You are viewing our site as an Agent, Switch Your View:

Agent | Broker     Reset Filters to Default
Realtor.com Launches Weekly Housing Recovery Index
Data shows housing recovery remains strong despite social unrest SANTA CLARA, Calif., June 11, 2020 -- COVID-19 and economic headwinds have led to unprecedented disruptions in the U.S. real estate market. In order to track the impact of these events, realtor.com today announced the launch of its Housing Recovery Index, which shows that despite continued COVID cases and the large scale protests that took place the week ending June 6 -- the U.S. housing market continues to recover even in cities experiencing civil unrest. The proprietary index leverages a weighted average of realtor.com® search traffic, median list prices, new listings, and median time on market and compares it to the January 2020 market trend, as a baseline for pre-COVID market growth. The overall index is set to 100 in this baseline period. The higher a market's index value, the higher its recovery and vice versa. For the week ending June 6, the realtor.com® Housing Market Recovery Index was 88.8 nationwide, 11.2 points below the January baseline and up 1.0 point over the prior week. The slight increase in this week's overall index represents a 5.7 point increase over the 83.1 low point in the index, which occurred during week ending May 2. "By combining online search activity along with price and supply dynamics, the index functions as a robust leading indicator of housing activity, and a symptom gauge as we move toward healthier market conditions," Javier Vivas, director of economic research for realtor.com®. This week's index reading also reveals the recovery trend was not impacted in the 11 markets that saw the largest number of protests the week ending June 6. On average, these markets saw their recovery index increase 0.7 points over the prior week, ending May 30. When compared to other similar sized markets with reportedly less civil unrest, there was no evidence that the protests had an impact on housing recovery. Of the 11 markets, 6 areas saw slight increases in their weekly recovery index: Atlanta (+1.5 points) Chicago (+4.7 points) Cleveland (+3.3 points) Los Angeles (+0.2 points) Minneapolis (+0.3 points) New York (+4.9 points) Five saw a slight decrease in their weekly recovery index: Dallas (-2.0 points) Louisville, Ky (-2.1 points) Raleigh (-0.7 points) St. Louis (-0.9 points) Washington, D.C. (-1.1 points). Key Housing Metrics for the Week Ending June 6:   "The general sentiment from consumer surveys is that now is not a good time to sell a home because of COVID, economic uncertainty, and social unrest, but the data is saying the opposite," said Danielle Hale, chief economist for realtor.com. "Home prices are back to their pre-COVID pace and we're seeing listings spend slightly less time on the market than last week. But the housing market still needs more sellers in order to meet the surge in demand. Looking forward, if we don't get the inventory we need, we'll see prices rise even more and homes sell faster later this summer." New listings: Nationwide, the size of declines held mostly steady this week, dropping 21 percent over last year, which is a slight improvement over last week and a significant improvement when compared to early May's 30 percent declines year-over-year. This week's index shows new listings are 12.7 points below their January recovery baseline. Sellers have started June on the right foot, and the following weeks will indicate whether there will be enough supply to boost home sales this summer, nationwide and in all large markets. The continued declines in newly listed properties mean the full wave of spring sellers has yet to return to the market. However, recovery could be on the horizon as more than half (56 of 99) of large metros continue to see smaller declines this week, including New York, Boston and San Francisco. Asking prices: Price gains fully caught up to pre-COVID pace increasing 4.3 percent in the week ending June 6, compared to 4.4 percent the first two weeks of March. This week's index shows home prices are 0.7 points above the January recovery baseline. The mix of homes for-sale has reverted back toward pricier properties, and demand for entry-level properties has been reignited. Price gains have accelerated rapidly in recent weeks with inventory on the decline and buyer interest on the rise. Locally, 89 of 100 metros saw asking prices increase over last year. Total Active Listings: Sellers are still playing catch up during what's normally the busiest part of the season, and the availability of homes for sale remains well below seasonal levels. Total active listings declined 25 percent compared to a year ago as the lack of sellers is currently outweighing the extra time homes spend on the market. Signs, such as improved home purchase sentiment over last month, are pointing to rising home buyer interest and seller confidence, setting up a pick-up in sales activity in the summer months. Time on market: While homes are still sitting more than two weeks longer on the market than this time last year, this week's data shows the trend may be reverting back toward recovery. The week ending June 6 saw the first weekly decline in time on market since mid-March, with days on market one day faster than last week. It could still take a few more weeks for time on market to reach pre-COVID levels, since the pace of sales component of the recovery index remains 30.1 points below the January recovery baseline, but this week's data shows the first, important step toward recovery. For more information about the index report, please visit: https://www.realtor.com/research/housing-market-recovery-index/ For the latest weekly housing trends and index data, please visit: Index Housing trends About realtor.com® Realtor.com® makes buying, selling and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
MORE >
Key Housing Indicators Begin to Turn Around in May
Data shows new listings and asking price trends strengthen after bottoming out in April SANTA CLARA, Calif., June 4, 2020 -- The U.S. housing market likely reached its low point during mid-April with constrained new inventory and minimal price growth. Signs of recovery emerged in late April and strengthened in May, setting the stage for continued growth over the summer, according to realtor.com®'s May Monthly Housing Trends report issued today. The data show the national median listing price hit a new all-time high of $330,000 in May, despite rising just 1.6 percent year-over-year. This price growth was an improvement over April's 0.6 percent year-over-year growth which was the slowest pace in the past three years. Additionally, the weekly progression of data showed that price growth and new inventory trends improved. The median list price began the month up 1.4 percent and strengthened throughout the month, increasing 3.1 percent during the last week of May. New listings were down 29.1 percent the week ending May 9, but recovered to down 22.9 percent by the week of May 30. While still well-below last year's levels, the rate of decline in newly listed properties has improved dramatically from a drop of 44.1 percent year-over-year in April to down 29.4 percent in May. Despite these positive trends, COVID-related challenges linger; homes were on the market 15 days longer than this time last year. "May's home price data demonstrate the underlying strength of the U.S. housing market despite the challenges brought by the COVID-19 pandemic," said realtor.com® Chief Economist Danielle Hale. "The fact that home prices are at an all-time high shows that the momentum the market had prior to the pandemic has helped to keep buyer and seller expectations stable. Ongoing inventory shortages, that continue to worsen, also push home prices higher even while homes sell more slowly." "As a sense of normalcy returns, we expect to see a shortened, but strong summer home selling season, as long as seller confidence continues to improve and more homes are listed for sale," Hale added. Listing Prices Hit New High Despite COVID-19 Thirty-five of the nation's top 50 metros saw the median listing price grow on a year-over-year basis, up from 30 metros in April. Based on this trend, listing prices could reach new highs throughout the summer home buying season when prices typically see their yearly seasonal peak. Los Angeles-Long Beach-Anaheim, Calif. (+14.9 percent), Pittsburgh, Pa. (+14.0 percent); and Cincinnati, Ohio-Ky.-Ind. (+12.1 percent); posted the highest year-over-year median list price growth in May. The steepest price declines were seen in Detroit-Warren-Dearborn, Mich. (-3.4 percent); San Antonio-New Braunfels, Texas (-3.2 percent); and Seattle-Tacoma-Bellevue, Wash. (-3.1 percent). For-Sale Homes Still in Short Supply, but New Listings Trend Improves National inventory continued to be constrained, down nearly 20 percent over last year, as seller reactions to COVID-19 exaggerated the housing market's already insufficient supply of homes. At the same time, the month of May ended with an improvement in the new listings trend--smaller declines--in 45 of the 50 largest U.S. markets compared to last month. This signals that sellers are starting to return to the marketplace, which is needed to restore inventory levels for healthy market conditions. Within the nation's 50 largest metros, inventory declined by 21.9 percent year-over-year, a greater rate than April's 16 percent decline. The metros which saw the largest declines in inventory were largely those hardest hit by COVID-19 along the East Coast, including: Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md. (-38.6 percent); Providence-Warwick, R.I.-Mass. (-35.8 percent); and Baltimore-Columbia-Towson, Md. (-34.5 percent). This month, none of the largest 50 metros saw an inventory increase on a year-over-year basis and 43 out of the 50 saw greater yearly inventory declines than last month. COVID-19 Extends Days on Market Homes continue to sell more slowly than last year due to stay at home orders and modified behavior resulting from COVID-19. The typical home is now selling in 71 days, which is more than two weeks slower than last year. Within the nation's 50 largest metros, the typical home sold in 58 days, 13 days more slowly, on average, compared to last year. Among the largest metropolitan areas, homes in areas hit hardest by COVID-19 saw the greatest increase in time spent on the market, including: Buffalo-Cheektowaga-Niagara Falls, N.Y. (+34 days); Pittsburgh, Pa. (+33 days); and Detroit-Warren-Dearborn-Mich. (+32 days). Metros With Largest Decline in New Listings EDITOR'S NOTE: The realtor.com economics team is continually tracking the impact of the coronavirus pandemic on the U.S. economy and housing market. The team's reports and analysis are available here. About realtor.com® Realtor.com® makes buying, selling and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com®.
MORE >
Unprecedented Turnaround in Home Showing Activity Seen in April and May as Agents, Buyers and Sellers Adjust to Virtual Showings
MORE >
New Listings Fall Nearly 45 Percent in April as Coronavirus Keeps Sellers on the Sidelines
April data shows asking prices flatten as homes linger on the market longer SANTA CLARA, Calif., May 5, 2020 -- Newly listed homes dropped 44.1 percent in April -- historically one of the busiest months for residential real estate -- an indication sellers decided to wait and see how market conditions play out over the coming months, according to realtor.com's April Monthly Housing Trends Report, released today. The report offers the first full month of data showing the impact the COVID-19 pandemic is having on residential real estate throughout the U.S. The significant decrease in new listings adds a new dimension to the nation's inventory-starved housing market. The Northeast -- the region hit hardest by the COVID-19 pandemic -- saw the greatest decline in new listings at 59.4 percent. It was followed by declines of 49.5 percent in the Midwest, 44.1 percent in the West, and 31.4 percent in the South. "The good momentum we saw at the start of the year has helped to somewhat insulate the housing market from the coronavirus' negative impact on buyer and seller confidence across the U.S. Although we saw sharp drops in new listings, an increase in the time it takes to sell a home and a flattening of prices in April, May is likely to see some of these metrics worsen," said realtor.com® Chief Economist Danielle Hale. She added, "Just how significantly the housing market is impacted by the pandemic will depend on how effective the country is at containing the virus and how the economy responds. If all goes well, we could see buyers returning to the market aggressively this summer to make up for the spring they lost." The combination of a decline in new listings and many sellers opting to delist their properties pushed the total number of homes for sale across the U.S. down 15.3 percent year-over-year. April's drop in inventory amounted to a loss of 189,000 listings compared to this time last year. Within the nation's 50 largest metros, inventory declined by 16 percent overall, and none of the 50 metros saw an increase in inventory over last year. The metros with the biggest declines in inventory were Milwaukee-Waukesha-West Allis, Wis. (-46.1 percent); Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md. (-38.7 percent); and Providence-Warwick, R.I.-Mass. (-29.3 percent). Days on market increased in April Homes sold in 62 days on average nationally in April, four days slower than April 2019. This is likely an indication that buyers also have decided to step back to see if economic conditions will improve over the coming months. Weekly data suggests May could see homes sitting even longer. During the week ending on April 25, homes spent an average of nine days more on the market than the same week last year. Additionally, social distancing measures and stricter mortgage lending criteria have made viewing a home and qualifying for a mortgage more difficult, which could continue to extend the amount of time a property sits on the market. Metros with the greatest increase in days on market were led by Buffalo-Cheektowaga-Niagara Falls, N.Y. (+24 days); Detroit-Warren-Dearborn, Mich. (+22 days); and Pittsburgh, Pa, (+15 days). Typical home asking prices flatten Nationally, the median listing price grew 0.6 percent year-over-year to $320,000. However, this was notably slower than March's price growth rate of 3.8 percent. This trend is driven by diminished seller expectations and by a shift in the mix of homes for sale. All of the nation's most expensive large metros have seen newly listed homes drop by 40 percent or more. Some lower-priced large metros have seen large declines in newly listed homes, but others have seen much more moderate reductions. Of the nation's 50 largest metros, 47 saw prices decelerate compared to March. The steepest price declines were seen in Dallas-Fort Worth-Arlington, Texas (-5.7 percent); Seattle-Tacoma-Bellevue, Wash. (-4.5 percent); and Chicago-Naperville-Elgin, Ill.-Ind.-Wis. (-4.4 percent). *Some data points for Los Angeles have been excluded due to data unavailability. EDITOR'S NOTE: The realtor.com economics team is continually tracking the impact of the coronavirus pandemic on the U.S. economy and housing market. The team's reports and analysis are available here. About realtor.com® Realtor.com® makes buying, selling and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
MORE >
Realtor.com Connects Homeowners with Options to Sell Now, Move Later
MORE >
March Housing Trends Provide First Glimpse of COVID-19 Impact on U.S. Housing Market
Signs of softening price growth and slower buyer activity began to emerge in last two weeks of March despite an overall decrease in inventory, higher listing prices and fewer days on market SANTA CLARA, Calif., April 2, 2020 -- The U.S. housing market began to show signs of slowing in the second half of March as the year-over-year decline in inventory softened, the number of newly listed properties declined and prices decelerated compared to earlier in the month, according to realtor.com's March Housing Trends Report released today. The monthly report provides the first data-based glimpse into the impact the COVID-19 pandemic could have on residential real estate as the market enters the spring home-buying season. Due to the strong start to the month, the total number of homes for sale in March overall declined 15.7 percent from the same time a year ago, a faster rate of decline compared to the 15.3 percent drop in February. This amounts to 191,000 fewer homes for sale year-over-year. The impact of COVID-19 materialized in the latter half of March. While the last full week of February showed inventory declining by 16.8 percent -- the largest year-over-year decrease since April 2015, the weeks ending March 21 and 28, respectively, declined at a slower pace of 15.2 percent each on a year-over-year basis. "Our inventory and listing data can provide some early insight into how housing markets may be impacted by COVID-19, but the situation and reactions to it are still rapidly evolving," said realtor.com® Chief Economist Danielle Hale. "The U.S. housing market had a good start to the year. Despite still-limited homes for sale, buyers were buying and builders were building. The pandemic and virus-fighting measures appear to be disrupting that initial momentum as both buyers and sellers adopt a more cautious posture." Although there is not enough movement in weekly data to provide insight into shifts in days on market, the progression of weekly data hints that sellers may be rethinking or postponing their plans to list their home for sale in response to COVID-19. In the weeks ending March 21 and March 28, the volume of newly listed properties decreased by 13.1 percent and 34.0 percent, respectively compared to the prior year. This is in line with recent surveys of agents and consumers that report declining interest among potential homebuyers and homesellers. While far from foreshadowing price declines, price growth decelerated during the weeks ending March 21 and March 28 as compared to earlier in the first two weeks of the month. During the last two weeks of March, the median U.S. listing price increased by 3.3 percent and 2.5 percent year-over-year respectively, the slowest pace of growth this year, and the slowest since realtor.com began tracking in 2013. March Housing Trends Inventory declines continued to impact the housing market in March. The metros which saw the largest declines in inventory were Phoenix-Mesa-Scottsdale, Ariz. (-42.2 percent); Milwaukee-Waukesha-West Allis, Wis. (-36.2 percent); and San Diego-Carlsbad, Calif. (-33.4%). Only Minneapolis-St. Paul-Bloomington, Minn.-Wis. (+3.6 percent) saw inventory increase over the year. Consistent with the first two months of 2020, March saw homes selling more quickly than last year as an early home buying season began in the U.S. The typical home sold in 60 days, four days faster than last year. Properties in Miami-Fort Lauderdale-West Palm Beach, Fla.; Pittsburgh and St. Louis, Mo.-Ill.; spent the most time on the market, selling in 86, 78 and 65 days, respectively. Meanwhile, properties in San Jose-Sunnyvale-Santa Clara, Calif.; Denver-Aurora-Lakewood, Colo.; and Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va., sold most quickly, spending 24, 26 and 29 days on the market, respectively. Listing prices grew at a slightly decelerating pace of 3.8 percent compared to February's 3.9 percent. Of the 50 largest metros, 45 continued to see year-over-year gains in median listing prices. Pittsburgh (+17.9 percent); Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md. (+14.0 percent); and Memphis, Tenn.-Miss.-Ark. (+12.7 percent) posted the highest year-over-year median list price growth in March. The steepest price declines were seen in Dallas-Fort Worth-Arlington, Texas (-2.7 percent); Minneapolis-St. Paul-Bloomington, Minn.-Wis. (-1.4 percent); ; and Houston-The Woodlands-Sugarland, Texas (-1.4 percent). *Some data points for Los Angeles have been excluded due to data unavailability. EDITOR'S NOTE: The realtor.com economics team is continually tracking the impact of the coronavirus pandemic on the U.S. economy and housing market. The team's reports and analysis are available here. About realtor.com® Realtor.com® makes buying, selling and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
MORE >
Showing Activity Down 38-45 Percent in Past Two Weeks Due to COVID-19
MORE >
Buying, Selling or Just Curious: Realtor.com Helps You Determine What a Home is Worth
Estimated home values from three highly respected sources now available on for-sale and off-market homes SANTA CLARA, Calif., March 12, 2020 -- To help provide consumers with the information they need to make confident choices, realtor.com announced today that it now displays estimated property values from three widely respected sources on for-sale and off-market properties. Realtor.com is the only national home search site to offer a range of values from third party sources. To provide more insight into a home's value, realtor.com® is partnering with the same trusted data providers used by lenders and insurance companies to estimate a property's value. While not an appraisal, this data will empower consumers to make more informed and confident decisions when buying or selling a home. "A home is often a person's largest asset, so it's natural to wonder what it is worth. Additionally, everyone wants to make sure they're getting a fair deal when buying or selling," said Todd Callow, vice president, product management, realtor.com®. "By providing consumers with multiple estimates from the same sources that financial institutions rely on to estimate a home's value, we are able to offer a broader set of data to help our users make informed decisions about buying and selling homes." Many factors go into accurately estimating the value of a home including location, size, finishes, school districts and much more; so, property estimates can vary from one source to the next. Although no automated model is 100 percent accurate, providing data from multiple sources, each with their own unique algorithms, enables consumers to have a more complete picture of home value. While these data sources add a layer of transparency and show consumers the information often only available to financial institutions, they are not a replacement for the value gained from speaking to a local real estate professional. In addition to being included on for-sale listings, the values will also appear in the My Home portal, realtor.com®'s dashboard for homeowners to track everything about their home including value, equity and mortgage, all in one place. This will further help homeowners to understand the value of their home and make decisions about refinancing, remodeling, neighborhood changes and more. Realtor.com® is a trusted source for accurate and transparent real estate information and listings. These home value estimates add an important data point from which consumers can more easily buy and sell with confidence. Home values are now available for web and mobile web with iOS and Android coming soon. To see the new home values, visit the My Home portal or property listings on realtor.com®. To learn more visit: realtor.com/estimates. About realtor.com® Realtor.com® makes buying, selling and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com®.
MORE >
2020 Home Showing Traffic Begins Where 2019 Left Off with Sixth Consecutive Month of Nationwide Year-Over-Year Improvement
MORE >
CoreLogic Reports U.S. Overall Delinquency Rate Lowest for a November in at Least 20 Years
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report. The report shows that nationally, 3.9% of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in November 2019, representing a 0.1 percentage point decline in the overall delinquency rate compared with November 2018, when it was 4%. As of November 2019, the foreclosure inventory rate – which measures the share of mortgages in some stage of the foreclosure process – was 0.4%, unchanged from November 2018. The November 2019 foreclosure inventory rate tied the prior 12 months as the lowest for any month since at least January 1999. Measuring early-stage delinquency rates is important for analyzing the health of the mortgage market. To monitor mortgage performance comprehensively, CoreLogic examines all stages of delinquency, as well as transition rates, which indicate the percentage of mortgages moving from one stage of delinquency to the next. The rate for early-stage delinquencies – defined as 30 to 59 days past due – was 2% in November 2019, up from 1.9% in November 2018. The share of mortgages 60 to 89 days past due in October 2019 was 0.6%, down from 0.7% in November 2018. The serious delinquency rate – defined as 90 days or more past due, including loans in foreclosure – was 1.3% in November 2019, down from 1.5% in November 2018. The serious delinquency rate has remained consistent since April 2019. Since early-stage delinquencies can be volatile, CoreLogic also analyzes transition rates. The share of mortgages that transitioned from current to 30 days past due was 1% in November 2019, up from 0.8% in November 2018. By comparison, in January 2007, just before the start of the financial crisis, the current-to-30-day transition rate was 1.2%, while it peaked at 2% in November 2008. "Natural disasters often cause spikes in mortgage delinquencies that gradually recede," said Dr. Frank Nothaft, chief economist at CoreLogic. "The CoreLogic 2019 Natural Hazard Report revealed that delinquency rates in Panama City, Florida, nearly tripled in the immediate aftermath of Hurricane Michael in October 2018, but fell back to trend levels by late 2019." No states posted a year-over-year increase in the overall delinquency rate in November 2019. The states that logged the largest annual decreases included North Carolina (down 0.7 percentage points) and District of Columbia (down 0.5 percentage points). Four other states followed with annual decreases of 0.4 percentage points. In November 2019, 50 metropolitan areas recorded at least a small annual increase in overall delinquency rate. The largest annual increases were in the following metros: Pine Bluff, Arkansas (up 1.4 percentage points); Enid, Oklahoma (up 0.9 percentage points); Dalton, Georgia (up 0.6 percentage points); and Dubuque, Iowa (up 0.5 percentage points). While the nation's serious delinquency rate remains at a 14-year low, 23 metropolitan areas recorded small annual increases in their serious delinquency rates. Enid, Oklahoma, logged the highest annual gain (up 0.4 percentage points), followed by Dubuque, Iowa (up 0.2 percentage points); Hanford-Corcoran, California (up 0.2 percentage points); Panama City, Florida (up 0.2 percentage points) and Salisbury, Maryland-Delaware (up 0.2 percentage points). The remaining 18 metro areas each logged an annual increase of 0.1 percentage point. "Overall delinquency rates remain at 20-year lows spurred on by tight underwriting standards following the onset of the Great Recession, a robust and accelerating economic cycle over the past five years and the increasing underlying health of the housing economy," said Frank Martell, president and CEO of CoreLogic. "In the Southeast, the 2018 hurricane season left higher overall delinquency rates in its wake, but the region is finally on the mend. In the Midwest, we see a somewhat different picture. Of the 50 metro areas that experienced increases in overall delinquency rates in November, nearly half were in the Midwest. Still, as mortgage rates reach a three-year low, we could expect to see stabilization across markets heading into 2020." The next CoreLogic Loan Performance Insights Report will be released on March 10, 2020, featuring data for December 2019. For ongoing housing trends and data, visit the CoreLogic Insights Blog: www.corelogic.com/insights. About CoreLogic CoreLogic (NYSE: CLGX), the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, acquire and protect their homes. For more information, please visit www.corelogic.com.
