 553 103 170 20 12 231 4 23 26 85 24 219 98 326 94 79 162 19 110 n/a 210 529 59 163 n/a 155 89 8 7

MARCH 2017

3

Ten States with the Highest Peak

25x5.98 Foreclosure Rate

and 5.5pt

march annual

2co0m1F7Lpleted

foreclosures

NV

12/2010

NJ

03/2013

IL

02/2012

NY

08/2012

CT

04/2012

ME MD

HI AZ

01/2012 08/2012 08/2012 12/2010

0%

2%

4%

6%

8%

10%

Source: CoreLogic

06/2011

12%

14%

Peak Foreclosure %

December 2016 Foreclosure %

Number of Completed Foreclosures (Thousands)

Foreclosure Crisis Chronology

1,400 1,200 1,000

800 600 400 200

-

191,295

2000

183,437

2001

232,330

255,010

275,900

293,541

383,037

2002

2003

2004

2005

2006

2000

Bush Elected President

November 2000

2004

Bush Re-elected President

November 2004

2007

Two Bear Stearns subprime funds lost nearly all their value

June 2007

2008

Lehman Brothers Collapse

September 2008 Fannie Mae &

Freddie Mac Enter Conservatorship September 2008

Troubled Asset Relief Program (TARP) created October 2008

Obama Elected President November 2008

592,622

983,88

2007

2008

2009

Unemployment Peaks Nationally

at 10 Percent October 2009

? 2017 CoreLogic -- Proprietary. This material may not be reproduced in any form without express written permission.

4

Peak Foreclosure Rate for the Largest Ten CBSAs

Miami Las Vegas

Chicago New York Los Angeles Washington DC

Boston Denver Houston San Francisco

12/2010 10/2011 09/2012 10/2009 08/2012 12/2010 01/2011 08/2011 09/2011

Source: CoreLogic

0%

5%

10%

15%

02/2011

20%

25%

Peak Foreclosure %

December 2016 Foreclosure %

1,178,234 1,035,033 81

958,957

853,358

679,923

608,321

506,609

385,748

2009

2010

2011

2010

Dodd-Frank becomes law

July 2010

Cash Sales Peak January 2011

Home Prices Hit Bottom March 2011

Consumer Financial Protection Bureau (CFPB) Created July 2011

2011

2012

2013

2014

2015

2016

2017

2012

Mortgage Interest Rates Drop to

Lowest Level (3.31%) November 2012

Obama Re-elected President

November 2012

2013

Home Prices Rise 10 Percent

Year Over Year March 2013

2015

Serious Delinquency

Rate Drops Below 4 percent

for first time since

Start of Crisis

March 2015

TRID Rules go into effect October 2015

2016

Trump elected President

November 2016

? 2017 CoreLogic -- Proprietary. This material may not be reproduced in any form without express written permission.

MARCH 2017

5

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