Posts Tagged ‘core logic’

New High Mortgage Rates, Latest Core-Logic Housing Price Data

June 27th, 2018 Comments off


The S&P CoreLogic Case-Shiller 20-city home price index moved up 6.6 percent from a year earlier.  Housing price increases in Seattle, Las Vegas and San Francisco were at a double digit clip, the organization said in a release to the Daily Business News.


U.S. home prices rose in April from a year earlier, lifted by bidding wars in many cities where would-be buyers fought over a sparse supply of homes.

In April, Seattle led the way with a 13.1% year-over-year price increase, followed by Las Vegas with a 12.7% increase and San Francisco with a 10.9% increase. Nine of the 20 cities reported greater price increases in the year ending April 2018 versus the year ending March 2018,” the S&P CoreLogic Case-Shiller release stated.


Prices rose even as home sales fell and mortgage rates climbed,” noted Newsmax.

Mortgage rates reached a seven-year high in late May of 4.77 percent, before declining this month. As of last week, the 30-year fixed mortgage rate averaged 4.57 percent, according to Freddie Mac. A year ago, it was 3.9 percent.


The economy is growing and the unemployment rate is at an 18-year low, which typically would point to stronger home sales,” noted Newsmax.


Analysis by S&P…

Home prices continued their climb with the S&P CoreLogic Case-Shiller National Index up 6.4% in the past 12 months,” says David M. Blitzer Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices. “Cities west of the Rocky Mountains continue to lead price increases with Seattle, Las Vegas and San Francisco ranking 1-2-3 based on price movements in the trailing 12 months. The favorable economy and moderate mortgage rates both support recent gains in housing. One factor pushing prices up is the continued low supply of homes for sale. The months-supply is currently 4.3 months, up from levels below 4 months earlier in the year, but still low.”

Americans are increasingly turning to newly-built homes,” per Newsmax, “where sales jumped 6.7 percent in May. But higher prices and fewer existing homes to choose from are cutting many Americans out of the housing market.”


Manufactured Housing Signficance?

Many of these conditions – such as interest rising rates – are historically those that would lead to an increase in manufactured home sales.


Facts are facts. They are neutral measures of reality. Once facts and their causes are understood, then the opportunities can be tapped. What the above means is that the typical retailer could potentially be selling 10x (+/-) more homes. a typical market

Nevertheless, manufactured home production and sales are still at historically low levels.


What was accomplished previously in sustainable shipment levels, can clearly be done again.

In a release to MHProNews, the Manufactured Housing Association for Regulatory Reform (MHARR) attributed some of the woes for the still-low sales level to a lack of effective post-production national industry leadership.

MHARR hailed the start of a new communities focused post-production association.

New Manufactured Home Industry National Association Related Statements

The independent producers association based in Washington, D.C. nevertheless urged that the rest of the industry’s post-production companies should work to organize their own association.  That’s a call that award-winning Bob Crawford, president of Dick Moore Housing and others in the retail side of the HUD Code home industry support.

The new MH Communities association, and the call for a new retail post-production association follows comments by MHI award winner, Marty Lavin, who said that the Arlington, VA based trade group only works for the interests of the “big boys.”

‘Tip of Iceberg’ – Rick Rand; Marty Lavin, Communities have ‘No Confidence’ in Manufactured Housing Institute, New National Trade Group Announced

Lavin added that MHI is useful for smaller firms only to the extend that a small firm’s need happens to mirror that of a larger company.  For more details, see the related reports, linked above and below. (News, analysis, and commentary.)

(Third party images are provided under fair use guidelines.)

Related Reports:

Manufactured Home Communities, Retailers, Developers Face Disruptive, Troubling Trend

NorthStar and Manufactured Housing Radix

Only 3 Options – the Elephant in the Room



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Home Prices Rise, Yearly and Monthly

September 3rd, 2015 Comments off

housing_recovery__globest.com__creditAccording to the CoreLogic Home Price Index, home prices increased 6.9 percent in July over a year ago, and rose 1.7 percent over June, including distressed sales.