MORE >
U.S. Housing Supply Reaches New Low
MORE >
CoreLogic Reports December Home Prices Increased by 4% Year Over Year
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the CoreLogic Home Price Index (HPI) and HPI Forecast for December 2019, which shows home prices rose both year over year and month over month. Home prices increased nationally by 4% from December 2018. On a month-over-month basis, prices increased by 0.3% in December 2019. (November 2019 data was revised. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results each month.) Home prices continue to increase on an annual basis with the CoreLogic HPI Forecast indicating annual price growth will be 5.2% from December 2019 to December 2020. On a month-over-month basis, the forecast calls for U.S. home prices to increase by 0.1% from December 2019 to January 2020, which would mark a new peak in prices since the last recorded peak in April 2006. The CoreLogic HPI Forecast is a projection of home prices calculated using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state. "Moderately priced homes are in high demand and short supply, pushing up values and eroding affordability for first-time buyers," said Dr. Frank Nothaft, chief economist at CoreLogic. "Homes that sold for 25% or more below the local median price experienced a 5.9% price gain in 2019, compared with a 3.7% gain for homes that sold for 25% or more above the median." According to the CoreLogic Market Condition Indicators (MCI), an analysis of housing values in the country's 100 largest metropolitan areas based on housing stock, 34% of metropolitan areas have an overvalued housing market as of December 2019. The MCI analysis categorizes home prices in individual markets as undervalued, at value or overvalued, by comparing home prices to their long-run, sustainable levels, which are supported by local market fundamentals such as disposable income. As of December 2019, 26% of the top 100 metropolitan areas were undervalued, and 40% were at value. When looking at only the top 50 markets based on housing stock, 40% were overvalued, 20% were undervalued and 40% were at value in December 2019. The MCI analysis defines an overvalued housing market as one in which home prices are at least 10% above the long-term, sustainable level. An undervalued housing market is one in which home prices are at least 10% below the sustainable level. During the second quarter of 2019, CoreLogic, together with RTi Research of Norwalk, Connecticut, conducted an extensive survey measuring consumer-housing sentiment among millennials. The study revealed a significant contrast between younger millennials (ages 21-29) and older millennials (ages 30-38) regarding lifestyle preferences and aspirations for homeownership. Though 79% of younger millennial renters express a desire to purchase a home in the future, very few have previously owned a home, and many do not currently feel the need to own a home. However, due to homeownership rates nearly doubling for millennials once they reach their 30s, many enter a transitional period around 29-30 years old and reconsider their priorities. "On a national level, home prices are on an upswing," said Frank Martell, president and CEO of CoreLogic. "Price growth is likely to accelerate in 2020. And while demand for homeownership has continued to increase for millennials, particularly those in their 30s, 74% admit they have had to make significant financial sacrifices to afford a home. This could become an even bigger factor as home prices reach new heights during 2020." About the CoreLogic Consumer Housing Sentiment Study In the second quarter of 2019, 877 renters and homeowners were surveyed by CoreLogic together with RTi Research. This study is a quarterly pulse of U.S. housing market dynamics. Each quarter, the research focuses on a different issue related to current housing topics. This first quarterly study concentrated on consumer sentiment within high-priced markets. The survey has a sampling error of +/- 3.1% at the total respondent level with a 95% confidence level. About RTi Research RTi Research is an innovative, global market research and brand strategy consultancy headquartered in Norwalk, CT. Founded in 1979, RTi has been consistently recognized by the American Marketing Association as one of the top 50 U.S. insights companies. The company serves a broad base of leading firms in Financial Services, Consumer Goods, and Pharmaceuticals as well as partnering with leading academic centers of excellence. About CoreLogic CoreLogic (NYSE: CLGX), the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, acquire and protect their homes. For more information, please visit www.corelogic.com.
MORE >
Pending Home Sales Skid 4.9% in December
MORE >
The Gap Between Buying and Renting Narrows Nationwide
Purchasing a home still more expensive in majority of larger metros SANTA CLARA, Calif., Jan. 29, 2020 -- After years of skyrocketing home prices, the combination of rising rents, lower mortgage rates and moderating home prices are making purchasing a home more attractive in many of the nation's largest metros, according to realtor.com's quarterly Rent vs. Buy report released today. The report, which analyzed the cost of buying versus renting in 593 counties across the U.S., in the fourth quarter of 2019, found that it was cheaper to buy than rent in 16 percent of the counties with populations of 100,000 or more, up from 12 percent a year earlier. Despite homeownership becoming more affordable, it is still cheaper to rent than buy in 84 percent of the nation's largest counties, including New York City, San Francisco and Los Angeles. "The move toward a more balanced equation is good news for home sellers during this spring home buying season as more people, especially the large cohort of millennials who turn 30 this year, begin to weigh the cost of buying versus renting," said realtor.com® Senior Economist George Ratiu. "Due to a combination of factors, we saw the monthly cost to buy a home fall 1 percent year-over-year, while rents increased 4 percent during the same time frame." The monthly cost to buy the national median-priced home was approximately $1,600, or 30 percent of the national median household income, in the fourth quarter of 2019, in line with the budgeting rule of spending no more than 30 percent of gross income on housing costs. The cost to rent increased to $1,319, representing 25 percent of the median household income in the fourth quarter of 2019. Over the past year, 26 of the 593 counties analyzed shifted from being more affordable to rent to being more affordable to buy, including in the Cleveland, Bronx County, N.Y., Indianapolis and Columbia, S.C, areas. Although it is still cheaper to rent than buy, some of the nation's most expensive housing markets, including Kings and New York counties in N.Y., along with Santa Cruz County, Calif., saw the gap between renting and buying decrease the most: by 24 percent, 20 percent, and 18 percent, respectively. Counties Where Buying is More Attractive The median listing prices in the counties where buying a home was more affordable were on average 53 percent lower than the national median listing price of $300,000. Median rents, while still less expensive, were only 11 percent cheaper on average. Counties Where Renting is More Attractive The median listing prices in the counties where renting is more affordable, were on average 260 percent higher than the national median of $300,000. Median rents, while also more expensive, were only 79 percent more expensive on average. Notes on Methodology *Purchase and rent costs reflect current costs and do not take into account holding period, price and rent appreciation, and inflation. Purchase costs do include taxes and insurance and are calculated based on realtor.com county-level residential listing price data and mortgage rate data for December 2019. Rental prices are from the U.S. Department of Housing and Urban Development (HUD) data for 2019 50th-percentile rent estimates. Household income data and home-ownership data are from Census Housing Vacancies and Home-ownership data and 2019 Claritas estimates are based on Census data. Only counties with populations of 100,000 or greater are included in the top lists in this analysis. About realtor.com® Realtor.com® makes buying, selling and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
MORE >
Average U.S. Home Seller Profits Hit $65,500 in 2019, Another New High
MORE >
2019 Ends on a High Note for Home Buyer Activity as December Showings See Fifth Consecutive Month of Year-Over-Year Growth
Sustained Buyer Demand Reaches its Longest Stretch Since September 2017 - January 2018 January 22, 2020 -- The normally sluggish holiday home buying season saw a surge in activity as December showing traffic rose year over year nationwide, according to the latest ShowingTime Showing Index report. December's 6.9 percent year-over-year growth in showing traffic in each of the four regions tracked by the Index represented the fifth consecutive month in which buyer activity increased compared to 2018. For the second consecutive month, the West Region saw the greatest increase in activity, with a 20.9 percent boost. The South followed, with a 12.9 percent year-over-year increase, the second largest improvement in the region in more than a year. Showing activity also grew in the Midwest, with a 4 percent year-over-year increase, with the Northeast close behind with a 3.5 percent gain. "December showing numbers confirm what we first reported for November 2019, that year-over-year buyer activity has increased substantially," said ShowingTime Chief Analytics Officer Daniil Cherkasskiy. "NAR is reporting a significant year-over-year jump in pending sales, which confirms the trend." The ShowingTime Showing Index, the first of its kind in the residential real estate industry, is compiled using data from property showings scheduled across the country on listings using ShowingTime products and services, providing a benchmark to track buyer demand. ShowingTime facilitates more than four million showings each month. Released monthly, the Showing Index tracks the average number of appointments received on active listings during the month. Local MLS indices are also available for select markets and are distributed to MLS and association leadership. To view the full report, visit showingtime.com/showingtime-showing-index/. About ShowingTime ShowingTime is the residential real estate industry's leading showing management and market stats technology provider, with more than 1.2 million active listings subscribed to its services. Its showing products and services simplify the appointment scheduling process for real estate professionals, buyers and sellers, resulting in more showings, more feedback and more efficient sales. Its MarketStats division provides interactive tools and easy-to-read market reports for MLSs, associations, brokers and other real estate companies, as well as a recruiting tool for brokers. ShowingTime products are used in more than 250 MLSs representing nearly one million real estate professionals across the U.S. and Canada. For more information, contact us at [email protected]
MORE >
Existing-Home Sales Climb 3.6% in December
MORE >
CoreLogic Reports U.S. Overall Delinquency Rate Lowest for an October in at Least 20 Years
No states posted an annual gain in overall delinquency rate in October CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report. The report shows that nationally, 3.7% of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in October 2019, representing a 0.4 percentage point decline in the overall delinquency rate compared with October 2018, when it was 4.1%. As of October 2019, the foreclosure inventory rate – which measures the share of mortgages in some stage of the foreclosure process – was 0.4%, down 0.1 percentage points from October 2018. The October 2019 foreclosure inventory rate tied the prior 11 months as the lowest for any month since at least January 1999. Measuring early-stage delinquency rates is important for analyzing the health of the mortgage market. To monitor mortgage performance comprehensively, CoreLogic examines all stages of delinquency, as well as transition rates, which indicate the percentage of mortgages moving from one stage of delinquency to the next. The rate for early-stage delinquencies – defined as 30 to 59 days past due – was 1.8% in October 2019, down from 1.9% in October 2018. The share of mortgages 60 to 89 days past due in October 2019 was 0.6%, down from 0.7% in October 2018. The serious delinquency rate – defined as 90 days or more past due, including loans in foreclosure – was 1.3% in October 2019, down from 1.5% in October 2018. The serious delinquency rate has remained consistent since April 2019. Since early-stage delinquencies can be volatile, CoreLogic also analyzes transition rates. The share of mortgages that transitioned from current to 30 days past due was 0.7% in October 2019, unchanged from October 2018. By comparison, in January 2007, just before the start of the financial crisis, the current-to-30-day transition rate was 1.2%, while it peaked at 2% in November 2008. "Home price growth builds homeowner equity and reduces the likelihood of a loan entering foreclosure," said Dr. Frank Nothaft, chief economist at CoreLogic. "The national CoreLogic Home Price Index recorded a 3.3% annual rise in values through October 2019, and price growth was the primary driver of the $5,300 average gain in equity reported in the latest CoreLogic Home Equity Report." No states posted a year-over-year increase in the overall delinquency rate in October 2019. The states that logged the largest annual decreases included North Carolina (down 0.9 percentage points) and Mississippi (down 0.8 percentage points). Eight other states followed with annual decreases of 0.6 percentage points. In October 2019, eight metropolitan areas in the Midwest and South recorded small annual increases in overall delinquency rates. The largest annual increases in October 2019 were in the following metros: Pine Bluff, Arkansas (1.0 percentage points); Dubuque, Iowa (0.2 percentage points) and Rockford, Illinois (0.2 percentage points). Five other metros were up 0.1 percentage points: Columbus, Indiana; Kokomo, Indiana; Manhattan, Kansas; Oshkosh-Neenah, Wisconsin and La Crosse-Onalaska, Wisconsin-Minnesota. While the nation's serious delinquency rate remains at a 14-year low, 14 metropolitan areas recorded small annual increases in their serious delinquency rates. Metros with the largest increases were Panama City, Florida (0.4 percentage points) and Dubuque, Iowa (0.2 percentage points). The remaining 12 metro areas each logged an annual increase of 0.1 percentage point. "National foreclosure and serious delinquency rates have remained fixed at record lows for at least the last six months," said Frank Martell, president and CEO of CoreLogic. "However, as markets can be much more volatile at the metro level, both late-stage delinquencies and foreclosures have continued to increase at this level in the Midwest and Southern regions of the country." The next CoreLogic Loan Performance Insights Report will be released on February 11, 2020, featuring data for November 2019. For ongoing housing trends and data, visit the CoreLogic Insights Blog. About CoreLogic CoreLogic (NYSE: CLGX), the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, acquire and protect their homes. For more information, please visit www.corelogic.com.
MORE >
Redfin Report: Bidding War Rate Fell to Another 10-Year Low in December
MORE >
CoreLogic Reports November Home Prices Increased by 3.7% Year Over Year
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the CoreLogic Home Price Index (HPI™) and HPI Forecast™ for November 2019, which shows home prices rose both year over year and month over month. Home prices increased nationally by 3.7% from November 2018. On a month-over-month basis, prices increased by 0.5% in November 2019. (October 2019 data was revised. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results each month.) Home prices continue to increase on an annual basis with the CoreLogic HPI Forecast indicating annual price growth will be 5.3% from November 2019 to November 2020. On a month-over-month basis, the forecast calls for home prices to increase by 0.2% from November 2019 to December 2019, which would mark a new peak in prices since the last U.S. recorded peak in April 2006. The CoreLogic HPI Forecast is a projection of home prices calculated using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state. "The latest U.S. index shows that the slowdown in home prices we saw in early 2019 ended by late summer," said Dr. Frank Nothaft, chief economist at CoreLogic. "Growth in the U.S. index quickened in November and posted the largest 12-month gain since February. The decline in mortgage rates, down more than one percentage point for fixed-rate loans from November 2018, has supported a rise in sales activity and home prices." According to the CoreLogic Market Condition Indicators (MCI), an analysis of housing values in the country's 100 largest metropolitan areas based on housing stock, 34% of metropolitan areas have an overvalued housing market as of November 2019. The MCI analysis categorizes home prices in individual markets as undervalued, at value or overvalued, by comparing home prices to their long-run, sustainable levels, which are supported by local market fundamentals such as disposable income. As of November 2019, 27% of the top 100 metropolitan areas were undervalued, and 39% were at value. When looking at only the top 50 markets based on housing stock, 40% were overvalued, 20% were undervalued and 40% were at value in November 2019. The MCI analysis defines an overvalued housing market as one in which home prices are at least 10% above the long-term, sustainable level. An undervalued housing market is one in which home prices are at least 10% below the sustainable level. During the second quarter of 2019, CoreLogic, together with RTi Research of Norwalk, Connecticut, conducted an extensive survey measuring consumer-housing sentiment among millennials. The study showed that a significant number of older millennials (ages 30-38) are strongly considering moving within the next 12 months, with 64% of this cohort expecting to purchase a home, reinforcing this group's interest in the housing market. Meanwhile, 57% of younger millennials (ages 21-29) plan on renting their next home. Despite the purchase intent among older millennials, nearly half (43%) still view homeownership as unaffordable and out of reach. "We're continuing to see a split among older and younger millennials when it comes to their plans to purchase a home," said Frank Martell, president and CEO of CoreLogic. "While older millennials are looking forward to participating in the housing market in the future, their younger counterparts don't see themselves buying a home anytime soon. With home prices expected to rise just over 5% over the next 12 months, affordability remains a concern for most prospective buyers." About the CoreLogic Consumer Housing Sentiment Study In the second quarter of 2019, 877 renters and homeowners were surveyed by CoreLogic together with RTi Research. This study is a quarterly pulse of U.S. housing market dynamics. Each quarter, the research focuses on a different issue related to current housing topics. This first quarterly study concentrated on consumer sentiment within high-priced markets. The survey has a sampling error of +/- 3.1% at the total respondent level with a 95% confidence level. About RTi Research RTi Research is an innovative, global market research and brand strategy consultancy headquartered in Norwalk, CT. Founded in 1979, RTi has been consistently recognized by the American Marketing Association as one of the top 50 U.S. insights companies. The company serves a broad base of leading firms in Financial Services, Consumer Goods, and Pharmaceuticals as well as partnering with leading academic centers of excellence. About CoreLogic CoreLogic (NYSE: CLGX), the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, acquire and protect their homes. For more information, please visit www.corelogic.com.
MORE >
2020 Begins With Lowest Housing Inventory in Two Years
MORE >
U.S. Home-Flipping Activity Drops as Returns Remain at Near Seven-Year Low
Overall Home Flips Drop 12.9 Percent in Third Quarter of 2019 After Unusually Active Spring; Percent of Flips Purchased with All-Cash at Two-Year High IRVINE, Calif. - December 12, 2019 -- ATTOM Data Solutions, curator of the nation's premier property database and first property data provider of Data-as-a-Service (DaaS), today released its third-quarter 2019 U.S. Home Flipping Report, which shows that 56,566 U.S. single family homes and condos were flipped in the third quarter of 2019, down 12.9 percent from the previous quarter and down 6.8 percent from a year ago. After an unusually lively flipping market in the spring of this year, the declines stood out as the largest quarterly and annual drops since the third quarter of 2014. The homes flipped in the third quarter represented 5.4 percent of all home sales during the quarter. That level was down from 6 percent of all home sales in the second quarter of 2019, but up slightly from 5.2 percent a year ago. Historical Home Flipping Trends Graph Homes flipped in the third quarter of 2019 typically generated a gross profit of $64,900 (the difference between the median sales price and median paid by investors), up 1.8 percent from the previous quarter and 3.5 percent from a year ago. However, the typical gross flipping profit of $64,900 translated into a 40.6 percent return on investment compared to the original acquisition price, down from a 41.1 percent gross flipping ROI in the second quarter of 2019 and down from a margin of 43.5 percent in the third quarter of 2018. The latest returns on home flips stood at the second-lowest point since 2011, barely above the 40 percent ROI from the first quarter of this year. Historical Home Flipping Profit Trends Graph "After a springtime selling binge earlier this year, the home-flipping business settled way down over the summer amid a continuing scenario of languishing profits," said Todd Teta, chief product officer at ATTOM Data Solutions. "The retreat back to more normal levels of sales comes amid broader market forces that are making it harder and harder for investors to complete the kinds of deals they were getting as recently as last year. Those forces are keeping profits way down from post-Recession highs and show no signs of easing." Maksim Stavinsky, co-founder and COO of Roc Capital noted that borrowers' declining profits on flips are leading to much greater interest in renting out renovated properties instead of flipping them. "We have been seeing a decline in projected and realized profits for borrowers on projects, despite the fact that borrower financing costs have been meaningfully coming down," said Stavinsky. "This has led to much greater interest and activity in our rental programs. We expect these trends to continue." Home flipping rates down in 78 percent of local markets Home flips as a portion of all home sales decreased during the third quarter of 2019 from the previous quarter in 115 of the 147 metropolitan statistical areas analyzed in the report (78 percent). The largest quarterly declines in the home flipping rate came in Manchester, NH (down 40 percent); Reno, NV (down 33 percent); Salem, OR (down 31 percent); Clarksville, TN (down 31 percent) and Vallejo, CA (down 31 percent). Metro areas qualified for the report if they had a population of at least 200,000 and at least 50 home flips in the third quarter. The biggest quarterly decreases in MSAs with at least a population of 1 million or more were in Rochester, NY (down 29 percent); Grand Rapids, MI (down 25 percent); Boston, MA (down 25 percent); Providence, RI (down 24 percent) and Milwaukee, WI (down 24 percent). Home flips purchased with financing continue dropping while those bought with cash climb Nationally, the percentage of flipped homes purchased with financing dipped in the third quarter of 2019 to 41.5 percent, from 43.7 percent in the prior quarter and 46 percent a year ago. Meanwhile, 58.5 percent of homes flipped in the third quarter of 2019 were bought with all-cash, up from 56.3 percent in the second quarter and 54 percent a year ago. Among 53 metropolitan statistical areas analyzed in the report with a population of 1 million or more, those with the highest percentage of flips purchased with financing in the third quarter included San Jose, CA (59.4 percent); Providence, RI (56.9 percent); Seattle, WA (56.0 percent); Boston, MA (54.9 percent) and San Diego, CA (53.4 percent). Home flippers are doubling their money in eight markets Despite decreases in profit margins nationally, eight MSAs analyzed in the report had third-quarter 2019 gross ROI flipping margins of at least 100 percent: led by Pittsburgh, PA (132.6 percent); Scranton, PA (122.5 percent); Flint, MI (111.2 percent); Cleveland, OH (109.8 percent) and Hickory-Lenoir-Morganton, NC (109.7 percent). Typical home flipping returns remained near post-Recession low points Homes flipped in the third quarter of 2019 were sold for a median price of $224,900, with a gross flipping profit of $64,900 above the median purchase price of $160,000. That profit figure was up from a gross flipping profit of $63,750 in the previous quarter and up $62,700 in the third quarter of 2018. But with prices rising on investor-purchased homes, the median 40.6 percent return on investment was down from the post-Recession peak of 52.1 percent in the second and third quarters of 2016. Among the 53 markets with at least a population of 1 million or more, those that saw the smallest gross flipping profits included Raleigh, NC ($25,000); Austin, TX ($27,549); Phoenix, AZ ($31,135); Las Vegas, NV ($33,150) and Kansas City, MO ($39,141). Average time to flip nationwide is 177 days Home flippers who sold homes in the third quarter of 2019 took an average of 177 days to complete the flips, down from an average of 184 days for homes flipped in the second quarter, but the same as the average for homes flipped a year earlier. Among the 147 metro areas analyzed in the report, those with the shortest average days to flip were Durham, NC (135 days); Raleigh, NC (138 days); Phoenix, AZ (138 days); Memphis, TN (142 days) and Birmingham, AL (146 days). Metro areas with the longest average days to flip were Provo, UT (226 days); Buffalo, NY (219 days); Asheville, NC (216 days); Gainesville, FL (216 days) and Boston, MA (215 days). Flipped homes sold to FHA buyers increases from previous quarter Of the 56,566 U.S. homes flipped in the third quarter of 2019, 14.5 percent were sold by the flippers to buyers using a loan backed by the Federal Housing Administration (FHA), up from 14.4 percent in the previous quarter but down from 12.1 percent a year ago. Among the 147 metro areas in the report, those with the highest percentage of Q3 2019 home flips sold to FHA buyers — typically first-time homebuyers — were Stockton, CA (37.3 percent); Visalia, CA (34.3 percent); Ogden, UT (34.0 percent); Lakeland, FL (29.9 percent) and Corpus Christi, TX (29.5 percent). Twelve counties had a home flipping rate of at least 12 percent Among 695 counties with at least 10 home flips in the third quarter of 2019, there were 12 counties where home flips accounted for at least 12 percent of all home sales. Here are the top five: Fayette County, PA, in the Pittsburgh metro area (17.9 percent); Cameron County, TX, in the Brownsville metro area (15.5 percent); Portsmouth City/County, VA, in the Virginia Beach metro area (13.5 percent); Kings County, CA, in the Hanford-Corcoran metro area (13.2 percent) and Rockingham County, VA, in the Harrisonburg metro area (13.1 percent). Ten zip codes had a home flipping rate of at least 25 percent Among 1,684 U.S. zip codes with at least 10 home flips in the third quarter of 2019, there were 10 zip codes where home flips accounted for at least 25 percent of all home sales. Here are the top five: 35005 in Jefferson County, AL (38.3 percent); 93212 in Kings County, CA (37.9 percent); 78537 in Hidalgo County, TX (31.3 percent); 33147 in Miami-Dade County, FL (28.1 percent) and 08046 in Burlington County, NJ (27.0 percent). Report methodology ATTOM Data Solutions analyzed sales deed data for this report. A single-family home or condo flip was any arms-length transaction that occurred in the quarter where a previous arms-length transaction on the same property had occurred within the last 12 months. The average gross flipping profit is the difference between the purchase price and the flipped price (not including rehab costs and other expenses incurred, which flipping veterans estimate typically run between 20 percent and 33 percent of the property's after repair value). Gross flipping return on investment was calculated by dividing the gross flipping profit by the first sale (purchase) price. About ATTOM Data Solutions ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 9TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, APIs, real estate market trends, marketing lists, match & append and introducing the first property data delivery solution, a cloud-based data platform that streamlines data management – Data-as-a-Service (DaaS).
