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Posts Tagged ‘CoreLogic’

Cash Home Sales continue to Decline

August 15th, 2014 Comments off

housingwire creditRepresenting the lowest share of cash home sales since May 2010, 34.4 percent of total home sales in May 2014 were with cash, a drop from April’s 36.9 percent of all cash, according to housingwire.com. CoreLogic’s report says, “The share has fallen on a year-over-year basis each month since January 2013. Prior to the housing crisis, the cash sales share of total home sales averaged approximately 25%. The peak occurred in January 2011, when cash transactions made up 46.2% of total home sales.” MHProNews has learned real estate-owned (REO) transactions comprised 8.2 percent of sales in May, compared to Jan. 2011 when REO sales made up 24 percent of total sales. ##

(Image credit: housingwire.com–cash home sales fall)

Existing Home Sellers may be Surprised

July 8th, 2014 Comments off

Although construction spending grew insignificantly in May—a mere 0.1 percent—and private residential spending fell 1.5 percent for the same month, following an increase of 0.5 percent the previous month, analysts speculate that residential construction will rebound in the coming months, making the overall market for homes more competitive, according to housingwire.com. CoreLogic says in May there were 47,000 foreclosures completed nationally, down from 52,000 in May of 2013, shrinking that inventory, as MHProNews understands. Trulia.com reports collected data indicate 41 percent prefer building a new home to buying an existing home, suggesting that in markets where new home construction is increasing, sellers of existing homes may have a more difficult time than anticipated making a sale. Although mortgage rates have once again fallen, credit continues to be tight. ##

(Photo credit: comstockpremium.com)

More Underwater Homes Return to Buoyancy in Q1 2014

June 5th, 2014 Comments off

CoreLogic reports 312,000 more homes returned to positive equity in the first quarter of 2014, indicating 6.3 million homes remained underwater as of Q1 2014, compared to 6.6 million homes at the end of Q4, 2013, according to worldpropertychannel.com. In aggregate, the value of negative equity totaled $383.7 billion as of March 31, 2014 versus $400 billion at the end of the fourth quarter, 2013, as MHProNews has learned. Anand Nallathambi, president and CEO of CoreLogic, says, “Prices continue to rise across most of the country and significantly fewer borrowers are underwater today compared to last year. An additional rise in home prices of 5 percent, which we are projecting will occur over the next 12 months, will lift another 1.2 million properties out of the negative equity trap.” ##

(Image credit: etftrends.com)

Single-family Home Prices Rise in Chicago

May 27th, 2014 Comments off

CoreLogic Case-Shiller informs MHProNews single-family homes prices rose in every Chicago-area zip code last year for the first time since 2006, led by the Mount Greenwood neighborhood–60655–on the South Side at 16.5 percent, followed by Morgan Park–60643– with 15.9 percent. At the other end of the spectrum Joliet–60432– notched the lowest increase at 2.5 percent, just below Ellburn–60119–at 2.8 percent, according to chicagobusiness.com. Case-Shiller index is based on repeat sales of the same property. Sixty- four of the 299 zip codes are not included because adequate sales data is not available. ##

(Photo credit: Wikipedia.org–Chicago)

Home Prices Continue Moving on Up

March 6th, 2014 Comments off

According to CoreLogic, U. S. home prices increased in January by the strongest margin in seven years, up 12 percent from the previous Jan., marking the 23rd consecutive month of yearly increases, worldpropertychannel.com reports. Said Dr. Mark Fleming, chief economist for CoreLogic, “The last time January month-over-month and year-over-year price appreciation was this strong was at the height of the housing bubble in 2006.” The National Association of Realtors (NAR) says the national median home price rose 10.7 percent in Jan. over Jan. 2013, hitting $188,900, as MHProNews.com has learned. Predicting home prices, including distressed sales, will rise 12.5 percent year-over-year in Feb., Anand Nallathambi, president and CEO of CoreLogic, says, “Excluding distressed sales, all 50 states and the District of Columbia showed year-over-year home price appreciation for January.”

(Image credit: etftends.com)

Home Values Rose Q3 2013

February 3rd, 2014 Comments off

As MHProNews previously reported Jan. 7, 2014, home prices in the U. S. rose 11.2 percent in November, and CoreLogic says they rose the same amount for the third quarter 2013, as compared to last year. The report, which measures price trends in over 380 markets, reveals prices were 17 percent higher than the trough of Aug. 2011, but remain 26 percent below their peak in the first quarter of 2006.

