OCC: Completed Foreclosures

Completed Foreclosures

First Quarter 2009

Foreclosures are completed when ownership of the properties is transferred to the servicers or investors and the debts are extinguished. The foreclosure process varies by state and can take 15 months or more to complete. Many loans that start the foreclosure process never result in foreclosure of the properties.

Completed foreclosures fell by 10,698 from the prior quarter, a decrease of nearly 12 percent. This is the result of national, state, local, and servicer-imposed moratoria in effect for much of the first quarter of 2009 and the increasing number of new modifications being offered.

Number of Completed Foreclosures
	3/31/2008	6/30/2008	9/30/2008	12/31/2008	3/31/2009	1Q %Change	1Y %Change
Prime	22,379	43,248	52,571	35,296	34,499	-2.3%	54.2%
Alt-A	18,025	26,934	27,405	18,573	15,244	-17.9%	-15.4%
Subprime	22,595	30,750	30,264	21,869	16,099	-26.4%	-28.8%
Other	13,549	16,405	16,026	13,896	13,094	-5.8%	-3.4%
Total	76,548	117,337	126,266	89,634	78,936	-11.9%	3.1%
Number of Completed Foreclosures Relative to Mortgages in that Category
Prime	0.1%	0.2%	0.2%	0.2%	0.2%	-1.7%	52.5%
Alt-A	0.5%	0.8%	0.8%	0.5%	0.4%	-16.6%	-14.1%
Subprime	0.7%	1.0%	1.0%	0.7%	0.6%	-22.4%	-23.1%
Other	0.3%	0.3%	0.3%	0.3%	0.3%	-2.5%	4.6%
Total	0.2%	0.3%	0.4%	0.3%	0.2%	-10.6%	4.4%

Number of Completed Foreclosures

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Completed Foreclosures

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