MORE >
Pending Home Sales Expand 1.2% in November
MORE >
Existing-Home Sales Descend 1.7% in November
WASHINGTON (December 19, 2019) -- Existing-home sales fell in November, taking a small step back after October's gains, according to the National Association of Realtors. The Northeast and Midwest both reported growth last month, while the South and West saw sales decline. Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, decreased 1.7% from October to a seasonally-adjusted annual rate of 5.35 million in November. However, sales are up 2.7% from a year ago (5.21 million in November 2018).Lawrence Yun, NAR's chief economist, said the decline in sales for November is not a cause for worry. "Sales will be choppy when inventory levels are low, but the economy is otherwise performing very well with more than 2 million job gains in the past year," said Yun. The median existing-home price for all housing types in October was $271,300, up 5.4% from November 2018 ($257,400), as prices rose in all regions. November's price increase marks 93 straight months of year-over-year gains. Total housing inventory at the end of November totaled 1.64 million units, down approximately 7.3% from October and 5.7% from one year ago (1.74 million). Unsold inventory sits at a 3.7-month supply at the current sales pace, down from 3.9 months in October and from the 4.0-month figure recorded in November 2018. Unsold inventory totals have declined for five consecutive months, constraining home sales. Compared to one year ago, fewer homes were sold below $250,000; with a 16% decline for homes priced below $100,000 and a 4% reduction for homes priced from $100,000 to below $250,000. "The new home construction seems to be coming to the market, but we are still not seeing the amount of construction needed to solve the housing shortage," Yun said. "It is time for builders to be innovative and creative, possibly incorporating more factory-made modules to make houses affordable rather than building homes all on-site." Properties typically remained on the market for 38 days in November, seasonally up from 36 days in October, but down from the 42 days in November 2018. Forty-five percent of homes sold in November 2019 were on the market for less than a month. First-time buyers were responsible for 32% of sales in November, essentially hovering at the 31% seen in October and 33% in November 2018. NAR's 2019 Profile of Home Buyers and Sellers – released in late 2019 – revealed that the annual share of first-time buyers was 33%. Individual investors or second-home buyers, who account for many cash sales, purchased 16% of homes in November 2019, up from both 14% in October and from 13% in November 2018. All-cash sales accounted for 20% of transactions in November, about even with 19% in October and 21% in November 2018. Distressed sales – foreclosures and short sales – represented 2% of sales in November, unchanged from both October 2019 and November 2018. NAR recently compiled and released a list of 10 metro areas expected to outperform in terms of demand and price appreciation due to their strong job growth, in-migration and affordability. In alphabetical order, those metro areas are: Charleston S.C.; Charlotte, N.C.; Colorado Springs, Colo.; Columbus, Ohio; Dallas-Fort Worth, Texas; Fort Collins, Colo.; Las Vegas, Nev.; Ogden, Utah; Raleigh-Durham-Chapel Hill, N.C.; and Tampa-St. Petersburg, Fla. Yun cited last week's NAR Real Estate Forecast Summit, in which 14 leading housing and financial industry economists predicted that the U.S. will likely avoid a recession in 2020 while projecting the economy to grow 2% in the coming year. "The consensus was that mortgage rates may rise, but only incrementally," Yun said. "I expect to see home price affordability improvements, too. This year we witnessed housing costs grow faster than income, but the expectation is for prices to settle at a more reasonable level in the coming year in line with average hourly wage growth of 3% on a year-over-year basis." Additionally, the majority of the economists – 69% – did not anticipate an increase in the federal funds rate, while 31% expect the Federal Open Market Committee will lower the rate next year. The group predicted an average annual 30-year fixed mortgage rate of 3.8% and home prices (existing and new homes) to increase at a slower rate of 3.6%. According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage increased to 3.70% in November, up from 3.69% in October. The average commitment rate across all of 2018 was 4.54%. "I would encourage would-be buyers to take advantage of historically-low mortgage rates, which make a home purchase more affordable, particularly when home prices are rising," said NAR President Vince Malta, broker at Malta & Co., Inc., in San Francisco, California. By all accounts, low mortgage rates have propped up buyer interest. SentriLock Foot Traffic Index, a measure of home showings, was stable at 47.1 in November compared to October. The Realtors® Buyer Traffic Index compiled from a survey of Realtors® was essentially unchanged at 56 from 55 in October and is up from 44 one year ago. Single-family and Condo/Co-op Sales Single-family home sales sat at a seasonally-adjusted annual rate of 4.79 million in November, down from 4.85 million in October, but up 3.5% from a year ago. The median existing single-family home price was $274,000 in November 2019, up 5.4% from November 2018. Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 560,000 units in November, down 5.1% from October and 3.4% lower than a year ago. The median existing condo price was $248,200 in November, which is an increase of 4.5% from a year ago. Regional Breakdown Compared to last month, November sales increased in the Northeast and Midwest regions, while year-over-year sales are up in all regions except the Northeast. Median home prices in all regions increased from one year ago, with the West region showing the strongest price gain. November 2019 existing-home sales in the Northeast grew 1.4% to an annual rate of 700,000, down 1.4% from a year ago. The median price in the Northeast was $301,700, up 3.9% from November 2018. Existing-home sales increased at the strongest pace in the Midwest at 2.3% to an annual rate of 1.32 million, up 1.5% from a year ago. The median price in the Midwest was $209,700, a 5.9% jump from last November. Existing-home sales in the South dropped 3.9% to an annual rate of 2.24 million in October, but were up 3.7% from a year ago. The median price in the South was $234,400, a 4.8% increase from this time last year. Existing-home sales in the West declined 3.5% to an annual rate of 1.09 million in November, but are up 4.8% from a year ago. The median price in the West was $410,700, up 7.1% from November 2018. The National Association of Realtors® is America's largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.
MORE >
Low Inventory Drives Home Buyers to Explore Big City Alternatives
MORE >
iBuyers Rapidly Snap Up Market Share Across Southern Metros, Redfin Finds
Raleigh Overtakes Phoenix as the New Hotspot for iBuyer Activity in the Third Quarter SEATTLE, Dec. 11, 2019 -- iBuyers purchased 3.1% of the homes sold during the third quarter of 2019 across 18 markets, up from 1.6% a year earlier, according to a new analysis from Redfin, the tech-powered real estate brokerage. The markets where iBuyers had the largest market share were Raleigh (6.8%), Phoenix (5.1%), Atlanta (4.4%) and Charlotte (4.3%). The term "iBuyer" (short for instant buyer) is used to describe real estate companies, such as RedfinNow, that use technology to make quick cash offers and purchase homes directly from homeowners. They then quickly update and resell the homes. The Redfin analysis, the first in what will be a quarterly report on iBuyer activity, looked at home sales in the third quarter across 18 metro areas where iBuyer purchases accounted for at least 1% of the market. Redfin analyzed public records on the home purchases and sales of the four largest iBuyers: Opendoor, Zillow, Offerpad and RedfinNow. Raleigh unseated Phoenix—birthplace of the iBuyer movement—as the biggest market for iBuyers in the second and third quarters. The share of homes purchased by iBuyers increased the most in Houston, where iBuyers bought 3.8% of the homes in the third quarter of 2019, up from just 0.1% a year prior. Jacksonville saw the second-largest increase, up to 3.0% from 0%. The third-largest jump was in Raleigh, where iBuyer market share rose to 6.8% up from 3.8%. "iBuyers are concentrating their efforts in southern markets where both home sales and prices are poised for strong growth," said Redfin chief economist Daryl Fairweather. "We think that iBuyers are likely to accelerate home sales in these markets. Homeowners who may have been reluctant to sell because they didn't want to deal with the hassle may be persuaded by the convenience of an iBuyer sale." The markets where iBuyers are currently doing the most business are those where the typical home is priced at or below the national median ($313,200 in October). Affordable homes tend to sell more quickly than more expensive homes, which allows iBuyers to move through their housing inventory and buy additional homes more quickly, refining their process with every home they sell. The median price of homes sold by iBuyers fell in 17 of 18 markets in the third quarter compared to a year earlier, despite the overall price of homes increasing in every market. Phoenix was the only market where the median iBuyer sale price was unchanged. Market Share and Median Sale Price in Areas Where iBuyers Have at Least 1% Share Homes sold by iBuyers in the third quarter stayed on the market for a median of 28 days, down from 74 days a year prior. This large decline is likely due to the iBuyers improving their processes and becoming better at pricing homes to sell. Redfin has not seen a similar decline in days on market in the market as a whole. Homes sold by iBuyers spent less time on market than the typical home in 13 of the 18 metros. The three metro areas with the largest difference in days on market were Raleigh (33 days faster), Charlotte (33 days) and Nashville (30 days). The outliers where iBuyer homes took longer to sell were Portland, OR—where iBuyer homes spent 13 more days on the market than the median for the metro—Sacramento (11 days), Minneapolis (6 days), Denver (5 days) and Austin (3 days). The buying and selling activity of iBuyers can be difficult to assess because each company purchases a home as an entity (such as a corporation, partnership or LLC) and each iBuyer can have multiple purchasing entities of different names. The analysis identifies these entities to the extent possible, but there may have been iBuyer purchases in the quarter that Redfin was not able to connect to an iBuyer. To read the full report complete with local market data, charts and full methodology, visit: https://www.redfin.com/blog/ibuyer-real-estate-q3-2019 About Redfin Redfin is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 90 major metro areas across the U.S. and Canada. The company has helped customers buy or sell homes worth more than $85 billion.
MORE >
Redfin Report: Bidding Wars Remain at 10-Year Low in November
MORE >
CoreLogic Reports October Home Prices Increased by 3.5% Year Over Year
DECEMBER 03, 2019 - (IRVINE, CALIF.) -- CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the CoreLogic Home Price Index (HPI™) and HPI Forecast™ for October 2019, which shows home prices rose both year over year and month over month. Home prices increased nationally by 3.5% from October 2018. On a month-over-month basis, prices increased by 0.5% in October 2019. (September 2019 data was revised. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results each month.) Home prices continue to increase on an annual basis with the CoreLogic HPI Forecast indicating annual price growth will increase by 5.4% from October 2019 to October 2020. On a month-over-month basis, the forecast calls for home prices to increase by 0.2% from October 2019 to November 2019. The CoreLogic HPI Forecast is a projection of home prices calculated using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state. "Local home-price growth can deviate widely from the change in our U.S. index," said Dr. Frank Nothaft, chief economist at CoreLogic. "While we saw prices up 3.5% nationally last year, home prices also declined in 22 metropolitan areas. Price softness occurred in some high-cost urban areas and in metros with weak employment growth during the past year." According to the CoreLogic Market Condition Indicators (MCI), an analysis of housing values in the country's 100 largest metropolitan areas based on housing stock, 35% of metropolitan areas have an overvalued housing market as of October 2019. The MCI analysis categorizes home prices in individual markets as undervalued, at value or overvalued, by comparing home prices to their long-run, sustainable levels, which are supported by local market fundamentals such as disposable income. As of October 2019, 27% of the top 100 metropolitan areas were undervalued, and 38% were at value. When looking at only the top 50 markets based on housing stock, 40% were overvalued, 20% were undervalued and 40% were at value in October 2019. The MCI analysis defines an overvalued housing market as one in which home prices are at least 10% above the long-term, sustainable level. An undervalued housing market is one in which home prices are at least 10% below the sustainable level. During the second quarter of 2019, CoreLogic, together with RTi Research of Norwalk, Connecticut, conducted an extensive survey measuring consumer-housing sentiment among millennials. The survey showed that millennials are mostly unconcerned about qualifying for a mortgage. Three out of four millennials, or 75%, say they are confident they would qualify for a loan with their current financial situation. Still, despite this confidence, more than half of the cohort cites buying a home as a stressful experience, noting spending the majority of their savings as one of the leading stressors. "Nationally, over the past year, home prices are up 3.5% with the rate of growth accelerating from September into October," said Frank Martell, president and CEO of CoreLogic. "We expect home prices to rise at least another 5% over the next 12 months. Interestingly, this persistent increase in home prices isn't deterring older millennials. In fact, 25% of those surveyed anticipate purchasing a home over the next six to eight months." About the CoreLogic Consumer Housing Sentiment Study In the second quarter of 2019, 877 renters and homeowners were surveyed by CoreLogic together with RTi Research. This study is a quarterly pulse of U.S. housing market dynamics. Each quarter, the research focuses on a different issue related to current housing topics. This first quarterly study concentrated on consumer sentiment within high-priced markets. The survey has a sampling error of +/- 3.1% at the total respondent level with a 95% confidence level. About RTi Research RTi Research is an innovative, global market research and brand strategy consultancy headquartered in Norwalk, CT. Founded in 1979, RTi has been consistently recognized by the American Marketing Association as one of the top 50 U.S. insights companies. The company serves a broad base of leading firms in Financial Services, Consumer Goods, and Pharmaceuticals as well as partnering with leading academic centers of excellence. About CoreLogic CoreLogic, the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, acquire and protect their homes. For more information, please visit www.corelogic.com.
MORE >
Pending Home Sales Decline 1.7% in October
MORE >
Existing-Home Sales Climb 1.9% in October
WASHINGTON (November 21, 2019) -- Existing-home sales rose in October, a slight recovery from the declines seen in September, according to the National Association of Realtors®. The four major U.S. regions were split last month, with the Midwest and the South seeing growth, and the Northeast and the West both reporting a drop in sales. Total existing-home sales completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 1.9% from September to a seasonally-adjusted annual rate of 5.46 million in October. Despite lingering regional variances, overall sales are up 4.6% from a year ago (5.22 million in October 2018). Lawrence Yun, NAR's chief economist, said this sales increase is encouraging and he expects added growth in the coming months. "Historically-low interest rates, continuing job expansion, higher weekly earnings and low mortgage rates are undoubtedly contributing to these higher numbers," said Yun. "We will likely continue to see sales climb as long as potential buyers are presented with an adequate supply of inventory." The median existing-home price for all housing types in October was $270,900, up 6.2% from October 2018 ($255,100), as prices rose in all regions. October's price increase marks 92 straight months of year-over-year gains. Total housing inventory at the end of October sat at 1.77 million units, down approximately 2.7% from September and 4.3% from one year ago (1.85 million). Unsold inventory sits at a 3.9-month supply at the current sales pace, down from 4.1 months in September and from the 4.3-month figure recorded in October 2018. "The issuance of more housing permits is a very positive sign and a good step toward more inventory," said Yun, citing the latest data for housing starts. "In order to better counter and even slow the increase in housing prices, home builders will have to bring additional homes on the market." Properties typically remained on the market for 36 days in October, up from 32 days in September and consistent with October 2018 numbers. Forty-six percent of homes sold in October 2019 were on the market for less than a month. First-time buyers were responsible for 31% of sales in October, down from 33% in September and identical to the 31% recorded in October 2018. NAR's 2019 Profile of Home Buyers and Sellers – released in late 2019 – revealed that the annual share of first-time buyers was 33%. Individual investors or second-home buyers, who account for many cash sales, purchased 14% of homes in October 2019 unchanged from September but down from the 15% figure recorded in October 2018. All-cash sales accounted for 19% of transactions in October, up from 17% in August but down from 23% in October 2018. Distressed sales – foreclosures and short sales – represented 2% of sales in October, unchanged from September but down from 3% in October 2018. "It is great to see home sales rise along with an increase in housing permits," said NAR President Vince Malta, broker at Malta & Co., Inc., in San Francisco, CA. "Both home buyers and the home sellers are being rewarded by these developments, and we see that conditions remain extremely favorable for real estate investment in America." Realtor.com®'s Market Hotness Index, measuring time-on-the-market data and listing views per property, revealed that the hottest metro areas in October were Fort Wayne, Ind.; Pueblo, Colo.; Columbus, Ohio; Rochester, N.Y.; and Colorado Springs, Colo. Active listings on Realtor.com increased by over 1% from one year ago in only a few of the largest metro areas: Minneapolis-St. Paul-Bloomington (16%), Las Vegas-Henderson-Paradise (14%), San Antonio-New Braunfels (9%), Detroit-Warren-Dearborn (5%), Atlanta-Sandy Springs (5%), Denver-Aurora-Lakewood (4%), Dallas-Fort Worth-Arlington (4%), and Myrtle-Beach-Conway (4%). Mortgage rates were trending downward since July through September, but slightly rose in October. According to Freddie Mac, the average commitment rate(link is external) for a 30-year, conventional, fixed-rate mortgage increased to 3.69% in October, up from 3.61% in September. The average commitment rate across all of 2018 was 4.54%. Single-family and Condo/Co-op Sales Single-family home sales sat at a seasonally-adjusted annual rate of 4.87 million in October, down from 4.77 million in September, but up 5.4% from a year ago. The median existing single-family home price was $273,600 in October 2019, up 6.2% from October 2018. Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 590,000 units in October, about even with the previous month and 1.7% lower than a year ago. The median existing condo price was $248,500 in October, which is an increase of 5.6% from a year ago. Regional Breakdown Compared to last month, October sales increased in the Midwest and South regions, but sales are up in all regions from a year ago. Median home prices in all regions increased from one year ago, with the West region showing the strongest price gain. October 2019 existing-home sales in the Northeast fell 1.4% to an annual rate of 690,000, with no change from a year ago. The median price in the Northeast was $296,700, up 5.7% from October 2018. In the Midwest, existing-home sales increased 1.6% to an annual rate of 1.29 million, up 2.4% from a year ago. The median price in the Midwest was $209,900, a 6.7% jump from a year ago. Existing-home sales in the South increased 4.4% to an annual rate of 2.35 million in October, up 7.8% from a year ago. The median price in the South was $234,900, a 6.0% increase from this time last year. Existing-home sales in the West declined 0.9% to an annual rate of 1.13 million in October, 3.7% above a year ago. The median price in the West was $410,700, up 7.8% from October 2018. The National Association of Realtors® is America's largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.
