According to CoreLogic, lenders completed 52,000 foreclosures in April 2013. The term completed foreclosures refers to the number of homes actually lost to foreclosure. The company reports that there have been an estimated 4.4 million foreclosures since the financial crisis began in 2008.
In a state-by-state comparison, Florida had the highest percentage of mortgaged properties in foreclosure, with 9.5 percent, followed by New Jersey (7.4 percent), New York (5.1 percent), Maine (4.4 percent), and Nevada (4.3 percent).
In light of the April figures, insurers should continue to keep a watchful eye on possible fraud related to properties in foreclosure. Property owners could be falsifying claims to offset the financial pressures that contributed to their properties entering foreclosure. In fact, having a home in foreclosure could be a red flag for fraud. That’s why we offer ISO ClaimAlert™: Foreclosure, the newest tool in the ISO ClaimSearch® suite. It scans property claims as they come in to ISO ClaimSearch, flagging those with properties in foreclosure and notifying adjusters that they may need to investigate further.
For more information, contact your ISO representative or fill out this form.