Home prices rose 6.7 percent year-over-year if distressed sales are excluded, and were up 1.5 percent month-over-month, as reported by nationalmortgagenews to MHProNews.

Massachusetts and Mississippi registered a decline in home prices on a yearly basis, including distressed sales, while West Virginia and Vermont saw home prices fall on a monthly basis, also including distressed sales.

Low mortgage rates and stronger consumer confidence are supporting a resurgence in home sales of late,” Anand Nallathambi, CoreLogic’s CEO, said in a news release. ##

(Image credit: globest)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

New Index: Housing Crash not so bad; Recovery not so Good

September 12th, 2014 Comments off

sold home  mattheafeyCase-Shiller’s improved house price index (HPI) now offers a monthly read on the housing market instead of a quarterly overview, according to Paul Diggle of Capital Economics says, “The new index suggests that prices ‘only’ fell by 26% during the crash, relative to 34% on the previous quarterly index. And at 20%, relative to 23%, the subsequent rebound has been a little weaker. For comparison, the same figures for the CoreLogic index are 32% and 26%.”

In addition, new HPI indicates that house prices have actually been dropping instead of just slowing in gains: Relative to incomes per capita in Q2, housing was undervalued 8.8 percent. Says Diggle, “That’s slightly less than the 10.8% shown on the previous quarterly index, meaning that at the margins the new series adds to our view that housing is approaching fair value. That’s one reason why we expect the slowdown in house price inflation to be sustained.” Meanwhile, sales of manufactured homes continue to grow each month, as MHProNews has reported in the Daily Business News since Aug. 2011. ##

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Report: Investor-owned rentals not Conducive to Affordable Housing

July 18th, 2014 Comments off

Affordable housing activists are concerned the purchase by investors of many distressed and low-cost homes will lead to rental prices too high for the low-income community in many urban areas to afford while the owners are part of an absentee corporate structure, according to a report noted in “While cash sales are down from their July 2011 high of 42.8%, they are still very high (at 38.4%) compared to the 2001-2007 average of 25%,” said Mark Fleming, chief economist for Core Logic, at a conference on the topic two weeks ago. “Investors in general, whether institutional or ‘mom and pop,’ are primarily concentrated on two types of assets: distressed (real estate owned and short sales) and existing homes, rather than new builds.” Rep. Mark Takano (D-Calif.) says, “Nearly two-thirds of the tenants in these corporate rentals surveyed in my district are burdened with unaffordable rent. If there is anything that we should have learned from the housing crisis, it is that Wall Street’s top priority is increasing its bottom line, not improving communities or creating products that provide long-term benefits to consumers.” MHProNews has learned residential rents have risen 20 percent since 2008.##

(Editor’s Note: For a related topic, see Subsidized Housing, Our Secret Enemy?)

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Foreclosures Continue to Drop

April 30th, 2014 Comments off

The U. S. foreclosure inventory fell from 1.1 million in the first quarter of 2013 to 720,000 for the comparable period one year later, a drop of 37 percent. Based on CoreLogic’s National Foreclosure Report, informs the foreclosure inventory as of March represented 1.8 percent of all homes with a mortgage, compared to 2.8 percent in March 2013. The foreclosure inventory fell 5.1 percent from February 2014, the 29th month of year-over-year declines. Foreclosures for the period March 2013 to March 2014 fell ten percent, from 53,000 to 48,000. The 45,000 foreclosures in Feb. 2014 were more than double the average number of 21,000 monthly foreclosures for the period from 2000 to 2006. ##

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CoreLogic: Housing Market will Cool in 2014