MORE >
Home Prices Rise Annually Across Most Opportunity-Zone Redevelopment Areas
MORE >
Unacast Expands The Real World Graph to Include Neighborhood Activity and Travel Patterns
Unacast's Neighborhood Data Package Measures and Tracks Statistics Around Local Catchment Areas New York, NY - Nov. 20 - Unacast, an industry leading location data and strategic insights company, is pleased to announce the release of its Neighborhood Data Package as part of The Real World Graph, an interconnected system of data sets that understands human mobility in the physical world. The Neighborhood Data Package joins the Venue Data Package as part of The Real World Graph, with additional new Data Packages to be released going forward. The Neighborhood Data Package, which helps real estate developers and retailers to make the right investment decisions to better understand the activity of a neighborhood and how it changes over time when it comes to people travelling, working, and living in the neighborhood, includes: Site Selection and Performance - Evaluate and prioritize new or additional locations, or simply measure the performance of one or more locations Neighborhood Profiling and Activity - Get context for existing or potential locations, or uncover the relevant characteristics of a neighborhood Competitive Intelligence - Gather insights on your competitors and analyze data points such as dwell time, area foot traffic, capture rate, local catchment area, and cross visitation Emerging Concepts, a real estate solutions firm, was an early adopter of Unacast's Neighborhood Data Package. "The Neighborhood Data Package helps us learn how areas change over time. Being able to see which areas are populated at various times on different dates has helped us make better data driven decisions," says Matthew Focht, President and CEO of Emerging Concepts. "What separates Unacast from other location data providers is their consultative approach and the insights specific to our business." "Massive investments in real estate and retail are being done, but very limited data is being used to ensure they were the right decisions,'' says Thomas Walle, Co-Founder and CEO of Unacast. "The Neighborhood Data Package provides unique insights into the activity of a neighborhood, which is crucial to know when opening a new store or investing in a new property." The Neighborhood Data Package is available as a Data Feed, via customized reports, or through Unacast's API. In addition to The Real World Graph®, Unacast has also offered Pure Feeds and Activity Feeds to strategic partners that want to be closer to the data to make their own analysis or incorporate it with other data sets. Unacast also offers international data across Europe, Asia, South America, and Australia. About the Real World Graph® The Real World Graph® is an interconnected system of data sets that understands human mobility in the physical world using a combination of map data, location data, and strategic insights. The Real World Graph® allows real estate developers, retailers, city planners and many other companies explore trends and insights in visitation, demographics, capture rate & area traffic, local trade area, and cross visitation behavior as well as benchmarking to brands, other venues, and competitors. About Unacast Unacast is an industry leading human mobility data company that harnesses device location data, map data, and strategic intelligence to tackle business challenges for the retail, real estate, tourism, and marketing industries. With its flagship product "The Real World Graph®", it provides innovative solutions and insights to operational challenges in a variety of industry verticals. Unacast was founded in 2014 and is headquartered in Norway with a commercial office in New York City. In 2019, Unacast was awarded the #1 small company to work for by Built In NYC. For more information: https://www.unacast.com
MORE >
Redfin Report: National Bidding War Rate on Homes Hit a 10-Year Low in October
MORE >
U.S. Foreclosure Activity in October 2019 Climbs Upward from Previous Month
Completed Foreclosures (REOs) Reach Highest Point in 2019; Two Metro Areas in Illinois Now Rank Highest in Worst Foreclosure Rate; Foreclosure Starts Increase 17 Percent From Last Month IRVINE, Calif. (Nov. 14, 2019) -- ATTOM Data Solutions, curator of the nation's premier property database and first property data provider of Data-as-a-Service (DaaS), today released its October 2019 U.S. Foreclosure Market Report, which shows there were a total of 55,197 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — in October 2019, up 13 percent from the previous month but down 17 percent from a year ago. "While foreclosure activity across the United States rose in October, in looking at historical trends, October numbers tend to increase as lenders may be pushing filings through the pipeline before the holiday season," said Todd Teta, chief product officer with ATTOM Data Solutions. "The latest number is still below where it was a year ago and less than 15 percent of what it was during the depths of the Great Recession." Foreclosure completion numbers climb in 2019 Lenders repossessed 13,484 U.S. properties through completed foreclosures (REOs) in October 2019, up 14 percent from last month, hitting the highest point in total number of completed foreclosures in 2019. States that saw the greatest number in REOs in October 2019 included: Florida (1,493 REOs); Texas (912 REOs); Michigan (890 REOs); California (824 REOs); and Illinois (805 REOs). Those major metropolitan statistical areas (MSAs) with a population greater than 200,000 that saw the greatest number of REOs included: Detroit, MI (705 REOs); New York, NY (684 REOs); Chicago, IL (679 REOs); Philadelphia, PA (470 REOs); and Atlanta, GA (430 REOs). Highest foreclosure rates in New Jersey, Illinois and Maryland Nationwide one in every 2,453 housing units had a foreclosure filing in October 2019. States with the highest foreclosure rates were New Jersey (one in every 1,316 housing units with a foreclosure filing); Illinois (one in every 1,336 housing units); Maryland (one in every 1,484 housing units); South Carolina (one in every 1,534 housing units); and Florida (one in every 1,571 housing units). Among the 220 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in October were Peoria, IL (one in every 832 housing units); Rockford, IL (one in every 889 housing units); Atlantic City, NJ (one in every 933 housing units with a foreclosure filing); Fayetteville, NC (one in every 962 housing units); and Columbia, SC (one in every 1,028 housing units). Foreclosure starts increase monthly in 36 states Lenders started the foreclosure process on 28,667 U.S. properties in October 2019, up 17 percent from last month but down 1 percent from a year ago — the first double-digit month-over-month increase since February 2018. States that saw a double digit increases from last month included: Arizona (up 52 percent); Ohio (up 52 percent); Florida (up 48 percent); New Jersey (up 47 percent); and California (up 36 percent). Counter to the national trend, 13 states including Washington, DC posted month-over-month decreases in foreclosure starts in October 2019, including Maryland (down 42 percent); Idaho (down 36 percent); Delaware (down 32 percent); Nebraska (down 26 percent); and Utah (down 25 percent). About ATTOM Data Solutions ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 9TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, APIs, real estate market trends, marketing lists, match & append and introducing the first property data delivery solution, a cloud-based data platform that streamlines data management – Data-as-a-Service (DaaS).
MORE >
CoreLogic Reports U.S. Overall Delinquency Rate Lowest for an August in at Least 20 Years but Five States Post Annual Gains
MORE >
U.S. Homeowners Found Far More Likely to Be Equity Rich than Seriously Underwater in Q3 2019
Equity-rich Properties Represent 26.7 Percent of All Mortgaged Properties; Highest Equity Levels in San Jose, San Francisco, Los Angeles IRVINE, Calif. - Nov. 7, 2019 -- ATTOM Data Solutions, curator of the nation's premier property database and first property data provider of Data-as-a-Service (DaaS), today released its third-quarter 2019 U.S. Home Equity & Underwater Report, which shows that 14.4 million residential properties in the United States were considered equity rich, meaning that the combined estimated amount of loans secured by those properties was 50 percent or less of their estimated market value. The count of equity rich properties in the third quarter of 2019 represented 26.7 percent, or about one in four, of the 54 million mortgaged homes in the U.S. The report also shows that just 3.5 million, or one in 15, mortgaged homes in the third quarter of 2019 were considered seriously underwater, with a combined estimated balance of loans secured by the property at least 25 percent more than the property's estimated market value. That figure represented 6.5 percent of all U.S. properties with a mortgage. "The latest numbers reveal another profound impact of the extended housing boom, as far more homeowners find themselves on the right side of the balance sheet instead of the wrong side. This is a complete turnabout from what was happening when the housing market crashed during the Great Recession," said Todd Teta, chief product officer with ATTOM Data Solutions. "There are notable equity gaps between regions and market segments. But as home values keep climbing, homeowners are seeing their equity building more and more, while those with properties still worth a lot less than their mortgages represent just a small segment of the market." Highest equity rich shares all in the Northeast and West The top 10 states with the highest share of equity rich properties in the third quarter were all in the Northeast and West regions, led by California (40.8 percent); Hawaii (39.2 percent); Vermont (39.0 percent); New York (35.7 percent); and Washington (35.6 percent). Among 107 metropolitan statistical areas analyzed in the report with a population greater than 500,000, those with the highest shares of equity rich properties were San Jose, CA (62.7 percent); San Francisco, CA (51.1 percent); Los Angeles, CA (46.6 percent); Santa Rosa, CA (46.5 percent); and Honolulu, HI (39.4 percent). The leader in the Northeast region was Boston, MA (35.4 percent) while Dallas, TX led the South (38.2 percent) and Grand Rapids, MI led in the Midwest (27.8 percent). Top equity-rich counties concentrated in California Among the 1,467 counties with at least 2,500 properties with mortgages in the third quarter, 10 of the top 25 equity-rich locations were in California. Counties with the highest share of equity rich properties were San Francisco, CA (70.5 percent); San Mateo, CA (68.6 percent); Santa Clara, CA (63.6 percent); San Juan, WA (60.0 percent); and Kings County (Brooklyn), NY (55.6 percent). More than half of all properties were equity rich in 415 zip codes Among 8,213 U.S. zip codes with at least 2,000 properties with mortgages, there were 415 zip codes where at least half of all properties with a mortgage were equity rich. Forty-six of the top 50 were in California, with most in the San Francisco Bay area. They were led by zip codes: 94116 in San Francisco (82.6 percent equity rich); 94122 in San Francisco (81.1 percent equity rich); 11220 in Brooklyn, NY (78.3 percent equity rich); 94306 in Palo Alto, CA (77.9 percent equity rich); and 94112 in San Francisco (77.9 percent equity rich). Highest seriously underwater shares in the South and Midwest The top 10 states with the highest shares of mortgages that were seriously underwater in the third quarter were all in the South and Midwest, led by Louisiana (16.5 percent seriously underwater); Mississippi (15.8 percent); West Virginia (14.2 percent); Iowa (14.0 percent); and Arkansas (13.1 percent). Among 107 metropolitan statistical areas analyzed in the report with a population greater than 500,000, those with the highest share of mortgages that were seriously underwater included Youngstown, OH (16.8 percent); Baton Rouge, LA (15.7 percent); Scranton, PA (14.3 percent); Cleveland, OH (14.0 percent); and Toledo, OH (13.8 percent). More than 25 percent of all properties were seriously underwater in 160 zip codes Among 8,213 U.S. zip codes with at least 2,000 properties with mortgages, there were 160 zip codes where more than a quarter of all properties with a mortgage were seriously underwater. The largest number of those zip codes were in the Cleveland, St. Louis, Philadelphia, Chicago and Milwaukee metropolitan statistical areas. The top five zip codes with the highest share of seriously underwater properties were 71446 in Leesville, LA (65.1 percent seriously underwater); 44110 in Cleveland, OH (61.9 percent); 08611 in Trenton, NJ (61.8 percent); 53206 in Milwaukee, WI (60.3 percent); and 63115 in St. Louis, MO (59 percent). About ATTOM Data Solutions ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 9TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, marketing lists, match & append and introducing the first property data delivery solution, a cloud-based data platform that streamlines data management – Data-as-a-Service (DaaS).
MORE >
Luxury Housing Market Stabilized in the Third Quarter After a Weak First Half
MORE >
Pending Home Sales Rise 1.5% in September
WASHINGTON (October 29, 2019) – Pending home sales grew in September, marking two consecutive months of increases, according to the National Association of Realtors. The four major regions were split last month, as the Midwest and South recorded gains but the Northeast and West reported declines in month-over-month contract activity. The Pending Home Sales Index (PHSI), a forward-looking indicator based on contract signings, rose 1.5% to 108.7 in September. Year-over-year contract signings jumped 3.9%. An index of 100 is equal to the level of contract activity in 2001. Historically low mortgage rates played a significant role in the two straight months of gains, according to Lawrence Yun, NAR's chief economist. "Even though home prices are rising faster than income, national buying power has increased by 6% because of better interest rates," he said. "Furthermore, we've seen increased foot traffic as more buyers are evidently eager searching to become homeowners." Pointing to data from active listings at realtor.com®, Yun says the upper end of the market is faring well. Fort Wayne, Ind., Rochester, N.Y., Pueblo, Colo., Columbus, Ohio, and Topeka, Kan., saw the largest increase in active listings in September compared to a year ago. Although contract signings are on the upswing, Yun says the numbers would be even greater if more housing were available. "Going forward, interest rates will surely not decline in a sizable way, so the changes in the median price will be the key to housing affordability," he said. "But home prices are rising too fast because of insufficient inventory," he said. "In addition to boosting traditional home building, we should explore a greater utilization of modular factory constructed homes, converting old shopping malls or vacant office space into condominiums, permitting more accessory dwelling units, and other supply-increasing actions, in order to meet the rising demand for new housing," Yun said. September Pending Home Sales Regional Breakdown Regional indices in September were mixed, with the Northeast experiencing the smallest change of the four regions. The PHSI in the Northeast fell 0.4% to 93.9 in September, but is still 1.3% higher than a year ago. In the Midwest, the index increased 3.1% to 104.4 in September, 2.7% higher than September 2018. Pending home sales in the South increased 2.6% to an index of 127.5 in September, a 5.7% jump from last September. The index in the West declined 1.3% in September 2019 to 95.1, which is an increase of 3.4% from a year ago. The National Association of Realtors® is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
MORE >
Existing-Home Sales Decrease 2.2% in September
MORE >
Showing Index Reflects Surprising Strength in Buyer Demand with Back-to-Back Months of Increased Nationwide Activity
Back-to-Back Months of Growth Within All Regions a First Since December 2017 - January 2018 October 22, 2019 -- Home showing activity was up again nationwide in September with a 4.6 percent rise in traffic, as the traditionally slow fall season began with a marked boost in buyer interest, according to the latest ShowingTime Showing Index report. The West Region, which until August had experienced 18 consecutive months of flagging home buyer traffic, lead the four regions in year-over-year improvement with an 8.9 percent increase in buyer activity. The South followed with a 6.4 percent increase, the largest such improvement in the region since April 2018, with the Northeast Region's 5.6 percent increase the next largest among the four regions. The Midwest's more modest 0.8 percent year-over-year growth rounded out the nation's promising month. "September's activity continued where August's left off as the beginning of the fall season has gotten off to a slightly busier start compared to last year," said ShowingTime Chief Analytics Officer Daniil Cherkasskiy. "Although the year-over-year boost for September seems high in the South Region, this can be largely attributed to tropical storm Florence's presence in the area in September of last year. The Northeast and West regions continue to show higher levels of activity compared to last year, even in the face of the expected seasonal slowdown." The ShowingTime Showing Index, the first of its kind in the residential real estate industry, is compiled using data from property showings scheduled across the country on listings using ShowingTime products and services, providing a benchmark to track buyer demand. ShowingTime facilitates more than four million showings each month. Released monthly, the Showing Index tracks the average number of appointments received on active listings during the month. Local MLS indices are also available for select markets and are distributed to MLS and association leadership. To view the full report, visit showingtime.com/showingtime-showing-index/. About ShowingTime ShowingTime is the residential real estate industry's leading showing management and market stats technology provider, with more than 1.2 million active listings subscribed to its services. Its showing products and services simplify the appointment scheduling process for real estate professionals, buyers and sellers, resulting in more showings, more feedback and more efficient sales. Its MarketStats division provides interactive tools and easy-to-read market reports for MLSs, associations, brokers and other real estate companies. ShowingTime products are used in more than 250 MLSs representing over 950,000 real estate professionals across the U.S. and Canada. For more information, contact us at [email protected]
MORE >
Q3 2019 Foreclosure Activity Down 19 Percent from Year Ago to Lowest Level Since Q2 2005
MORE >
Austin Board of REALTORS adopts Remine for its 15,000 MLS subscribers
Partnership marks 50th MLS, 1,000,000-agent milestone for rapidly growing technology and data company FAIRFAX, Va., Oct. 3, 2019 -- Remine today announced that the Austin Board of REALTORS (ABoR) will provide complete access to the Remine Agent Pro product to its 15,000 Multiple Listing Service (MLS) subscribers. This includes easy, intuitive access to Remine's best-in-class data, as well as full and unlimited use of its CRM, CMA, and Client Portal tools. "This is a significant milestone for us and a huge benefit for Austin REALTORS®, who will now have powerful, modern software and incomparable data at their fingertips," said Leo Pareja, Remine President. "We could not be happier to have ABoR as our 50th MLS partner." Rollout of Remine Agent Pro will begin in late October 2019. "We needed a solution for Austin REALTORS® that was fast, flexible, and continuously enhanced so our members are equipped to succeed in a real estate industry defined by rapid change," said ABoR CEO Emily Chenevert. "Remine is the only partner that can give us that." "All of us believe deeply in the MLS and have committed the full resources of our company to ensure its future," said Mark Schacknies, Remine CEO. "We have a singular vision of creating a better real estate experience for everyone, one that frees MLSs and their subscribers from the constraints of tired software and legacy systems. We are all inspired by and working towards a future without limits." About Remine Remine is a data and technology platform that enables a digital real estate experience without limits. The privately-held company is headquartered in Northern Virginia, with offices in Chicago, Toronto, and Irvine. Remine is live in 50 markets and available to more than 1,000,000 agents and their clients.
MORE >
CoreLogic Reports U.S. Overall Delinquency Rate Lowest for a July in at Least 20 Years, but Four States Post Annual Gains
MORE >
CoreLogic Reports August Home Prices Increased by 3.6% Year Over Year
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the CoreLogic Home Price Index (HPI™) and HPI Forecast™ for August 2019, which shows home prices rose both year over year and month over month. Home prices increased nationally by 3.6% from August 2018. On a month-over-month basis, prices increased by 0.4% in August 2019. (July 2019 data was revised. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results each month.) Home prices continue to increase on an annual basis with the CoreLogic HPI Forecast indicating annual price growth will increase 5.8% by August 2020. On a month-over-month basis, the forecast calls for home prices to increase by 0.3% from August 2019 to September 2019. The CoreLogic HPI Forecast is a projection of home prices calculated using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state. "The 3.6% increase in annual home price growth this August marked a big slowdown from a year earlier when the U.S. index was up 5.5%," said Dr. Frank Nothaft, chief economist at CoreLogic. "While the slowdown in appreciation occurred across the country at all price points, it was most pronounced at the lower end of the market. Prices for the lowest-priced homes increased by 5.5%, compared with August 2018, when prices increased by 8.4%. This moderation in home-price growth should be welcome news to entry-level buyers." According to the CoreLogic Market Condition Indicators (MCI), an analysis of housing values in the country's 100 largest metropolitan areas based on housing stock, 37% of metropolitan areas have an overvalued housing market as of August 2019. The MCI analysis categorizes home prices in individual markets as undervalued, at value or overvalued, by comparing home prices to their long-run, sustainable levels, which are supported by local market fundamentals such as disposable income. As of August 2019, 23% of the top 100 metropolitan areas were undervalued, and 40% were at value. When looking at only the top 50 markets based on housing stock, 40% were overvalued, 16% were undervalued and 44% were at value. The MCI analysis defines an overvalued housing market as one in which home prices are at least 10% above the long-term, sustainable level. An undervalued housing market is one in which home prices are at least 10% below the sustainable level. During the second quarter of 2019, CoreLogic, together with RTi Research of Norwalk, Connecticut, conducted an extensive survey measuring consumer-housing sentiment among millennials. The survey found that approximately 75% of millennial renters indicate they will likely purchase a home in the future. However, despite a desire from the entire millennial cohort to purchase a home, there is a clear difference between older and younger millennials' living situation preferences. Generally, older millennials (30-38) aspire to own a single, stand-alone home in the suburbs that is somewhat secluded. Meanwhile, younger millennials (21-29) lean towards modern apartment rentals in urban settings, with 55% of younger millennials saying they prefer to also live in lively neighborhoods. Still, 79% of younger millennials are confident that they will be homeowners in the future. "The millennial cohort has now entered the housing market in force and is already driving major changes in buying and selling patterns. Almost half of the millennials over 30 years old have bought a house in the last three years. These folks are increasingly looking to move out of urban centers in favor of the suburbs, which offers more privacy and a greener environment," said Frank Martell, president and CEO, CoreLogic. "Perhaps most significantly, almost 80% of all millennials are confident they will become homeowners in the future." The next CoreLogic HPI press release, featuring September 2019 data, will be issued on Tuesday, November 5, 2019 at 8:00 a.m. ET. About the CoreLogic Consumer Housing Sentiment Study In the second quarter of 2019, 877 renters and homeowners were surveyed by CoreLogic together with RTi Research. This study is a quarterly pulse of U.S. housing market dynamics. Each quarter, the research focuses on a different issue related to current housing topics. This first quarterly study concentrated on consumer sentiment within high-priced markets. The survey has a sampling error of +/- 3.1% at the total respondent level with a 95% confidence level. About RTi Research RTi Research is an innovative, global market research and brand strategy consultancy headquartered in Norwalk, CT. Founded in 1979, RTi has been consistently recognized by the American Marketing Association as one of the top 50 U.S. insights companies. The company serves a broad base of leading firms in Financial Services, Consumer Goods, and Pharmaceuticals as well as partnering with leading academic centers of excellence. About CoreLogic CoreLogic (NYSE: CLGX), the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, acquire and protect their homes. For more information, please visit www.corelogic.com.
