Posts Tagged ‘CoreLogic’

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)

Home Prices Nudge Up

June 5th, 2012 Comments off

HousingWire reports CoreLogic says April home prices rose a mere 1.1% over last April, but it is the second year-over-year increase in 2012. Overall home prices have risen 2.2% April over March of this year; excluding distressed sales April grew 2.6% over March, and 1.9% above last April. Anand Nallathambi, president and CEO of CoreLogic notes the small but steady increases indicate the market is stabilizing. States with the greatest appreciation in April: Arizona +8.8%; District of Columbia +6.4%; Florida +5.5%; and Montana and Utah both grew +5.4%. States with the largest depreciation include: Delaware -11.9%; Illinois -6.8%; Alabama -6.6%; Rhode Island -6.2%; and Georgia -5.6%.

(Image credit: HousingWire)

Foreclosures Completed Decline

May 30th, 2012 Comments off

HousingWire says CoreLogic reports half of the 66,000 foreclosures completed in April were from five states: California, Florida, Michigan, Texas and Georgia, in that order. The National Foreclosure Report says the April rate compares to 78,000 a year ago. Since the housing downturn in Sept. 2008 3.6 million foreclosures have been completed. Chief economist for CoreLogic Mark Fleming says, “There were more than 830,000 completed foreclosures over the past year or, in other (words) one completed foreclosure for every 622 mortgaged homes.” has learned the states with the fewest completed foreclosures for the past year are, in order: South Dakota, Washington, D.C., North Dakota, West VA, and Hawaii.

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Foreclosure Rate Holds Steady

March 30th, 2012 Comments off

By Casey Serin ( [CC-BY-2.0 (], via Wikimedia CommonsFrom Housingwire and Corelogic comes a report on the foreclosure rate, which a new report says, is holding steady. The Corelogic report found there was 862,000 foreclosures in the 12 months ending in February. Some 3.4 million homes have been foreclosed since the financial crisis began in 2008. More than three percent of homes with a mortgage were in foreclosure as of February. “The pace of completed foreclosures is down slightly compared to January, running at an annualized pace of 670,000, but compares favorably to the pace of completed foreclosures in February a year ago,” said Mark Fleming, chief economist for CoreLogic. “Even though the pace of completed foreclosures has slowed, the overall foreclosure inventory is decreasing because REO sales were up in February.” States that completed the most foreclosures during the 12 months ending in February (totaling 49.4 percent) include California, Florida, Michigan, Arizona and Texas.

(Image Credit: By Casey Serin via Wikimedia Commons)

Home Prices at 2002 Levels

March 8th, 2012 Comments off

Home Prices Frozen at 2002 Levels Eric Miller Photo Houses PittsburghFrom, learns that after the sixth consecutive decline in January, home prices are at comparative levels to those a decade ago. The information comes from data insight provided by CoreLogic. Home price fell 3.1 percent in January from a year earlier and dipped 1 percent from December. Depriciation is not accross the board, however. States experiencing appreciation according to the report include South Dakota, North Dakota, West Virginia, Montana and Michigan. States with the most depreciation include Illinois, Nevada, Delaware, Alabama, and Georgia.

(Image Credit: Eric Miller)

Home Prices Continue Downward

January 10th, 2012 Comments off

According to CoreLogic’s Home Price Index, home prices for November 2011 fell 4.3 percent compared to November 2010. For the fourth consecutive month in a row home prices declined, falling 1.4 percent October to November, 2011. Mark Fleming, CoreLogic’s chief economist, is quoted in HousingWire saying, “With one month of data left to report, it appears that the healthy, non-distressed market will be very modestly down in 2011. Distressed sales continue to put downward pressure on prices, and is a factor that must be addressed in 2012 for a housing recovery to become a reality.” When including distressed sales, the five top states where home prices appreciated the most are Vermont, South Carolina, District of Columbia, Nebraska, and New York. States with the highest depreciation rates include Nevada, Illinois, Minnesota, Georgia, and Ohio. The depreciation rates in the worst states were, in some cases, five times the appreciation rate in the states with the most gains.

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Sales and Starts May Be Up, But Shadow Inventory Looms

December 21st, 2011 Comments off

the colony texas shadow inventoryThe NAHB recently reported improvements in the picture for homebuilders, and Realtors say sales increased, but a new report today addresses the continuing threat from shadow inventory. CoreLogic reports that the current residential shadow inventory as of October 2011 remained at 1.6 million units, representing a supply of 5 months. This was down from October 2010, when shadow inventory stood at 1.9 million units, or 7-months’ supply, but approximately the same level as reported in July 2011. Currently, the flow of new seriously delinquent loans into the shadow inventory has been offset by the roughly equal flow of distressed (short and real estate owned) sales. Florida, California and Illinois account for more than a third of the shadow inventory. The top six states, which would also include New York, Texas and New Jersey, account for half of the shadow inventory, which presents competition for new home sales and potentially manufactured housing. “The shadow inventory overhang is a large impediment to the improvement in the housing market because it puts downward pressure on home prices, which hurts home sales and building activity while encouraging strategic defaults,” says Mark Fleming, chief economist for CoreLogic.

(Photo Credit: Eric Miller)

Miniscule Improvements in Housing Recovery Statistics

June 7th, 2011 Comments off

HousingWire reports for Q1 2011, CoreLogic has determined that 40 percent of borrowers who owe more than their homes are worth, termed ‘underwater’, had taken out home equity loans for additional funds.  The number of underwater loans in Q-4 2010 fell 200,000 to 10.9 million, representing 22.75 percent of all residential borrowers.  Nevada continues to have the highest rate, with 63 percent of all mortgages underwater.  Arizona is second with 50 percent, and Florida third at 46 percent.  CoreLogic said, “Together, negative equity and near-negative equity mortgages accounted for 27.7% of all residential properties with a mortgage nationwide.”  The decrease from the previous quarter is a mere .02 percent.

Housing Analyst Predicts Turnaround Still Several Years Out

May 17th, 2011 Comments off

Forbes reports that A. Gary Shilling says avoid thinking the housing market is the key to economic recovery.  The housing market continues to flounder because like any goods-driven sector of the economy, the supply outweighs the demand, which pushes prices downward.  There is a surplus of 2 to 2.5 million homes currently on the market, and more will be going into foreclosure.  Shilling says the National Association of Realtors (NAR) estimates only the number of houses sold that do not go through the multi-listing services (MLS), and has not made adjustments since the housing downturn.  Further, he says due to the way the NAR counts sales based on surveys of realtors, the figures may be misleading.  CoreLogic checks records at county courthouses, and their figures are lower by a third.  In 2010 NAR said sales were 4.9 million, down from 5.2 million in 2009.  CoreLogic said sales in 2010 were 3.3 million, down from 3.7 million in 2009.  Shilling says it will take four to five years to work through all the excess houses.

Texas Housing Market More Stable than Elsewhere

April 21st, 2011 Comments off

HousingWire reports the Federal Reserve Bank of Dallas says the absence of large quantities of subprime loans in Texas may have kept the state from the depths of the housing crisis.  Their percentage of foreclosures is half the level of the rest of the nation, and according to CoreLogic, the negative equity of Texas homes is 11 percent compared to 23 percent for the rest of the nation.  Their state’s 30- to 60-day delinquency rate is higher than other states, but they seem to make it up on their third payment.  This hurts their credit rating, but it also avoids foreclosure.