“Double-digit price gains are unlikely to persist, but since housing is far more affordable now than it was in 2006, there is less concern that a new housing bubble will occur,” Dr. David Stiff, principal economist for CoreLogic Case-Shiller, said in the report. “As of the third quarter of 2013, the ratio of median mortgage payment to median family income was at a 40-year low and 35 percent lower than it was at the peak of the bubble, even after accounting for recent increases in prices and mortgage interest rates.” While foreclosure sales continue to fall, home price values are expected to slow to 4.2 percent nationwide, according to worldpropertychannel.com, close to its long-time annual rate of 4.5 percent.

(Image credit: etftrends.com)

More Homes Lifted out of Negative Equity in Q3

December 18th, 2013 Comments off

During Q3 2013 an additional 791,000 U. S. homes returned to positive equity as home values continue to rise, bringing the number of mortgaged residential properties with equity to 42.6 million. The number of homes remaining in negative equity fell from 7.2 million at the end of the second quarter to 6.4 million at the end of the third quarter 2013, accounting for
13 percent of all homes mortgaged. “Rising home prices continued to help homeowners regain their lost equity in the third quarter of 2013,” said Mark Fleming, chief economist for CoreLogic. “Fewer than 7 million homeowners are underwater, with a total mortgage debt of $1.6 trillion. Negative equity will decline even further in the coming quarters as the housing market continues to improve.” As worldpropertychannel.com informs MHProNews, ten million of the homes in the positive equity column have under 20 percent equity and may have a difficult time finding new financing.

(Image credit: globest.com)

Home Prices Continue Rising

September 3rd, 2013 Comments off

Home prices have risen for the 17th consecutive month, according to CoreLogic’s house price index, increasing 1.8 percent nationally July over June, 2013. “Home prices continue to climb across the nation in July with markets hit hardest during the downturn leading the way,” said Anand Nallathambi, president and chief executive of CoreLogic. Year-over-year the report says sales are up 12.4 percent over July 2012, including distressed sales, and 11.4 percent excluding REO (real estate-owned) and distressed sales. Arizona reports the largest price increase with a 17 percent increase, followed by Wyoming at plus 16 percent and Oregon with an increase of 15 percent. CoreLogic chief economist Mark Fleming says home price rises will taper as mortgage rates increase and seasonal demand declines. According to what nationalmortgagenews tells MHProNews, home prices are within 18 percent of their April 2006 peak levels.

(Photo credit: mattheafey)

Many Groups of Home-buyers Squeezed out by CFPB rules?

September 3rd, 2013 Comments off

 vice-wikicommons-posted-daily-business-news-mhpronews-New CFPB imposed guidelines for mortgages loans aren’t just threatening manufactured housing, they are squeezing conventional housing buyers too. Sam Khater, senior economist at CoreLogic said: “It will tighten things further. The largest constraint is the 43 percent threshold,” said Khater. “It will hit more refinances than purchases because a lot of them use a high debt-to-income ratio. It will also hurt home borrowers in distressed environments.” Yahoo! Homes tells MHProNews that new regs are hurting (1) First time home buyers, (2) those who had a career disrpution in the last 5 years, (3) those in high priced markets, (4) the self-employed and business owners; (5) widowed, divorced and seniors – even those with good credit – may have more trouble than pre-housing-mortgage bubble burst. “Baby boomers entering retirement and young adults will feel a disproportionate impact because of their lower income levels.” One group not harmed are the rich, and all cash buyers, as we reported in this recent stories linked. While no one really wants to see housing harmed, this could prove to be an opportunity for manufactured home communities and retailers, who successfully tap into the inability of these groups to buy traditional houses. ##

(Photo credit, WikiCommons)

 

Home Prices Rise for 15th Straight Month

July 2nd, 2013 Comments off

May saw the largest increase in the CoreLogic Home Price Index (HPI) since Feb. 2006, rising 12 percent over May 2012, and 2.6 percent higher than April, marking the 15th consecutive month of year-over-year increases. For June 2013, as nationalmortgagenews informs MHProNews, the CoreLogic Pending HPI indicates home prices are expected to increase 13.2 percent year-over-year from June 2012, and 2.9 percent on month-over-month basis. Noting the blazing rise of home prices, especially in the West, Anand Nallathambi, president and CEO of CoreLogic, says, “Across the country, pent-up demand and continued low interest rates are fueling strong demand for a limited inventory of properties. We expect that trend to continue to drive up prices throughout the balance of the summer months.”

(Image credit: etftrends)