MORE >
Median-Priced Homes Remain Unaffordable for Average Wage Earners in 74 Percent of U.S. Housing Markets
MORE >
Pending Home Sales Grow 1.6% in August
WASHINGTON (September 26, 2019) – Pending home sales increased in August, a welcome rebound after a prior month of declines, according to the National Association of Realtors. Each of the four major regions reported both month-over-month growth and year-over-year gains in contract activity. The Pending Home Sales Index (PHSI), a forward-looking indicator based on contract signings, climbed 1.6% to 107.3 in August, reversing the prior month's decrease. Year-over-year contract signings jumped 2.5%. An index of 100 is equal to the average level of contract activity. "It is very encouraging that buyers are responding to exceptionally low interest rates," said Lawrence Yun, NAR chief economist. "The notable sales slump in the West region over recent years appears to be over. Rising demand will reaccelerate home price appreciation in the absence of more supply." August Pending Home Sales Regional Breakdown All regional indices are up from July, with the highest gain in the West region. The PHSI in the Northeast rose 1.4% to 94.3 in August and is now 0.7% higher than a year ago. In the Midwest, the index increased 0.6% to 101.7 in August, 0.2% higher than August 2018. Pending home sales in the South increased 1.4% to an index of 124.4 in August, a 1.8% bump from last August. The index in the West grew 3.1% in August 2019 to 96.4, an increase of 8.0% from a year ago. Yun noted that historically low interest rates will affect economic growth, especially home buying, going forward. "With interest rates expected to remain low, home sales are forecasted to rise in the coming months and into 2020," said Yun. "Unfortunately, so far in 2019, new home construction is down 2.0%. The hope is that housing starts quickly move into higher gear to meet the higher demand. Moreover, broader economic growth will strengthen from increased housing activity." The National Association of Realtors® is forecasting home sales to rise 0.6% in 2019 and another 3.4% in 2020. Housing starts are predicted to increase by 2.0% in 2019 and jump an additional 10.6% in 2020, which in turn raises GDP to growth at 2.0% in 2020. The National Association of Realtors® is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
MORE >
U.S. Home Flipping Returns Drop to Nearly Eight-Year Low in Q2 2019
MORE >
Existing-Home Sales Increase 1.3% in August
WASHINGTON (September 19, 2019) – Existing-home sales inched up in August, marking two consecutive months of growth, according to the National Association of Realtors. Three of the four major regions reported a rise in sales, while the West recorded a decline last month. Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 1.3% from July to a seasonally adjusted annual rate of 5.49 million in August. Overall sales are up 2.6% from a year ago (5.35 million in August 2018). Lawrence Yun, NAR's chief economist, attributed the increase in sales to falling mortgage rates. "As expected, buyers are finding it hard to resist the current rates," he said. "The desire to take advantage of these promising conditions is leading more buyers to the market." The median existing-home price for all housing types in August was $278,200, up 4.7% from August 2018 ($265,600). August's price increase marks the 90th straight month of year-over-year gains. "Sales are up, but inventory numbers remain low and are thereby pushing up home prices," said Yun. "Homebuilders need to ramp up new housing, as the failure to increase construction will put home prices in danger of increasing at a faster pace than income." Total housing inventory at the end of August decreased to 1.86 million, down from 1.90 million existing-homes available for sale in July, and marking a 2.6% decrease from 1.91 million one year ago. Unsold inventory is at a 4.1-month supply at the current sales pace, down from 4.2 months in July and from the 4.3-month figure recorded in August 2018. Properties typically remained on the market for 31 days in August, up from 29 days in July and in August of 2018. Forty-nine percent of homes sold in August were on the market for less than a month. According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage decreased to 3.62% in August, down from 3.77% in July. The average commitment rate across all of 2018 was 4.54%. The Federal Reserve should have been bolder and made a deeper rate cut, given current low inflation rates," said Yun. "The housing sector has been broadly underperforming but there is huge upward potential there that will help our overall economy grow." First-time buyers were responsible for 31% of sales in August, down from 32% in July and equal to the 31% recorded in August 2018. NAR's 2018 Profile of Home Buyers and Sellers – released in late 2018 – revealed that the annual share of first-time buyers was 33%. As the share of first-time buyers rose, individual investors or second-home buyers, who account for many cash sales, purchased 14% of homes in August 2019, up from 11% recorded in July and from 13% recorded in August a year ago. All-cash sales accounted for 19% of transactions in August, about equal to July's percentage and moderately down from August 2018 (19% and 20%, respectively). Distressed sales – foreclosures and short sales – represented 2% of sales in August, unchanged from July, but down from 3% in August 2018. "Rates continue to be historically low, which is extremely beneficial for everyone buying or selling a home," said NAR President John Smaby, a second-generation Realtor® from Edina, Minnesota, and broker at Edina Realty. "The new condominium loan policies, as well as other reforms NAR is pursuing within our housing finance system, will allow even more families and individuals in this country to reach the American Dream of homeownership." Regional Breakdown Compared to July, existing-home sales recorded in August rose in the Northeast, Midwest and South regions, but fell slightly in the West region. Compared to last year, August sales increased in each of the four major regions, with the greatest gain coming in the South. Median home prices rose from a year ago, except in the Northeast, with the Midwest showing the highest price increase. August existing-home sales in the Northeast increased 7.6% to an annual rate of 710,000, a 1.4% rise from a year ago. The median price in the Northeast was $303,500, down 0.3% from August 2018. In the Midwest, existing-home sales grew 3.1% to an annual rate of 1.31 million, which is a 2.3% increase from August 2018. The median price in the Midwest was $220,000, a 6.6% jump from a year ago. Existing-home sales in the South increased 0.9% to an annual rate of 2.33 million in August, up 3.6% from a year ago. The median price in the South was $240,300, up 5.4% from one year ago. Existing-home sales in the West declined 3.4% to an annual rate of 1.14 million in August, 1.8% above a year ago. The median price in the West was $415,900, up 5.7% from August 2018. Single-family and Condo/Co-op Sales Single-family home sales sat at a seasonally adjusted annual rate of 4.90 million in August, up from 4.84 million in July and up 2.9% from a year ago. The median existing single-family home price was $280,700 in August 2019, up 4.7% from August 2018. Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 590,000 units in August, 1.7% above the rate from the previous month and about equal to a year ago. The median existing condo price was $257,600 in August, which is up 5.2% from a year ago. The National Association of Realtors® is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
MORE >
Showing Index Records Nationwide Growth for the First Time in More Than a Year, Indicating Increasing Strength in Buyer Demand
MORE >
The "Black Friday" of Homebuying is Almost Here
The first week of Fall is the best time of the year to buy a home. It offers buyers less competition, more price reductions and greater inventory SANTA CLARA, Calif., Sept. 19, 2019 -- Many homebuyers may be ready to give up on their home search for the year, but the best time to buy a home in 2019 is the week of September 22, during which shoppers will find less competition, more price reductions and more inventory to choose from, according to new data released today by realtor.com®, the Home of Home Search. Of the 53 markets in the U.S., 41 reported the week September 22-28 as the best time to buy. According to metro level data analyzed from 2016 to 2018, there is a sweet spot in September when U.S. buyers face 26 percent less competition and there tends to be 6.1 percent more homes on the market, compared to the average week of the year. Nearly 6 percent of homes on the market go through price reductions and tend to be 2.4 percent cheaper than their peak, making this the "Black Friday" of homebuyers, only buyers won't even have to line up overnight to score on these deals. "As summer winds down and kids return to school, many families hit pause on their home search and wait until the next season to start again. With dramatically less competition, persistent buyers will feel the scales tip in their favor as eager sellers begin to cut their prices in an effort to entice a sale," said George Ratiu, senior economist of realtor.com®. "As seasonal inventory builds up and restores itself to more buyer-friendly levels, fall buyers will be in a better position to take advantage of today's low mortgage rates and increased purchasing power." Regionally, these effects are most noticeable in the West where buyers will have nearly 30 percent less competition than the average week. Listing prices are down 4 percent versus their peak and nearly 9 percent of homes will have their prices reduced. Additionally, there will be 22 percent more active listings available to buyers and homes will stay on the market nearly 38 percent longer than their peak week. All in all, this week will be a great time for western U.S. buyers to find a home. On a market by market basis, Seattle leads the nation with a 41.3 percent drop in competition compared to the average week. It is followed by Portland, Ore. (-35.5 percent); Buffalo, N.Y. (-34.6 percent); Milwaukee (-32.8 percent), and Minneapolis (-32.6 percent). This week also sees a large influx of price cuts. Nationally, nearly 6 percent of actively listed homes see their prices reduced in an attempt to sway buyers. This trend is most prevalent in Denver where 11 percent of listings have their prices reduced. Denver is followed by Salt Lake City (10.8 percent), Seattle (10.2 percent), Austin, Texas (9.9 percent) and Portland, Ore., (9.9 percent). More fresh listings entering the market also contribute to making this the best week to buy a home. With 116,000 new listings added to the national inventory, this week has 6.1 percent more listings than the average week and 76 percent more than the start of the year. Seattle leads the nation with 41 percent more listings than the average week. It is followed by Portland, Ore. (30.9 percent), San Jose, Calif. (28.6 percent), Denver (27.2 percent), and San Francisco (25.7 percent). About realtor.com® Realtor.com®, The Home of Home Search℠, offers the most MLS-listed for-sale listings among national real estate portals, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. Through its Opcity platform, realtor.com® uses data science and machine learning to connect consumers with a real estate professional based on their specific buying and selling needs. Realtor.com® pioneered the world of digital real estate 20 years ago, and today is a trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com®.
MORE >
CoreLogic Reports Stark Contrast Between Rising Mortgage Delinquencies in Eight States while National Rate Remains at 20-Year Low
MORE >
U.S. Housing Inventory Declines for First Time in a Year
Median listing prices see the largest July to August drop since 2012 SANTA CLARA, Calif., Sept. 10, 2019 -- Realtor.com, The Home of Home Search, today released its August 2019 housing trend report, which registered the first U.S. inventory decline in a year. Conversely, August data also shows an earlier than usual seasonal slowdown in the national median listing price as consumers react to news of economic uncertainty. "The state of the housing market as we head into the latter half of 2019 is a tug of war between increased affordability and economic anxiety. We're starting to see this tension play out in our August data," said George Ratiu, senior economist for realtor.com®. "On the one hand, lower interest rates have given buyers more purchasing power, which is contributing to August's decline in national inventory. However, concerns over trade wars and cutbacks in corporate spending are causing some buyers to postpone their search. This is contributing to both the slow down in prices, as well as the inventory decline, as buyers stay put in their current homes." Earlier this spring, realtor.com® predicted U.S. inventory would decline in fall 2019. As lower than expected mortgage rates combined with rising wages, buyers snapped up existing homes and prompted an early arrival in August of a 1.8 percent decline. The U.S. median listing price in August was $309,000, still 4.9 percent higher than a year ago, but 1.8 percent lower than July -- the largest drop from July to August since 2012. Typically, home prices increase from June until September. Although July to August declines do occur, the size of this drop points to an earlier than usual deceleration of prices, likely attributed to recent concerns over economic uncertainty. This data is consistent with the findings of realtor.com®'s August 2019 home shopper survey, which showed that 11 percent of buyers expect a recession by the end of this year, and 33 percent expect one in 2020. If a recession does hit, 56 percent of home shoppers stated that they would pause their home search until the economy recovered. According to Ratiu: "These strong but opposing forces make it more difficult to predict what will happen in the second half of this year. If the headwinds of economic uncertainty intensify, it could prompt a decrease in buyer demand and shift housing inventory's current trajectory. But if increased purchasing power prevails, we could see even more inventory declines and intensified competition between buyers." The median age of U.S. inventory in August reached 62 days. The typical property spent three days longer on the market compared to last August and four days longer than July 2019. For more information on realtor.com®'s August monthly data report, please visit: https://www.realtor.com/research/august-2019-data/ ‎ About realtor.com® Realtor.com®, The Home of Home Search℠, offers the most MLS-listed for-sale listings among national real estate portals, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. Through its Opcity platform, realtor.com® uses data science and machine learning to connect consumers with a real estate professional based on their specific buying and selling needs. Realtor.com® pioneered the world of digital real estate 20 years ago, and today is a trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
MORE >
CoreLogic Reports July Home Prices Increased by 3.6% Year Over Year
MORE >
Pending Home Sales Decline 2.5% in July
WASHINGTON (August 29, 2019) – Pending home sales fell in July, reversing course on two consecutive months of gains, according to the National Association of Realtors®. Of the four major regions, each reported a drop in contract activity, although the greatest decline came in the West. The Pending Home Sales Index, a forward-looking indicator based on contract signings, decreased 2.5% to 105.6 in July, down from 108.3 in June. Year-over-year contract signings fell 0.3%, doing an about-face of the prior month's increase. "Super-low mortgage rates have not yet consistently pulled buyers back into the market," said Lawrence Yun, NAR chief economist. "Economic uncertainty is no doubt holding back some potential demand, but what is desperately needed is more supply of moderately priced homes." Yun expects GDP growth to ease to 2.0% in 2019 and 1.6% in 2020, but growth predictions are somewhat uncertain due to trade tensions. With slower economic growth, interest rates will remain low. Though home sales will get a short term boost from lower mortgage rates, existing-home sales are likely to be flat at 5.34 million in 2019 given the level of sales in the first seven months of the year. Amid tight inventory conditions, the median price of existing-home sales will continue increasing, but at a slower pace of 4% in 2019, to $269,000, and 3% in 2020, to $278,500. Low inventory numbers impact the nation's overall economy, according to Yun. "A boost to home building would greatly improve economic growth," he said. "More free-market prices on construction materials without government interference about where homebuilders have to get their supply will also help produce more and grow the economy. The housing industry cannot grow without more supply." July Pending Home Sales Regional Breakdown All regional indices are down from June. The PHSI in the Northeast fell 1.6% to 93.0 in July and is now 0.9% lower than a year ago. In the Midwest, the index dropped 2.5% to 101.0 in July, 1.2% less than July 2018. Pending home sales in the South decreased 2.4% to an index of 122.7 in July, but that number is 0.1% higher than last July. The index in the West declined 3.4% in July to 93.5 but still increased 0.3% above a year ago. The National Association of Realtors® is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
MORE >
Most Areas Targeted for New Opportunity Zone Redevelopment Incentives Have Home Prices Well Below National Levels
MORE >
Northeast Region Sees Third Consecutive Month of Increased Year-Over-Year Buyer Traffic in July as U.S. Showing Activity Continues to Stabilize
Midwest, South and West Regions Report More Moderate Year-Over-Year Declines August 21, 2019 – The Northeast recorded its third consecutive month of heightened home buyer activity in July compared to the same time last year, while the U.S. as a whole reported its smallest decline in year-over-year showing activity in the past 12 months, according to the latest ShowingTime Showing Index® report. The 2.7 percent year-over-year increase in showing activity in the Northeast represents the largest such increase in the region since April 2018. Year-over-year declines in showing activity continued in the other regions but at lower rates, with the West Region's 4.1 percent year-over-year decline its lowest since March 2018. The South's 1.1 percent decline was its lowest since September 2018, while the Midwest was down 3.3 percent compared to the same time last year. "Buyer traffic has a lot of seasonal variation, so we need to compare last year's numbers to understand the trend," said ShowingTime Chief Analytics Officer Daniil Cherkasskiy. "While spring buyer traffic per listing was down sharply compared to 2018, from April onward we've seen a steady rebound. In July, national traffic was already roughly in line with last year's numbers, and if the current trend continues, listings on average could see more showings this fall than what we saw in the fall of 2018." The ShowingTime Showing Index, the first of its kind in the residential real estate industry, is compiled using data from property showings scheduled across the country on listings using ShowingTime products and services, providing a benchmark to track buyer demand. ShowingTime facilitates more than four million showings each month. Released monthly, the Showing Index tracks the average number of appointments received on active listings during the month. Local MLS indices are also available for select markets and are distributed to MLS and association leadership. To view the full report, visit showingtime.com/showingtime-showing-index/. About ShowingTime ShowingTime is the residential real estate industry's leading showing management and market stats technology provider, with more than 1.2 million active listings subscribed to its services. Its showing products and services simplify the appointment scheduling process for real estate professionals, buyers and sellers, resulting in more showings, more feedback and more efficient sales. Its MarketStats division provides interactive tools and easy-to-read market reports for MLSs, associations, brokers and other real estate companies. ShowingTime products are used in more than 250 MLSs representing over 950,000 real estate professionals across the U.S. and Canada. For more information, contact us at [email protected]
MORE >
Existing-Home Sales Climb 2.5% in July
MORE >
CoreLogic Reports U.S. Overall Delinquency Rate Remains Steady at 20-Year Low in May
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report. The report shows that nationally 3.6% of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in May 2019, representing a 0.6 percentage point decline in the overall delinquency rate compared with May 2018, when it was 4.2%. This marks the second consecutive month the rate has been at its lowest point in more than 20 years. As of May 2019, the foreclosure inventory rate – which measures the share of mortgages in some stage of the foreclosure process – was 0.4%, down 0.1 percentage points from May 2018. The May 2019 foreclosure inventory rate tied the prior six months as the lowest for any month since at least January 1999. Measuring early-stage delinquency rates is important for analyzing the health of the mortgage market. To monitor mortgage performance comprehensively, CoreLogic examines all stages of delinquency, as well as transition rates, which indicate the percentage of mortgages moving from one stage of delinquency to the next. The rate for early-stage delinquencies – defined as 30 to 59 days past due – was 1.7% in May 2019, down from 1.8% in May 2018. The share of mortgages 60 to 89 days past due in May 2019 was 0.6%, unchanged from May 2018. The serious delinquency rate – defined as 90 days or more past due, including loans in foreclosure – was 1.3% in May 2019, down from 1.8% in May 2018. May's serious delinquency rate of 1.3% tied the April 2019 rate as the lowest for any month since August 2005 when it was also 1.3%. Since early-stage delinquencies can be volatile, CoreLogic also analyzes transition rates. The share of mortgages that transitioned from current to 30 days past due was 0.8% in May 2019, unchanged from May 2018. By comparison, in January 2007, just before the start of the financial crisis, the current-to-30-day transition rate was 1.2%, while it peaked in November 2008 at 2%. "Growth in family income and home prices continues to support low delinquency rates," said Dr. Frank Nothaft, chief economist at CoreLogic. "Communities that experienced a rise in delinquencies are generally those that also suffered from natural disasters. Last year's hurricanes and wildfires, and this spring's severe flooding from heavy rainstorms and snowmelt have pushed delinquency rates higher in these impacted communities." The nation's overall delinquency rate has fallen on a year-over-year basis for the past 17 consecutive months. In May 2019, 20 of the country's metropolitan areas posted at least a small annual increase in overall delinquency, with some of the highest gains occurring in the Midwest and parts of the Southeast. Specifically, areas impacted by flooding this spring in Kentucky, Ohio, Illinois and Indiana have experienced an increase in delinquency rates. "While the rest of the country experienced record-low mortgage delinquency rates again in May, the Midwest and parts of the Southeast are still experiencing higher rates as they recover from extreme weather," said Frank Martell, president and CEO of CoreLogic. "Areas in Kentucky and Ohio, which were hit particularly hard this spring with historic flooding, experienced some of the largest annual gains in the country." The next CoreLogic Loan Performance Insights Report will be released on September 10, 2019, featuring data for June 2019. For ongoing housing trends and data, visit the CoreLogic Insights Blog. About CoreLogic CoreLogic (NYSE: CLGX), the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, acquire and protect their homes. For more information, please visit www.corelogic.com.
MORE >
U.S. Housing Market Deja Vu
MORE >
Luxury Home Prices Up 1% Amid Falling Sales and Surging Supply in the Second Quarter
High-end market remains chilly despite a modest rebound in prices SEATTLE, Aug. 6, 2019 -- The average sale price for luxury homes nationwide increased 1 percent year over year to $1.64 million in the second quarter of 2019, according to a new report from Redfin, the technology-powered real estate brokerage. This marks a modest return to the trend of rising luxury home prices, which was interrupted by a 1.7 percent decline in the first quarter of this year. For this analysis, Redfin tracked home sales in more than 1,000 cities across the U.S. (not including New York City) and defined a home as luxury if it's among the 5 percent most expensive homes sold in the quarter. In the other 95 percent of the market, home prices increased 3.2 percent year over year to an average of $322,000 in the first quarter, a continuation of seven straight years of increases. Sales of homes priced at or above $1.5 million declined 4.6 percent year over year last quarter. That's the third consecutive quarter of dropping sales in the category, though the decline was much smaller than the 13.8 percent dip last quarter. Sales of homes priced under $1.5 million dropped 6.7 percent year over year. Supply of homes priced at or above $1.5 million increased 18.7 percent in the second quarter, the fifth straight quarter of rising luxury inventory and the biggest increase in two years. Supply of homes priced under $1.5 million increased just 2.1 percent annually. The minor gain in prices, along with dipping sales and a significant increase in supply, suggests that demand for luxury homes is tepid, especially compared to the past few years. "Luxury home sales have been relatively soft since early 2018 when the tax code overhaul made it so that people with big mortgages and those living in high-tax states and counties couldn't deduct as much from their annual tax bill," said Redfin chief economist Daryl Fairweather. "But wealthy Americans who would otherwise be considering a multi-million dollar home purchase may now be a bit spooked that the economic expansion they've been enjoying for the past decade could soon be nearing its end." "Business owners and people with large investments are paying close attention to the escalating trade war and other uncertainties in global markets," Fairweather explained. "Despite the fact that the economy at home is continuing to grow, these and other signs that a recession could be looming are likely causing well-heeled homebuyers to feel extra cautious about a big purchase or investment. The Fed's rate cut is unlikely to have a big impact on the course of the economy and especially on the luxury housing market, where buyers are the least rate-sensitive. As a result, I expect to see continued caution in the high-end market as the future of the economy becomes more clear to those whose wealth is most closely tied to it." Luxury homes are selling slightly faster than they were last year. The typical luxury home that sold in the second quarter went under contract in 68 days, down slightly from 71 days a year before. That's the fastest luxury homes have sold in at least a decade. The typical non-luxury home that sold during the same time period went under contract seven days faster than a year earlier, in 56 days. Just 1.3 percent of homes priced in the top 5 percent sold above list price in the second quarter, down from 1.6 percent a year earlier. That's a much smaller share of homes sold above list price than the other 95 percent of homes; among those, 23.4 percent sold above list price in the second quarter. Biggest price gains Two Las Vegas suburbs are among the cities with the biggest increases in luxury home prices in the second quarter. In Paradise, Nevada, where home prices in the top 5 percent of homes increased 46.8 percent year over year, more than any other city, the average luxury home sold for $1,079,000. In Henderson, Nevada, seventh on this quarter's list, the average luxury home sold for $1,223,000, up 16.4 percent from the year before. Cities in Florida, including Fort Lauderdale, St. Petersburg and Tampa, also experienced some of the biggest increases in luxury home prices. Though it's typical for Florida cities to be among the regions with the biggest increases in the category, this is the first time since the third quarter of 2017 a Florida city hasn't topped the list. Biggest price declines Seattle, Washington, D.C., Honolulu and San Jose—some of the most expensive real estate markets in the U.S.—are among the cities where luxury home prices have dropped the most. In Seattle, home prices for the top 5 percent of the market declined 14.4 percent to roughly $2.2 million in the second quarter, and in San Jose prices in the same category dipped 8.2 percent to $2.37 million. "Part of the reason prices for luxury homes in Seattle are dropping this year is because it experienced a bigger market boom in all price ranges (especially the high-end market) in the last six years than most other cities, with Amazon and other tech firms bringing folks into the area quickly with high salaries. A bigger rise tends to lead to a bigger fall, and luxury is usually one of the first markets to feel the crunch," said local Redfin agent Tamar Baber. "Now that the market has cooled down a bit, high-end buyers are scrutinizing their home purchases very carefully. Some of them feel the country could be headed toward a recession and aren't willing to spend $2 million, $3 million or $4 million on a home right now unless it meets their exact specifications. Luxury sellers are slowly adjusting their pricing accordingly." To read the full report, including methodology and a list of the most expensive home sales last quarter, please click here. About Redfin Redfin is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 85 major metro areas across the U.S. and Canada. The company has closed more than $85 billion in home sales.