January 7th, 2014 Comments off

According to CoreLogic, home prices in the U. S. rose 11.8 percent in November, 2013 compared to Nov. 2012, marking the 21st consecutive month of yearly increases. “Our pending HPI (Home Price Index) projects that home prices will grow by 11.5 percent for the full year 2013,” Dr. Mark Fleming, chief economist for CoreLogic, said in the report. “That will make 2013 the best year for home-price appreciation since 2005.” However, compared to the prior month prices rose only 0.1 percent, following an increase of 0.2 percent in October. While it is anticipated December prices will show a decrease from Nov. of 0.1 percent, year-over-year Dec. prices will slow to an 11.5 increase, as MHProNews has learned from CoreLogic expects slower appreciation in 2014. Anand Nallathambi, president of CoreLogic, says, “On a year-over-year basis, home prices have appreciated every month in 2013. Twenty-one states and the District of Columbia are now at or within 10 percent of their peaks. The outlook for 2014 looks a bit less robust as regulatory complexities and tight credit can be expected to cool the housing market.”

(Image credit: housingwirecom)

Foreclosures no Longer the Hot Ticket to Income

January 2nd, 2014 Comments off

Would-be investors buying foreclosed homes at auction and renting them are finding the trough is drying up, as auction prices have risen faster than rents, according to Core Logic, resulting in returns on investment (ROI) dropping. “It’s gotten so competitive that discounts at foreclosure are not where they were,” said Daren Blomquist, spokesman for RealtyTrac. “It’s harder for third party purchasers at auction to make a profit.” ROI fell in eight of the top ten best buy-and-rent cities, including Tampa, which was the top city in 2012, and the same for Chicago in 2013. According to, of the top ten only Houston and Charlotte, NC gained in average returns. Nationally, MHProNews has learned, homes sold in foreclosure auctions now only cost four percent less than average sales, compared to the 16 percent differential in 2012. Additionally, while home prices increased almost 14 percent through October, 2013, rents for the first nine months rose only 2.2 percent, compared to the same period of 2012.

(Photo credit: Wikipedia)

Home Prices will Moderate in Nov. and Dec.

December 4th, 2013 Comments off

Marking the 20th consecutive month of yearly increases, home prices in the U. S. increased 12.5 percent in October, compared to last year, according to CoreLogic. The worldpropertychannel reports CoreLogic’s Home Price Index, when including distressed sales, rose just 0.2 percent in October, 2013. Anand Nallathambi, president and CEO of CoreLogic, says, “The deceleration in month-on-month trends was anticipated as strong gains in home prices over the spring and summer slow in line with normal seasonal patterns and the impact of higher mortgage interest rates.” As MHProNews has learned, Dr. Mark Fleming, chief economist for CoreLogic, adds, “The monthly growth rate is expected to moderate even further in November and December. The slowdown in price appreciation is positive for the housing market as almost half the states are now within 10 percent of their respective historical price peaks.”

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Home Prices Rise expected to Slow

October 2nd, 2013 Comments off

CoreLogic reports house prices rose +0.9 percent in August, which was half of the July pace. Attributing the slowdown to seasonality and the recent rise in mortgage rates, CEO Anand Nallathambi says, “We anticipate moderate gains in home prices over the balance of this year, supported by the recent downward trend in rates and continued tight supplies of homes in many markets.” The property information vendor anticipates home prices will increase 0.2 percent from Aug. to Sept. As nationalmortgagenews informs MHProNews, home prices are up 12.4 percent from Aug. 2012.

(Image credit: Joshua Scott/CNNMoney)

Underwater Mortgages Drive Prices

June 11th, 2012 Comments off

Core Logic tells the reason the supply of homes dropped from a nine month average last June to 6.5 months April 2012 is because there are 11 million borrowers underwater who are unable to unload their homes, which restricts supply and increases the price of existing homes for sale.  As HousingWire reports, this is especially true in those markets hardest hit by the housing downturn. In areas where over half of the mortgages are underwater, the average supply is only 4.7 months, compared to better markets where the supply is 8.3 months. Pending sales fell March to April 5.5 percent. On the plus side, lower-priced homes are selling at 4.5 percent higher than a year ago, and at the fastest rate since the homebuyer tax credit of 2010. CoreLogic‘s Sam Khater says he expects the supply to be restricted for some time to come.

(Image credit: ForeclosureSupport)