MORE >
296,458 U.S. Properties with Foreclosure Filings in First Six Months of 2019, Down 18 Percent from a Year Ago
MORE >
Metro Home Prices Increase in 91% of Metro Areas in Second Quarter of 2019
WASHINGTON (August 7, 2019) – Most metro areas saw price gains under marginal inventory growth in the second quarter of 2019, according to the latest quarterly report by the National Association of Realtors. Single-family median home prices increased year-over-year in 91% of measured markets in the second quarter, with 162 of 178 metropolitan statistical areas1 showing sales price gains. That is up from the 86% share in the first quarter of 2019. The national median existing single-family home price in the second quarter was $279,600, up 4.3% from the second quarter of 2018 ($268,000). The metro areas where single-family median home prices declined included the high-cost areas of San Jose-Sunnyvale-Santa Clara, Calif., (-5.3%), San Francisco-Oakland-Hayward, Calif., (-1.9%) and Urban Honolulu, Hawaii (-1.2%). Ten metro areas experienced double-digit increases, including the moderate-cost metro areas of Boise City-Nampa, Idaho; Abilene, Texas; Columbia, Mo.; Burlington-South Burlington, Vt. and Atlantic City-Hammonton, N.J. Lawrence Yun, NAR chief economist, said home builders must bring more homes to the market. "New home construction is greatly needed, however home construction fell in the first half of the year," he said. "This leads to continuing tight inventory conditions, especially at more affordable price points. Home prices are mildly reaccelerating as a result." Ninety-three out of 178 metro markets under study have price growth of 5% or better. "Housing unaffordability will hinder sales irrespective of the local job market conditions," Yun said. "This is evident in the very expensive markets as home prices are either topping off or slightly falling." Notable Takeaways The five most expensive housing markets in the second quarter were the San Jose-Sunnyvale-Santa Clara, Calif., metro area, where the median existing single-family price was $1,330,000; San Francisco-Oakland-Hayward, Calif., $1,050,000; Anaheim-Santa Ana-Irvine, Calif., $835,000; Urban Honolulu, Hawaii $785,500; and San Diego-Carlsbad, Calif., $655,000. The five lowest-cost metro areas in the second quarter were Decatur, Ill., $97,500; Youngstown-Warren-Boardman, Ohio, $107,400; Cumberland, Md., $117,800; Binghamton, N.Y., $119,300; and Elmira, N.Y., $119,400. In expensive metro areas where the median prices were $500,000 and above, the single-family median prices declined when compared to the levels of one year ago. The most costly area, San Jose-Sunnyvale-Santa Clara, Calif., saw a 5.3% drop. Next in line was San Francisco-Oakland-Hayward, Calif., whose decline was 1.9%. Homes in Urban Honolulu, Hawaii dropped by 1.2%, followed by Boulder, Colo., which saw a 0.9% slide. Bridgeport-Stamford-Norwalk, Conn., recorded single-family housing prices that were slightly down (0.6%) from last year, possibly due to limits on property tax deductions. In addition, in other expensive metro areas, prices rose, albeit at a lukewarm pace, including in Anaheim-Santa Ana-Irvine, Calif., which rose only 0.6%. Home prices in Los Angeles-Long Beach-Glendale, Calif., saw a 1.8% gain, while San Diego-Carlsbad, Calif., saw a 1.6% price increase. Second Quarter Affordability Declines National family median income is estimated to have risen to $78,3662 in the second quarter, but greater home price growth contributed to an overall decrease in affordability from last quarter. A buyer making a 5% down payment would need an income of $62,192 to purchase a single-family home at the national median price, while a 10% down payment would necessitate an income of $58,918, and $52,372 would be required for a 20% down payment. In the most expensive metro areas in the West, families seeking to avoid paying no more than 25% on mortgage payments saw steep requirements for median household income. San Jose home buyers would need $295,832, while buyers in San Francisco would need $233,552. At the end of 2019's second quarter, 1.93 million existing homes were available for sale,3 which is about equal to the total inventory at the end of 2018's second quarter. Average supply during the second quarter of 2019 was 4.4 months – up from 4.3 months in the second quarter of 2018. Yun says housing sales should improve, but cautions of greater economic uncertainty. "The exceptionally low mortgage rates will help with housing affordability over the short run. But if the low interest rates are due to weakening economic confidence, as reflected from a correction in the stock market, then the low rates will not help with job growth and will eventually hinder home buying and home construction." The National Association of Realtors® is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
MORE >
CoreLogic Reports June Home Prices Increased by 3.4% Year Over Year
MORE >
New ATTOM Data Solutions Analysis Examines the Grocery Store Impact on the U.S. Housing Market
Trader Joe's takes the gold for homebuyers and ALDI triumphs with investors; Average home values near Trader Joe's is $608,305, compared to $521,142 near Whole Foods and $222,809 near ALDI IRVINE, Calif. - August 2, 2019 -- ATTOM Data Solutions, curator of the nation's premier property database and first property data provider of Data-as-a-Service (DaaS), today released its 2019 Grocery Store Battle analysis, which examines whether living near a Trader Joe's, a Whole Foods or an ALDI can affect a home's value – as a homebuyer based on seller ROI and home equity, or as an investor looking for the best home flipping returns and home price appreciation. For this analysis, ATTOM looked at current average home values, 5-year home price appreciation from YTD 2019 vs. YTD 2014, current average home equity, home seller profits, and home flipping rates on 1,859 zip codes nationwide with a least one Whole Foods store, one Trader Joe's store and one ALDI store. (See full methodology enclosed below.) Click here to view the infographic visualizing the results of this analysis. For Homebuyers Homes near a Trader Joe's realized an average home seller ROI of 51 percent, compared to homes near a Whole Foods with an average home seller ROI of 41 percent and ALDI at 34 percent. The average home seller ROI for all zip codes with these grocery stores nationwide is 37 percent. Homes near a Trader Joe's have added equity, owning an average 37 percent equity in their homes ($247,445), while homes near Whole Foods had an average of 31 percent equity ($187,035) and homes near ALDI had average 20 percent equity ($53,650). The average equity for all zip codes with these grocery stores nationwide is 25 percent. For Investors Properties near an ALDI are an investor's cornucopia with an average gross flipping ROI of 62 percent, compared to properties near a Whole Foods which had an average gross flipping ROI of 35 percent and Trader Joe's at 31 percent. The average gross flipping ROI for all zip codes with these grocery stores nationwide is 52 percent. Properties near an ALDI have seen an average 5-year home price appreciation of 42 percent, compared to 33 percent appreciation for homes near a Trader Joe's, and 31 percent appreciation for homes near a Whole Foods. The average appreciation for all zip codes with these grocery stores nationwide is 38 percent. Report methodology For this analysis ATTOM Data Solutions looked at current average home values, 5-year home price appreciation from YTD 2019 vs. YTD 2014, current average home equity, home seller profits, and home flipping rates on 1,859 zip codes nationwide with a least one Whole Foods store, one Trader Joe's store and one ALDI store. Grocery store locations are from the USDA (http://www.fns.usda.gov/snap/retailerlocator). About ATTOM Data Solutions ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 9TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk property data licensing, Property Data APIs, market trends, marketing lists, match & append and introducing the first property data deliver solution, a cloud-based data platform that streamlines data management – Data-as-a-Service (DaaS).
MORE >
Big City Metros Fall Off Realtor.com's 2019 Hottest ZIP Codes Report
MORE >
Pending Home Sales Climb 2.8% in June
WASHINGTON (July 30, 2019) – Pending home sales continued to ascend in June, marking two consecutive months of growth, according to the National Association of Realtors. Each of the four major regions recorded a rise in contract activity, with the West experiencing the highest surge. The Pending Home Sales Index, a forward-looking indicator based on contract signings, moved up 2.8% to 108.3 in June, up from 105.4 in May. Year-over-year contract signings jumped 1.6%, snapping a 17-month streak of annual decreases. Lawrence Yun, NAR chief economist, said the 2.8% increase can be attributed to the current favorable conditions and predicted the rise is likely the start of a positive trend for home sales. "Job growth is doing well, the stock market is near an all-time high and home values are consistently increasing. When you combine that with the incredibly low mortgage rates, it is not surprising to now see two straight months of increases," he said. Yun notes June's contract signings indicate that buyers are both enthusiastic about the market and of the potential wealth gain, but he added that home builders need to increase inventory. "Homes are selling at a breakneck pace, in less than a month, on average, for existing homes and three months for newly constructed homes," he said. "Furthermore, homeowners' equity in real estate has doubled over the past six years to now nearly $16 trillion. But the number of potential buyers exceeds the number of homes available. We need to see sizable growth in inventory, particularly of entry-level homes, to assure wider access to homeownership." June Pending Home Sales Regional Breakdown All regional indices are up from May and from one year ago. The PHSI in the Northeast rose 2.7% to 94.5 in June and is now 0.9% higher than a year ago. In the Midwest, the index grew 3.3% to 103.6 in June, 1.7% greater than June 2018. Pending home sales in the South increased 1.3% to an index of 125.7 in June, which is 1.4% higher than last June. The index in the West soared 5.4% in June to 96.8 and increased 2.5% above a year ago. The National Association of Realtors® is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
MORE >
June's Northeast Region Buyer Traffic Shows Modest Improvement as Demand in Other Areas Remains Sluggish, Consistent with Seasonal Patterns
MORE >
Existing-Home Sales Falter 1.7% in June
WASHINGTON (July 23, 2019) – Existing-home sales weakened in June, as total sales saw a small decline after a previous month of gains, according to the National Association of Realtors®. While two of the four major U.S. regions recorded minor sales jumps, the other two – the South and the West – experienced greater declines last month. Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, dropped 1.7% from May to a seasonally adjusted annual rate of 5.27 million in June. Sales as a whole are down 2.2% from a year ago (5.39 million in June 2018). "Home sales are running at a pace similar to 2015 levels – even with exceptionally low mortgage rates, a record number of jobs and a record high net worth in the country," said Lawrence Yun, NAR's chief economist. Yun says the nation is in the midst of a housing shortage and much more inventory is needed. "Imbalance persists for mid-to-lower priced homes with solid demand and insufficient supply, which is consequently pushing up home prices," he said. Yun said other factors could be contributing to the low number of sales. "Either a strong pent-up demand will show in the upcoming months, or there is a lack of confidence that is keeping buyers from this major expenditure. It's too soon to know how much of a pullback is related to the reduction in the homeowner tax incentive." The median existing-home price for all housing types in June reached an all-time high of $285,700, up 4.3% from June 2018 ($273,800). June's price increase marks the 88th straight month of year-over-year gains. Total housing inventory at the end of June increased to 1.93 million, up from 1.91 million existing-homes available for sale in May, but unchanged from the level of one year ago. Unsold inventory is at a 4.4-month supply at the current sales pace, up from the 4.3 month supply recorded in both May and in June 2018. Properties typically remained on the market for 27 days in June, up from 26 days in May and in June of 2018. Fifty-six percent of homes sold in June were on the market for less than a month. According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage decreased to 3.80% in June, down from 4.07% in May. The average commitment rate across all of 2018 was 4.54%. "Historically, these rates are incredibly attractive," said NAR President John Smaby, a second-generation Realtor® from Edina, Minnesota and broker at Edina Realty. "Securing and locking in on a mortgage now – given the current, favorable conditions – is a decision that will pay off for years to come." First-time buyers were responsible for 35% of sales in June, up from 32% the month prior and up from the 31% recorded in June 2018. NAR's 2018 Profile of Home Buyers and Sellers – released in late 2018 – revealed that the annual share of first-time buyers was 33%. As the share of first-time buyers rose, individual investors, who account for many cash sales, purchased 10% of homes in June, down from 13% recorded in both May 2019 and June 2018. All-cash sales accounted for 16% of transactions in June, down from May and a year ago (19% and 22%, respectively). Distressed sales – foreclosures and short sales – represented 2% of sales in June, unchanged from May but down from 3% in June 2018. Less than 1% of June 2019 sales were short sales. Regional Breakdown Compared to May, June existing-home sales rose slightly in the Northeast and Midwest but decreased in the South and West regions. Sales in all regions were still lower compared to one year ago, with the most significant declines in the Northeast and West. Median home prices rose in all regions, with the highest gains in the Midwest and South. June existing-home sale numbers in the Northeast increased 1.5% to an annual rate of 680,000, a 4.2% decline from a year ago. The median price in the Northeast was $321,200, up 4.8% from June 2018. In the Midwest, existing-home sales inched up 1.6% to an annual rate of 1.25 million, which is a 1.6% decline from June 2018. The median price in the Midwest was $230,400, a 6.7% jump up from a year ago. Existing-home sales in the South fell 3.4% to an annual rate of 2.25 million in June, down 0.4% from a year ago. The median price in the South was $248,600, up 4.9% from one year ago. Existing-home sales in the West fell 3.5% to an annual rate of 1.09 million in June, 5.2% below a year ago. The median price in the West was $410,400, up 2.3% from June 2018. Single-family and Condo/Co-op Sales Single-family home sales sat at a seasonally adjusted annual rate of 4.69 million in June, down from 4.76 million in May and down 1.7% from 4.77 million a year ago. The median existing single-family home price was $288,900 in June, up 4.5% from June 2018. Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 580,000 units in June, down 3.3% from the prior month and down 6.5% from a year ago. The median existing condo price was $260,100 in June, which is up 2.8% from a year ago. "Condos are typically more affordable than a detached single-family home, but only a small fraction of condos are FHA-certified," said Yun. The National Association of Realtors® is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
MORE >
U.S. Median Home Prices Reach a New Peak in Q2 2019
MORE >
HUD and Census Bureau Report Residential Construction Activity in June 2019
WASHINGTON (July 17, 2019) - The U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau jointly announced the following new residential construction statistics for June 2019. Building Permits Privately owned housing units authorized by building permits in June were at a seasonally adjusted annual rate of 1,220,000. This is 6.1 percent (±1.2 percent) below the revised May rate of 1,299,000 and is 6.6 percent (±1.1 percent) below the June 2018 rate of 1,306,000. Single‐family authorizations in June were at a rate of 813,000; this is 0.4 percent (±1.0 percent)* above the revised May figure of 810,000. Authorizations of units in buildings with five units or more were at a rate of 360,000 in June. Housing Starts Privately owned housing starts in June were at a seasonally adjusted annual rate of 1,253,000. This is 0.9 percent (±7.9 percent)* below the revised May estimate of 1,265,000, but is 6.2 percent (±7.8 percent)* above the June 2018 rate of 1,180,000. Single‐family housing starts in June were at a rate of 847,000; this is 3.5 percent (±9.6 percent)* above the revised May figure of 818,000. The June rate for units in buildings with five units or more was 396,000. Housing Completions Privately‐owned housing completions in June were at a seasonally adjusted annual rate of 1,161,000. This is 4.8 percent (±12.8 percent)* below the revised May estimate of 1,220,000 and is 3.7 percent (±10.5 percent)* below the June 2018 rate of 1,205,000. Single‐family housing completions in June were at a rate of 870,000; this is 1.8 percent (±11.5 percent)* below the revised May rate of 886,000. The June rate for units in buildings with five units or more was 283,000. Read more about new residential construction activity. Explanatory Notes In interpreting changes in the statistics in this release, note that month-to-month changes in seasonally adjusted statistics often show movements which may be irregular. It may take three months to establish an underlying trend for building permit authorizations, six months for total starts, and six months for total completions. The statistics in this release are estimated from sample surveys and are subject to sampling variability as well as nonsampling error including bias and variance from response, nonreporting, and undercoverage. Estimated relative standard errors of the most recent data are shown in the tables. Whenever a statement such as “2.5 percent (±3.2 percent) above” appears in the text, this indicates the range (-0.7 to +5.7 percent) in which the actual percentage change is likely to have occurred. All ranges given for percentage changes are 90 percent confidence intervals and account only for sampling variability. If a range does not contain zero, the change is statistically significant. If it does contain zero, the change is not statistically significant; that is, it is uncertain whether there was an increase or decrease. The same policies apply to the confidence intervals for percentage changes shown in the tables. On average, the preliminary seasonally adjusted estimates of total building permits, housing starts and housing completions are revised 3 percent or less. Explanations of confidence intervals and sampling variability can be found at the Census Bureau’s website. * The 90 percent confidence interval includes zero. In such cases, there is insufficient statistical evidence to conclude that the actual change is different from zero.
MORE >
CoreLogic Reports Lowest Overall Delinquency Rate in More than 20 Years This April
MORE >
Constellation Real Estate Group Acquires offrs.com
BELLEVUE, WASH. JULY 9, 2019 -- Constellation Data Solutions Inc., part of the Constellation Real Estate Group (CREG), announced today that it has acquired offrs.com (offrs), a market-leader in predictive analytics and lead generation in real estate. offrs leverages Big Data and its proprietary machine learning algorithm to predict future home sales and transactions, otherwise known as "Smart Data". offrs distributes its Smart Data to real estate agents and other financial verticals including mortgage and title companies. "With data and artificial intelligence at the forefront of innovation in the real estate industry, offrs' robust platform, predictive analytics and Smart Data deliver truly advanced data and insights that move the industry forward," said Scott Smith, President of Constellation Real Estate Group. "offrs has a strong team with powerful technology, and we're excited to welcome them to the Constellation Real Estate Group portfolio." "As offrs continues to grow and expand the impact our technology has on the real estate industry, we're excited to have found a long-term owner with Constellation Real Estate Group," said Mark Dickson, co-founder at offrs.com. "Our unique and innovative data and analytics products are a great fit with the Constellation Real Estate Group, who shares our vision of focusing on customers, employees, and our innovative technology." The acquisition of offrs aligns with CREG's strategy of investing in vertical market software solutions with a focus on strong solutions and a commitment to be long-term, stable technology partners for the real estate industry. "Predicting future real estate transactions is the key to building a world-class lead generation service. There is no better team to join when it comes to innovation than Constellation." concludes Rich Swier, co-founder of offrs.com. The CREG platform offers the real estate industry's broadest set of technology solutions including data, artificial intelligence and predictive analytics, front office sales and marketing tools including lead generation, back office software such as accounting, relocation management, eSignature, transaction management, and mortgage loan origination and servicing solutions. The CREG portfolio powers over half of a million real estate agents, brokerages, franchises, and MLSs across the U.S. and Canada and 100s of mortgage companies and banks. Following the acquisitions of Mortgage Builder and TORCHx earlier this year, offrs marks Constellation Real Estate Group's third new portfolio business in 2019. About The Constellation Real Estate Group The Constellation Real Estate group acquires and invests in real estate software brands that are committed to providing long-term solutions and partnerships with franchises, brokers, agents, MLSs, and banks. CREG provides a suite of market-leading technology solutions designed specifically for the real estate industry through its brands, which include: Market Leader, Constellation Web Solutions, Sharper Agent, Zurple, Z57, Diverse Solutions, Birdview, ReloSpec, Real Estate Digital, Baynet World, Inc., Mortgage Builder, TORCHx and now offrs.com. Over 500,000 real estate agents, brokerages, franchises, MLSs, and banks across North America rely on CREG's products and services to power, manage, and grow their businesses. Constellation Data Solutions Inc. is a part of the Constellation Real Estate Group, which operates as a part of the Perseus Operating Group, a division of Constellation Software Inc. For more information, visit: https://www.constellationreg.com Offrs.com Since 2012, offrs.com has been a leader in Big Data and Predictive Analytics for real estate agents and brokerages nationwide. offrs.com serves thousands of real estate professionals from major national franchise brands and large independent real estate brokerages across the U.S. For more information, visit http://offrs.com/
MORE >
Supply of Homes for Sale Down 0.3% in June, First Annual Decline in 10 Months
MORE >
CoreLogic Reports May Home Prices Increased by 3.6% Year Over Year
Annual U.S. home-price growth accelerates for the first time in 14 months CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the CoreLogic Home Price Index (HPI) and HPI Forecast for May 2019, which shows home prices rose both year over year and month over month. Home prices increased nationally by 3.6% from May 2018. On a month-over-month basis, prices increased by 0.9% in May 2019. (April 2019 data was revised. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results each month.) After several months of moderation earlier this year, the CoreLogic HPI Forecast indicates home prices will increase by 5.6% from May 2019 to May 2020. On a month-over-month basis, home prices are expected to increase by 0.8% from May 2019 to June 2019, bringing single-family home prices to an all-time high. The CoreLogic HPI Forecast is a projection of home prices calculated using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state. "Interest rates on fixed-rate mortgages fell by nearly one percentage point between November 2018 and this May," said Dr. Frank Nothaft, chief economist at CoreLogic. "This has been a shot-in-the-arm for home sales. Sales gained momentum in May and annual home-price growth accelerated for the first time since March 2018." According to the CoreLogic Market Condition Indicators (MCI), an analysis of housing values in the country's 100 largest metropolitan areas based on housing stock, 38% of metropolitan areas have an overvalued housing market as of May 2019. The CoreLogic MCI analysis categorizes home prices in individual markets as undervalued, at value or overvalued, by comparing home prices to their long-run, sustainable levels, which are supported by local market fundamentals such as disposable income. As of May 2019, 24% of the top 100 metropolitan areas were undervalued, and 38% were at value. When looking at only the top 50 markets based on housing stock, 42% were overvalued, 16% were undervalued and 42% were at value. The CoreLogic MCI analysis defines an overvalued housing market as one in which home prices are at least 10% above the long-term, sustainable level. An undervalued housing market is one in which home prices are at least 10% below the sustainable level. During the first quarter of 2019, CoreLogic together with RTi Research of Norwalk, Connecticut, conducted an extensive survey measuring consumer-housing sentiment in high-priced markets. Given the significant increases in home prices in these markets, homeowners are questioning their ability to afford replacement homes, and 28% of homeowners reported they are concerned they won't be able to afford buying a new home in the future. Only half of the respondents are satisfied with the number of options available in their market, and 40% of homeowners who are considering selling said they would have to move outside of their current market to afford another home. "The recent and forecasted acceleration in home prices is a good and bad thing at the same time," said Frank Martell, president and CEO of CoreLogic. "Higher prices and a lack of affordable homes are two of the most challenging issues in housing today, and every buyer, seller and industry participant is being impacted. The long-term solution lies in expanding supply, which will require aggressive and effective collaboration between policy makers, state and local government entities and home builders." About the CoreLogic Consumer Housing Sentiment Study In the first quarter of 2019, 1,002 renters and homeowners were surveyed by CoreLogic together with RTi Research. This study is a quarterly pulse of U.S. housing market dynamics. Each quarter, the research focuses on a different issue related to current housing topics. This first quarterly study concentrated on consumer sentiment within high-priced markets. The survey has a sampling error of +/- 3.1% at the total respondent level with a 95% confidence level. About RTi Research RTi Research is an innovative, global market research and brand strategy consultancy headquartered in Norwalk, CT. Founded in 1979, RTi has been consistently recognized by the American Marketing Association as one of the top 50 U.S. insights companies. The company serves a broad base of leading firms in Financial Services, Consumer Goods, and Pharmaceuticals as well as partnering with leading academic centers of excellence. About CoreLogic CoreLogic (NYSE: CLGX), the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, acquire and protect their homes. For more information, please visit www.corelogic.com.
MORE >
Pending Home Sales Bounce Back 1.1% in May
MORE >
CoreLogic Reports the Negative Equity Share Fell to 4.1% in the First Quarter of 2019
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the Home Equity Report for the first quarter of 2019. The report shows that U.S. homeowners with mortgages (which account for roughly 63% of all properties) have seen their equity increase by 5.6% year over year, representing a gain of nearly $485.7 billion since the first quarter of 2018. The average homeowner gained $6,400 in home equity between the first quarter of 2018 and the first quarter of 2019. Some states saw much larger gains. In Nevada, homeowners gained an average of approximately $21,000. In Idaho, homeowners gained an average of approximately $20,700 and Wyoming homeowners gained an average of $20,300 (Figure 1). From the fourth quarter of 2018 to the first quarter of 2019, the total number of mortgaged homes in negative equity decreased 1% to 2.2 million homes or 4.1% of all mortgaged properties. The number of mortgaged properties in negative equity during the first quarter 2019 fell 11%, or by 268,000 homes, from 2.5 million homes, or 4.7% of all mortgaged properties, from the first quarter 2018. "A moderation in home-price growth has reduced the gains in home-equity wealth and will likely slow the growth in home-improvement spending in the coming year," said Dr. Frank Nothaft, chief economist for CoreLogic. "For larger remodeling projects, homeowners often choose to cash-out some of their home equity through a first-lien refinance or placement of a second lien." Negative equity, often referred to as being underwater or upside down, applies to borrowers who owe more on their mortgages than their homes are worth. Negative equity can occur because of a decline in a home's value, an increase in mortgage debt or both. Negative equity peaked at 26% of mortgaged residential properties in the fourth quarter of 2009, based on the CoreLogic equity data analysis, which began in the third quarter of 2009. The national aggregate value of negative equity was approximately $304.4 billion at the end of the first quarter of 2019. This is up approximately $2.5 billion from $301.9 billion in the fourth quarter of 2018 and up year over year by approximately $18 billion from $286.4 billion in the first quarter of 2018. "The country continues to experience record economic expansion as illustrated by these increases in home equity," said Frank Martell, president and CEO of CoreLogic. "We expect home equity to continue increasing nationally in 2019, albeit at a slower pace than in recent years." For ongoing housing trends and data, visit the CoreLogic Insights Blog: www.corelogic.com/insights-index.aspx. About CoreLogic CoreLogic (NYSE: CLGX), the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, acquire and protect their homes. For more information, please visit www.corelogic.com.
MORE >
Redfin Report: May Home Prices Up 3.6% in May, the Largest Year-over-Year Increase in 7 Months
MORE >
May Residential Real Estate Traffic Down in 75% of Regions, but More Comparable to Prior Year
Northeast Region Posts First Year-over-Year Increase in Buyer Traffic Since April 2018, while U.S. as a Whole Reports Slightly Lower, but More Stable Showing Activity June 21, 2019 – In a welcome sign for the Northeast, which has experienced lower year-over-year buyer traffic since April 2018, the region saw showings increase 1.5 percent in May, according to the latest data from the ShowingTime Showing Index. The Northeast was the only region to report higher buyer traffic, however, as the U.S. as a whole was slower, albeit more in line with prior-year showing traffic. The U.S. declined 2.3 percent, the lowest such decline since August 2018 after 10 consecutive months of slower activity. The West Region continued its trend of slowing traffic, seeing a 10.6 percent drop year over year. The South and Midwest saw more modest declines in activity at 4.1 percent and 3.4 percent, respectively. "Year over year, the situation is stabilizing with May 2019 roughly in line with May 2018 and with the Northeast region crossing into positive territory," said ShowingTime Chief Analytics Officer Daniil Cherkasskiy. "Activity in the Midwest and South are also in line with last year as we continue to see stronger traffic in the lower price quartiles of the market, with more expensive homes still seeing less traffic compared to the same time last year." The ShowingTime Showing Index, the first of its kind in the residential real estate industry, is compiled using data from property showings scheduled across the country on listings using ShowingTime products and services, providing a benchmark to track buyer demand. ShowingTime facilitates more than four million showings each month. Released monthly, the Showing Index tracks the average number of appointments received on active listings during the month. Local MLS indices are also available for select markets and are distributed to MLS and association leadership. To view the full report, visit showingtime.com/showingtime-showing-index. About ShowingTime ShowingTime is the residential real estate industry's leading showing management and market stats technology provider, with more than 1.2 million active listings subscribed to its services. Its showing products and services simplify the appointment scheduling process for real estate professionals, buyers and sellers, resulting in more showings, more feedback and more efficient sales. Its MarketStats division provides interactive tools and easy-to-read market reports for MLSs, associations, brokers and other real estate companies. ShowingTime products are used in more than 250 MLSs representing over 950,000 real estate professionals across the U.S. and Canada. For more information, contact us at [email protected]
MORE >
U.S. Completed Foreclosures Decrease 50 Percent from a Year Ago
MORE >
CoreLogic Reports Lowest U.S. Foreclosure Rate for a March in at Least 20 Years; Overall and Serious Delinquency Rates for a March at 13 Year Lows
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report. The report shows that nationally 4% of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in March 2019, representing a 0.3-percentage-point decline in the overall delinquency rate compared with March 2018, when it was 4.3%. This was the lowest for the month of March in 13 years. As of March 2019, the foreclosure inventory rate – which measures the share of mortgages in some stage of the foreclosure process – was 0.4%, down 0.2 percentage points from March 2018. March 2019 marked the fifth consecutive month that the foreclosure inventory rate remained at 0.4% and was the lowest for any month since at least January 1999. Measuring early-stage delinquency rates is important for analyzing the health of the mortgage market. To monitor mortgage performance comprehensively, CoreLogic examines all stages of delinquency, as well as transition rates, which indicate the percentage of mortgages moving from one stage of delinquency to the next. The rate for early-stage delinquencies – defined as 30 to 59 days past due – was 2% in March 2019, up from 1.8% in March 2018. The share of mortgages 60 to 89 days past due in March 2019 was 0.6%, unchanged from March 2018. The serious delinquency rate – defined as 90 days or more past due, including loans in foreclosure – was 1.4% in March 2019, down from 1.9% in March 2018. The serious delinquency rate of 1.4% this March was the lowest for that month since 2006 when it was also 1.4%. Since early-stage delinquencies can be volatile, CoreLogic also analyzes transition rates. The share of mortgages that transitioned from current to 30 days past due was 0.9% in March 2019, up from 0.7% in March 2018. By comparison, in January 2007, just before the start of the financial crisis, the current-to-30-day transition rate was 1.2%, while it peaked in November 2008 at 2%. The nation's overall delinquency rate has fallen on a year-over-year basis for the past 15 consecutive months. However, 21 states did experience a slight increase in the overall delinquency rate in March 2019. Mississippi had the nation's highest overall delinquency rate at 8.2%, a 0.5-percentage-point gain from March 2018, while Alabama's gain was 0.3 percentage points. The other 19 states experienced annual gains of 0.1 or 0.2 percentage points. "The increase in the overall delinquency rate in 42% of states most likely indicates many Americans were caught off guard by their expenses in early 2019," said Dr. Frank Nothaft, chief economist at CoreLogic. "A strong economy, labor market and record levels of home equity should limit delinquencies from progressing to later stages." In March 2019, 166 U.S. metropolitan areas posted at least a small annual increase in the overall delinquency rate. Some of the highest gains were in several hurricane-ravaged parts of the Southeast (in Florida, Georgia and North Carolina), and in Northern California's Chico metropolitan area, home of last year's devastating "Camp Fire." "Delinquency rates and foreclosures continue to drop through March and should decline further in the months ahead barring any serious dislocations from recent flooding in the mid-west or a severe Atlantic hurricane and/or wildfire season on the coasts," said Frank Martell, president and CEO of CoreLogic. The next CoreLogic Loan Performance Insights Report will be released on July 9, 2019, featuring data for April 2019. For ongoing housing trends and data, visit the CoreLogic Insights Blog. About CoreLogic CoreLogic (NYSE: CLGX), the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, acquire and protect their homes. For more information, please visit www.corelogic.com.
MORE >
U.S. Home Flipping Rate Reaches a Nine-Year High in Q1 2019
MORE >
Homes Becoming More Affordable Despite Rising Prices
National median listing price sets new record at $315,000; 74 of nation's 100 largest metros become more affordable than last year SANTA CLARA, Calif., June 6, 2019 -- Nearly three-quarters of the 100 largest U.S. metros -- including some of the priciest like San Jose, Calif., and San Francisco -- are more affordable than this time last year, despite a continued upward swing in median home prices, according to two new research reports released today by realtor.com. The trends are based on realtor.com's May 2019 monthly housing trend report and REALTORS and realtor.com Affordability Distribution Curve and Score Report, which showed increasing inventory, rising wages, and declining mortgage rates have offset slowing price increases in some local areas, making a larger share of homes affordable to buyers -- especially in the mid-to upper-tier price range. Realtor.com® May data shows the U.S. median listing price continued its upward hike, increasing 6 percent year-over-year to $315,000 -- a new record high. However, the 6 percent year-over-year increase in the median listing price was the slowest pace of growth since April 2015. National inventory grew by 3 percent, and homes typically spent 53 days on the market--one day less than last May. The most dramatic change in the U.S. housing market landscape is affordability, which realtor.com® defines as the share of for-sale homes a buyer is able to afford in their market at their income. Driven by inventory growth and lower mortgage rates, 74 out of the nation's 100 largest metros became more affordable in April 2019 compared to the previous year. This trend is a rapid acceleration from last month when only 44 metros were more affordable than the previous year. "Lower mortgage rates, higher wages and more homes for sale have helped counteract rising home prices, and ultimately, made it so that buyers are able to afford more than last year," said Danielle Hale, realtor.com®'s chief economist. "However, the boost in affordability has yet to translate into more home sales perhaps because--while the shift in trend is welcome, the current monthly savings are small and some buyers may be waiting for markets to tip further in their favor." Compared to national trends, the 10 markets with the greatest increases in affordability were San Jose, Calif.; Des Moines, Iowa; San Francisco; Lakeland, Fla.; Atlanta; Portland, Ore.; Cape Coral, Fla.; Austin, Texas; and Dallas. These markets are distinguished by rising incomes, decreasing listing prices, and a significant increase in available homes for sale. On average, incomes grew an estimated 6 percent year-over-year, compared to the 3.5 percent increase the top 100 largest metros saw. At the same time, median home listing prices fell an average of 2 percent, and inventory increased an average of 26 percent. This compared to 4.4 percent price and 6.5 percent inventory growth in the top 100 metros. Hale added, "Despite the encouraging trends, entry-level buyers will likely continue to struggle to find homes in their price range as the majority of the inventory gains continue to be in mid-to upper-tier homes in more expensive markets." In April, the number of homes priced above $750,000 -- more than double the national median -- increased 11 percent year-over-year, while the number homes priced below $200,000 decreased by 8 percent year-over-year. Similarly, increases in affordability are predominantly focused in pricier markets, especially along the West Coast. For example, San Jose, one of the nation's most expensive metros, saw the greatest boost in affordability, but it was principally driven by improvements for 80th and 90th percentile income earners. Meaning, San Jose became more affordable compared to this time last year, but the majority of affordability increases were only felt by the area's top income earners. For more information, please visit: https://www.realtor.com/research/may-2019-data Metros With Greatest Increases in Affordability About realtor.com® Realtor.com®, The Home of Home Search, offers the most MLS-listed for-sale listings among national real estate portals, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. Through its Opcity platform, realtor.com® uses data science and machine learning to connect consumers with a real estate professional based on their specific buying and selling needs. Realtor.com®pioneered the world of digital real estate 20 years ago, and today is a trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com®.
MORE >
CoreLogic Reports April Home Prices Increased by 3.6% Year Over Year
MORE >
Inventory Pile Up Creates Top Markets for Home Buyers
Scales tip toward buyers as sales slow, causing price growth to flatline SANTA CLARA, Calif., June 4, 2019 -- Market conditions are tipping toward buyers for the first time in years in cities throughout the U.S. The shift is prompted by a wave of new for-sale listings and slowing home sales, according to new research released today by realtor.com, the Home of Home Search. The top 10 markets for home buyers include Albany, N.Y.; Chicago; San Antonio; Jacksonville, Fla., Riverside, Calif.; Los Angeles; Providence, R.I.; Dallas; Nashville, Tenn.; and Tampa, Fla. "The U.S. housing market has largely favored sellers over the last several years as a result of the record-breaking low inventory and red-hot demand that led to intense competition and fast-rising home prices. However, we're now seeing some metros buck this trend," according to Danielle Hale, realtor.com®'s chief economist. "Slowing sales and growing inventories have caused months supply to increase in many markets across the country. These buyer-friendly markets are areas where inventory already outpaces sales relative to other large markets and they are continuing to move in a buyer-friendly direction, but they're not the only areas trending this way." To determine the top markets for buyers, realtor.com® focused its analysis on markets where the pace of sales relative to inventory is below the national average and slowing, inventory of available homes for sale is growing, and sales prices are growing slower than the national average or declining. Slow Sales Pace Replenishes Housing Inventory Months supply data, which examines how long inventory would last under the current amount of demand if no more inventory were added, has increased to 5.2 months in these 10 metros, up from 4.5 months this time last year. This means, it would take 5.2 months to completely run out of available homes for sale. In fact, all 10 markets have more than four months of supply and an absorption rate under 25 percent, which translates into less than one home sale per month, for every five homes listed. Meanwhile, months supply in these markets is one month greater than in the top 50 largest U.S. markets, indicating 24 percent more inventory relative to sales in these areas. Hale added, "These 10 housing markets are already more buyer-friendly when looking at the availability of homes for sale in different markets, however, the mismatch between what's available and what buyers want has led to lukewarm demand and lackluster sales. As inventory continues to grow in these markets, buyers will see more options, and should ultimately gain more bargaining power." Inventory Growth Breaks Double Digits As demand cools in these top markets for buyers, inventory continues to ramp up. On average, the top markets for buyers are seeing active inventory grow at a rapid 14.6 percent pace, year-over-year, compared to the national growth rate of just 4.0 percent. This paints a completely different picture from the supply constrained conditions that haunted buyers in many areas for so long. Los Angeles, Dallas, and Nashville, which were previously some of the most constrained among these buyer friendly markets, have seen the greatest inventory growth, as each of these markets have increased its active inventory by over 24 percent, year-over-year. Home Price Growth Hits a Wall In reaction to the increased inventory and lessened demand, sales price growth has hit a wall in these markets, and one is even seeing home prices decline. On average, sales prices in the 10 markets have grown a miniscule 1.4 percent. This is down dramatically from the 8.4 percent sales price growth seen this time last year, and 6.3 percent growth in 2017. Not coincidentally, lessened demand and pricier inventory have led to an impact on sales, which have declined 5.5 percent on average, year-over-year. In Tampa, home prices have declined year-over-year for the first time since 2012. Housing Market Game Changers In Chicago, Los Angeles, and Providence, the housing market slowdown can be traced to economic growth that's fallen behind the rest of the country and pushed potential buyers to seek career options elsewhere. In these three markets, both household and job creation are lagging behind the U.S. average. A similar pattern is occurring in Riverside, Tampa, and Jacksonville, where job growth has notably lagged the U.S. average. In Tampa and Jacksonville, the tax reform boosted out-of state buyer activity last year, but the boost has faded as prices rise and perceived value decreases. In Nashville, Dallas and San Antonio, the relative slowdown can be attributed to the overheating these markets have witnessed. Over the last three years in particular, home price growth in these Southern markets has reached unsustainable levels, exhausting buyers' budgets and causing the pace of sales to slow dramatically. Since the end of 2015, home prices in the three markets combined have grown notably faster than the U.S. average, up 21 percent, compared to 13 percent nationally during the three year period, respectively. Mid- to low-tier priced homes in particular remain difficult to find, as the median household in these areas are only able to afford just 26 percent, 20 percent, and 21 percent of the available inventory, compared with 36 percent of available inventory being affordable to the median-income household nationwide per the April Realtors® Affordability Distribution Curve data. For more information, please click here. About realtor.com® Realtor.com®, The Home of Home Search, offers the most MLS-listed for-sale listings among national real estate portals, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. Through its Opcity platform, realtor.com® uses data science and machine learning to connect consumers with a real estate professional based on their specific buying and selling needs. Realtor.com®pioneered the world of digital real estate 20 years ago, and today is a trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
MORE >
Pending Home Sales Trail Off 1.5% in April
MORE >
April showings sluggish as market sees ninth straight month of diminished YOY activity
Upper End Hit Hardest as Luxury Buyers Stay Home Key Points: April saw a 6.5 percent year-over-year decrease in showing activity across the U.S. despite a drop in mortgage rates; the West Region, down 11.1 percent, again recorded the largest year-over-year decline of all four regions For the seventh consecutive month, showing activity also fell in the South (-8.1 percent), the Midwest (-7.1 percent) and the Northeast (-3.8 percent) May 29, 2019 – Real estate agents throughout the U.S. may have to brace for a more sluggish market than anticipated based on last month's decline in home showing activity, the ninth consecutive month of a nationwide year-over-year decrease according to the ShowingTime Showing Index®. Buyer traffic was down 6.5 percent across the U.S. compared to the same time last year. The diminished showing activity was felt in every region throughout the country, most notably in the West, where for the 13th consecutive month showings declined on a year over year basis. "Showing activity stabilized and is holding steady, but it is still slightly off from the higher levels registered in 2018," said ShowingTime Chief Analytics Officer Daniil Cherkasskiy. "The slowdown in showing traffic continues to be concentrated in the upper price quartiles across the U.S., with less expensive homes registering the same or slightly higher levels of showing traffic than at the same time last year." The ShowingTime Showing Index, the first of its kind in the residential real estate industry, is compiled using data from property showings scheduled across the country on listings using ShowingTime products and services, providing a benchmark to track buyer demand. ShowingTime facilitates more than four million showings each month. Released monthly, the Showing Index tracks the average number of appointments received on active listings during the month. Local MLS indices are also available for select markets and are distributed to MLS and association leadership. To view the full report, visit showingtime.com/index. About ShowingTime ShowingTime is the residential real estate industry's leading showing management and market stats technology provider, with more than 1.2 million active listings subscribed to its services. Its showing products and services simplify the appointment scheduling process for real estate professionals, buyers and sellers, resulting in more showings, more feedback and more efficient sales. Its MarketStats division provides interactive tools and easy-to-read market reports for MLSs, associations, brokers and other real estate companies. ShowingTime products are used in more than 250 MLSs representing over 950,000 real estate professionals across the U.S. and Canada. For more information, contact us at [email protected]
MORE >
U.S. Foreclosure Activity Decreases 13 Percent in April 2019
MORE >
Existing-Home Sales Inch Back 0.4% in April
WASHINGTON (May 21, 2019) – Existing-home sales saw a minor decline in April, continuing March's drop in sales, according to the National Association of Realtors®. Two of the four major U.S. regions saw a slight dip in sales, while the West saw growth and the Midwest essentially bore no changes last month. Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, fell 0.4% from March to a seasonally adjusted annual rate of 5.19 million in April. Total sales are down 4.4% from a year ago (5.43 million in April 2018). Lawrence Yun, NAR's chief economist, said he is not overly concerned about the 0.4% dip in sales and expects moderate growth very soon. "First, we are seeing historically low mortgage rates combined with a pent-up demand to buy, so buyers will look to take advantage of these conditions," he said. "Also, job creation is improving, causing wage growth to align with home price growth, which helps affordability and will help spur more home sales." The median existing-home price for all housing types in April was $267,300, up 3.6% from April 2018 ($257,900). April's price increase marks the 86th straight month of year-over-year gains. Total housing inventory at the end of April increased to 1.83 million, up from 1.67 million existing homes available for sale in March and a 1.7% increase from 1.80 million a year ago. Unsold inventory is at a 4.2-month supply at the current sales pace, up from 3.8 months in March and up from 4.0 months in April 2018. "We see that the inventory totals have steadily improved, and will provide more choices for those looking to buy a home," Yun said. He notes that sellers have to realize that price growth has moderated. "When placing their home on the market, home sellers need to be very realistic and aware of the current conditions." Properties remained on the market for an average of 24 days in April, down from 36 days in March and down from 26 days a year ago. Fifty-three percent of homes sold in April were on the market for less than a month. Yun says that college student debt continues to hinder millennial homebuyers. "Given the record high job openings in the construction sector, some may want to take a gap year to work there and save, and thereby lessen the student debt burden." Realtor.com®'s Market Hotness Index, measuring time-on-the-market data and listing views per property, revealed that the hottest metro areas in April were Boston-Cambridge-Newton, Mass.; Lafayette-West Lafayette, Ind.; Spokane-Spokane Valley, Wash.; Columbus, Ohio; and Sacramento--Roseville--Arden-Arcade, Calif. According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage decreased to 4.14% in April from 4.27% in March. The average commitment rate across all of 2018 was 4.54%. "I think the market had a bit of a slow start in the Fall, but Realtors® all over the country have been telling me that April was a nice rebound. We're hopeful and expect that this will continue heading into the summer," said NAR President John Smaby, a second-generation Realtor® from Edina, Minnesota and broker at Edina Realty. "Homes over the last month sold quickly, which is not only a win-win for buyers and sellers, but it's also great for the real estate industry." First-time buyers were responsible for 32% of sales in April, down from the 33% reported last month and one year ago. NAR's 2018 Profile of Home Buyers and Sellers—released in late 2018—revealed that the annual share of first-time buyers was 33%. All-cash sales accounted for 20% of transactions in April, down from March and a year ago (21% in both cases). Individual investors, who account for many cash sales, purchased 16% of homes in April, down from March's 18%, but up from a year ago (14%). Distressed sales—foreclosures and short sales—represented 3% of sales in April, equal to the 3% in March and down from 4% in April 2018. One percent of April 2019 sales were short sales. Single-family and Condo/Co-op Sales Single-family home sales sat at a seasonally adjusted annual rate of 4.62 million in April, down from 4.67 million in March and down 4.0% from 4.81 million a year ago. The median existing single-family home price was $269,300 in April, up 3.7% from April 2018. Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 570,000 units in April, up 5.6% from the prior month and down 8.1% from a year ago. The median existing condo price was $251,000 in April, which is up 3.4% from a year ago. Regional Breakdown April existing-home sales numbers in the Northeast decreased 4.5% to an annual rate of 640,000, 4.5% below a year ago. The median price in the Northeast was $277,700, up 0.9% from April 2018. In the Midwest, existing-home sales saw relatively no percentage change from the month prior, as the annual rate remained 1.17 million, which is 7.9% below April 2018 levels. The median price in the Midwest was $210,500, an increase of 5.5% from a year ago. Existing-home sales in the South modestly dropped 0.4% to an annual rate of 2.27 million in April, down 1.7% from a year ago. The median price in the South was $236,800, up 4.4% from a year ago. Existing-home sales in the West grew 1.8% to an annual rate of 1.11 million in April, 5.9% below a year ago. The median price in the West was $395,100, up 1.3% from April 2018. The National Association of Realtors® is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
MORE >
Redfin: Vacant Homes Fetch Less Money and Take Longer to Sell
MORE >
CoreLogic Reports U.S. Overall Delinquency Rate Lowest for a February in Nearly Two Decades
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report. The report shows, nationally, 4% of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in February 2019, representing a 0.8 percentage point decline in the overall delinquency rate compared with February 2018, when it was 4.8%. This was the lowest for the month of February in at least 19 years. As of February 2019, the foreclosure inventory rate – which measures the share of mortgages in some stage of the foreclosure process – was 0.4%, down 0.2 percentage points from February 2018. The February 2019 foreclosure inventory rate tied the November and December 2018 and January 2019 rates as the lowest for any month since at least January 1999. Measuring early-stage delinquency rates is important for analyzing the health of the mortgage market. To monitor mortgage performance comprehensively, CoreLogic examines all stages of delinquency, as well as transition rates, which indicate the percentage of mortgages moving from one stage of delinquency to the next. The rate for early-stage delinquencies – defined as 30 to 59 days past due – was 2% in February 2019, down from 2.1% in February 2018. The share of mortgages 60 to 89 days past due in February 2019 was 0.6%, down from 0.7% in February 2018. The serious delinquency rate – defined as 90 days or more past due, including loans in foreclosure – was 1.4% in February 2019, down from 2.1% in February 2018. The serious delinquency rate of 1.4% this February was the lowest for that month since 2001 when it was also 1.4%. Since early-stage delinquencies can be volatile, CoreLogic also analyzes transition rates. The share of mortgages that transitioned from current to 30 days past due was 1% in February 2019, unchanged from February 2018. By comparison, in January 2007, just before the start of the financial crisis, the current-to-30-day transition rate was 1.2%, while it peaked in November 2008 at 2%. "The persistently impressive economic expansion continues to drive down housing market distress, with delinquencies and foreclosures hitting near two-decade lows," said Dr. Ralph McLaughlin, deputy chief economist at CoreLogic. "Furthermore, with unemployment at a 50-year low, wage growth nearing double inflation and a positive demographic structure that will drive housing demand upwards, the future of U.S. housing and mortgage markets look bright even if short term indicators suggest cooling." The nation's overall delinquency rate has fallen on a year-over-year basis for the past 14 consecutive months. Fewer delinquencies attribute to the strength of loan vintages in the years since the residential lending market has recovered following the housing crisis. In February, 11 metropolitan areas experienced annual gains – mostly very small – in their serious delinquency rates. The largest gains were in four Southeast metros affected by natural disasters in 2018. "We are on track to test generational lows as delinquency rates hit their lowest point in almost two decades. Given the economic outlook, we are likely to see more declines over the balance of this year," said Frank Martell, president and CEO of CoreLogic. "Reflective of the drop in delinquency rates, no state experienced a year-over-year increase in its foreclosure inventory rate so far in 2019." The next CoreLogic Loan Performance Insights Report will be released on June 11, 2019, featuring data for March 2019. For ongoing housing trends and data, visit the CoreLogic Insights Blog. About CoreLogic CoreLogic (NYSE: CLGX), the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, acquire and protect their homes. For more information, please visit www.corelogic.com.
MORE >
Metro Home Prices See 3.9% Increase in 2019's First Quarter
MORE >
CoreLogic Reports March Home Prices Increased by 3.7% Year Over Year
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the CoreLogic Home Price Index (HPI) and HPI Forecast for March 2019, which shows home prices rose both year over year and month over month. Home prices increased nationally by 3.7% year over year from March 2018. On a month-over-month basis, prices increased by 1% in March 2019. (February 2019 data was revised. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results each month.) Looking ahead, after some initial moderation in early 2019, the CoreLogic HPI Forecast indicates home prices will begin to pick up and increase by 4.8% on a year-over-year basis from March 2019 to March 2020. On a month-over-month basis, home prices are expected to decrease by 0.3% from March 2019 to April 2019. The CoreLogic HPI Forecast is a projection of home prices calculated using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state. "The U.S. housing market continues to cool, primarily due to some of our priciest markets moving into frigid waters," said Dr. Ralph McLaughlin, deputy chief economist at CoreLogic. "But the broader market looks more temperate as supply and demand come into balance. With mortgage rates flat and inventory picking up, we expect more buyers to take advantage of easing housing market headwinds." According to the CoreLogic Market Condition Indicators (MCI), an analysis of housing values in the country's 100 largest metropolitan areas based on housing stock, 35% of metropolitan areas have an overvalued housing market as of March 2019. The MCI analysis categorizes home prices in individual markets as undervalued, at value or overvalued, by comparing home prices to their long-run, sustainable levels, which are supported by local market fundamentals (such as disposable income). Additionally, as of March 2019, 26% of the top 100 metropolitan areas were undervalued, and 39% were at value. When looking at only the top 50 markets based on housing stock, 40% were overvalued, 16% were undervalued and 44% were at value in March 2019. The MCI analysis defines an overvalued housing market as one in which home prices are at least 10% above the long-term, sustainable level. An undervalued housing market is one in which home prices are at least 10% below the sustainable level. During the first quarter of 2019, CoreLogic together with RTi Research of Norwalk, Connecticut, conducted an extensive survey measuring consumer-housing sentiment in high-priced markets. The survey respondents indicated high home prices have an impact on high rental prices as well. Nearly 76% of renters and buyers in high-priced markets agreed housing prices in these markets appeared to be driving rental rates up. "The cost of either buying or renting in expensive markets puts a significant strain on most consumers," said Frank Martell, president and CEO of CoreLogic. "Nearly half of survey respondents – 44% of renters – cited the cost to rent in high-priced housing markets as the number one barrier to entry into homeownership. This is potentially forcing renters to wait longer to have the necessary down payment in these communities." About the CoreLogic Consumer Housing Sentiment Study In the first quarter of 2019, 1,002 renters and homeowners were surveyed by CoreLogic together with RTi Research. This study is a quarterly pulse of U.S. housing market dynamics. Each quarter, the research focuses on a different issue related to current housing topics. This first quarterly study concentrated on consumer sentiment within high-priced markets. The survey has a sampling error of +/- 3.1% at the total respondent level with a 95% confidence level. About RTi Research RTi Research is an innovative, global market research and brand strategy consultancy headquartered in Norwalk, CT. Founded in 1979, RTi has been consistently recognized by the American Marketing Association as one of the top 50 U.S. insights companies. The company serves a broad base of leading firms in Financial Services, Consumer Goods, and Pharmaceuticals as well as partnering with leading academic centers of excellence. About CoreLogic CoreLogic (NYSE: CLGX), the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables realtors, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, acquire and protect their homes. For more information, please visit www.corelogic.com.
MORE >
Pending Home Sales Climb 3.8% in March
MORE >
U.S. Home Prices Continue Upward Trajectory
Median list price hits $310,000; newly listed homes increase 3 percent year-over-year; national inventory increases 4 percent year-over-year SANTA CLARA, Calif., May 1, 2019 -- The national median listing price set a record of $310,000 in April -- surpassing March's high of $300,000, according to realtor.com's April 2019 monthly housing trend report released today. At the same time, demand for U.S. housing is cooling heading into spring as newly listed homes and national inventory grew, primarily driven by a combination of more owners listing homes and softening buyer demand. "The U.S. median listing price set another record this month, which we expect it to continue to do through summer when prices typically hit their seasonal peak," said Danielle Hale, realtor.com®'s chief economist. "Despite growing availability of total homes for sale, prices are rising in response to more high-end homes for sale, which is not exactly what most shoppers in today's market are looking for. Inventory remains limited at the entry-level, where much of housing's demand is concentrated. This mismatch is a prime driver of the weaker sales we've seen so far in 2019." Much of this price growth continues to be driven by an increase in upper-tier homes for sale. In April, the number of homes for sale over $750,000 increased by 11 percent year-over-year, while homes priced under $200,000 decreased by 8 percent. As the median listing price grows and the number of affordable, entry-level homes decreases, entry-level shoppers will likely face though competition this spring. Of the 50 largest U.S. metros, 36 saw year-over-year increases in median listing prices, but only 9 markets outpaced the national growth of 7 percent. Milwaukee, (+13 percent), Kansas City, Mo. (+12 percent), and Rochester, N.Y. (+12 percent), posted the largest year-over-year median list price growth in April. The steepest median listing price declines were seen in San Jose, Calif., where prices were down 8 percent. San Francisco and Dallas followed, with 4 percent and 3 percent declines year-over-year, respectively. These markets were ranked first, third, and seventh for inventory growth -- as supply begins to exceed demand, prices are declining to adjust and balance the market. While prices continue to rise, inventory is also seeing continued growth as both newly listed homes and national inventory saw growth last month. In April, approximately 60,000 additional listings hit the U.S. market compared to last year, amounting to a 4 percent increase year-over-year. Much of this growth has been concentrated in the nation's 50 largest markets, where inventory grew at a rapid pace of 10 percent year-over-year. At the same time, newly listed homes in the U.S. have increased 3 percent year-over-year. The combination of newly listed homes and national inventory growth means the U.S. will continue to see inventories ease, especially at the top end of the market. Large metros that saw the greatest gains in inventory were San Jose, Calif., Seattle, and San Francisco, growing by 92 percent, 82 percent and 39 percent, respectively. Metros with the greatest declines in inventory included St. Louis, Washington, D.C. and Rochester, N.Y.; where inventory declined by 16 percent, 15 percent and 10 percent, respectively. Sellers in pricey west coast markets are likely trying to offload their homes at peak pricing, but in more affordable markets, such as St. Louis, inventory is declining as buyers seek price relief. One expensive outlier is Washington D.C., where inventory declines may be attributed to sellers holding onto their homes in anticipation of the opening of HQ2, Hale added. In April, the share of homes that had their prices cut increased by 2 percent year-over-year. Among the nation's largest markets, 37 of the 50 saw an increase in their share of price reductions year-over-year. Las Vegas had the greatest increase in price reductions, up 15 percent year-over-year. It was followed by San Jose, Calif., with a 9 percent increase in reductions, while Seattle, San Francisco, and Atlanta each had a 5 percent increase in reductions year-over-year. Nationally, homes sold in 58 days in April, one day more quickly than a year ago and seven days faster than in March. In the 50 largest U.S. metros, the homes spent an average of two more days on the market compared to the previous year. San Jose, Calif., Los Angeles, and Kansas City, Mo., saw the largest increases in days on market with properties spending 8, 7 and 7 more days on the market, respectively. Alternatively, properties in Philadelphia; Birmingham, Ala. and Pittsburgh, Pa., sold 7, 5 and 4 days more quickly than last year, respectively. Metros Seeing the Largest Gains in Inventory About realtor.com® Realtor.com®, The Home of Home Search℠, offers an extensive inventory of for-sale and rental listings, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today is the trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
MORE >
Updated Realtor.com Forecast Paints Rosier Picture for 2019 Homebuyers
MORE >
U.S. Foreclosure Activity Decreases 15 Percent in Q1 2019 to Lowest Levels Since Q1 2008
Foreclosure Activity Below Pre-Recession Levels in 60 Percent of U.S. Markets; Foreclosure Starts Up Seven Percent From a Year Ago; Average Foreclosure Timeline Increases 5 Percent From Last Year IRVINE, Calif. – April 11, 2019 — ATTOM Data Solutions, curator of the nation's premier property database and first property data provider of Data-as-a-Service (DaaS), today released its Q1 2019 U.S. Foreclosure Market Report, which shows a total of 161,875 U.S. properties with a foreclosure filing during the first quarter of 2019, down 23 percent from the previous quarter and down 15 percent from a year ago to the lowest level since Q1 2008. The report also shows a total of 58,550 U.S. properties with foreclosure filings in March 2019, up 7 percent from the previous month but down 21 percent from a year ago — the ninth consecutive month with a year-over-year decrease in U.S. foreclosure activity. "While some markets saw a slight uptick in foreclosure filings, that is above pre-recession levels, the majority of the major markets are well below pre-recession levels," said Todd Teta, chief product officer at ATTOM Data Solutions. "While we did see a slight increase in U.S. foreclosure starts from last quarter, bank repossessions reached an all-time low in the first quarter of 2019, showing continuing signs of a strong housing market." Markets below pre-recession levels include San Jose, Memphis, Dallas-Fort Worth The 132 out of the 220 markets (60 percent) with a population greater than 200,000 in the first quarter foreclosure activity below pre-recession averages included San Jose (79 percent below); Memphis (77 percent below); Dallas-Fort Worth (77 percent below); Las Vegas (74 percent below); and Phoenix (68 percent below). Other major markets with first quarter foreclosure activity below pre-recession averages were San Francisco, Riverside-San Bernardino in Southern California, Chicago, Detroit and Seattle. Markets still above pre-recession levels include Baltimore, Washington D.C., Philadelphia In 88 out of the 220 markets analyzed (40 percent), first quarter foreclosure activity levels were still above pre-recession averages, including Baltimore (189 percent above); Washington D.C. (26 percent above); Philadelphia (20 percent above); New York (13 percent above); and Hartford (4 percent above). Other major markets with first quarter foreclosure activity above pre-recession averages included Richmond, Virginia; Virginia Beach, Providence, Rhode Island; and New Orleans. Foreclosure starts increase 7 percent from last quarter Lenders started the foreclosure process on 91,397 U.S. properties in Q1 2019, up 7 percent from the previous quarter but down 3 percent from a year ago — the 15th consecutive quarter with a year-over-year decrease in foreclosure starts. Counter to the national trend, 15 states posted year-over-year increases in foreclosure starts in Q1 2019, including Florida (up 65 percent); Georgia (up 30 percent); Texas (up 27 percent); Louisiana (up 20 percent); Washington (up 12 percent); and Maryland (up 11 percent). Bank repossessions down in 48 states and DC Lenders repossessed 35,787 U.S. properties through foreclosure (REO) in Q1 2019, down 21 percent from the previous quarter and down 45 percent from a year ago — the 14th consecutive quarter with a year-over-year decrease in U.S. REOs. Along with the District of Columbia, 48 states posted year-over-year decreases in REOs in the first quarter, including Arizona (down 77 percent); California (down 41 percent); Florida (down 33 percent); New Jersey (down 59 percent); and Texas (down 43 percent). Atlantic City, Lakeland, Trenton highest metro foreclosure rates in Q1 2019 Nationwide one in every 836 U.S. housing units had a foreclosure filing in the first quarter of 2019. States with the highest foreclosure rates in the first quarter were New Jersey (one in 333 housing units with a foreclosure filing); Delaware (one in 364); Maryland (one in 412); Florida (one in 487); and Illinois (one in 489). Among 220 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in Q1 2019 were Atlantic City, New Jersey (one in every 177 housing units with a foreclosure filing); Lakeland, Florida (one in 338); Trenton, New Jersey (one in 345); Columbia, South Carolina (one in 372); and Philadelphia, Pennsylvania (one in 373). Along with Philadelphia, other major metros with a population of at least 1 million and foreclosure rates in the top 25 highest nationwide included Jacksonville, Florida at No. 7, Baltimore at No.9, Cleveland at No. 13, Chicago at No. 14, Tampa at No. 17, Miami at No. 18, and Orlando at No. 21. Average foreclosure timeline increases 5 percent in first quarter Properties foreclosed in the first quarter of 2019 had been in the foreclosure process an average of 835 days, up 3 percent from an average 811 days for properties foreclosed in the fourth quarter of 2018 and up 5 percent from an average of 791 days for properties foreclosed in the first quarter of 2018. States with the longest average foreclosure timeline for properties foreclosed in Q1 2019 were Indiana (1,806 days), Hawaii (1,565 days), Arizona (1,385 days), New Jersey (1,212 days), and Florida (1,196 days). States with the shortest average time to foreclose in Q1 2019 were West Virginia (159 days), Virginia (206 days), Minnesota (251 days), Alaska (262 days), and Wyoming (269 days). March 2019 Foreclosure Activity High-Level Takeaway Nationwide in March 2019 one in every 2,312 properties had a foreclosure filing States with the highest foreclosure rates in March 2019 were Delaware (one in every 999 housing units with a foreclosure filing); New Jersey (one in every 1,021 housing units); Maryland (one in every 1,077 housing units); Florida (one in every 1,345 housing units); and South Carolina (one in every 1,379 housing units). 32,280 U.S. properties started the foreclosure process in March 2019, up 9 percent from the previous month but down 2 percent from a year ago. March 2019 marked the third consecutive month with a month-over-month increase in foreclosure starts. Lenders completed the foreclosure process on 12,167 U.S. properties in March 2019, up 7 percent from the previous month but down 53 percent from a year ago. About ATTOM Data Solutions ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 9TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, APIs, market trends, marketing lists, match & append and introducing the first property data deliver solution, a cloud-based data platform that streamlines data management – Data-as-a-Service (DaaS).
MORE >
CoreLogic Reports U.S. Overall Delinquency and Foreclosure Rates Lowest for January in at Least 20 Years
MORE >
U.S. Median Home List Price Hits $300,000 for the First Time Ever
Affordability will continue to be a major hurdle for this spring's entry-level homebuyers SANTA CLARA, Calif., April 4, 2019 -- The U.S. median home listing price crossed into uncharted territory in March, increasing 7 percent year-over-year and reaching $300,000 for the first time ever, according to realtor.com®'s March 2019 monthly housing trend report released today. Although housing inventory continued to increase nationally, the pace slowed, as fewer new listings hit the market. Additionally, entry-level inventory scarcity continues; homes priced $200,000 or below decreased 9 percent year-over-year. "The typical U.S. home list price has set a new high right on the cusp of the spring homebuying season, and despite a slowing growth rate, home prices will likely continue to set new records later this year," said Danielle Hale, realtor.com®'s chief economist. "Heading into spring, U.S. prices are expected to continue to rise and inventory is expected to continue to increase, but at a slower pace than we've seen the last few months as fewer sellers want to contend with this year's more challenging conditions. A buyer's experience will vary notably depending on the market and price point they're targeting." The U.S. housing market has seen years of increasing home prices and has already surpassed 2018's summer high of $299,000 as the spring home-buying season launches. The continued, albeit slowing, rise in the national median home price in the midst of a market slowdown is likely driven by inventory growth in the high-end of the market. According to realtor.com®'s analysis, the inventory of for-sale homes priced above $750,000 increased 11 percent year-over-year, while the number of entry-level homes priced $200,000 or below declined 9 percent during the same period. Housing inventory continued to increase in March, but the rate of growth slowed compared to the last few months and this slower-growth trend could continue into April, especially if fewer new listings hit the market, according to Hale. Approximately 56,000 additional homes were for sale in March compared to last year, amounting to a 4 percent increase year-over-year. This growth was primarily driven by the U.S.'s 50 largest markets, which grew by a more substantial 9 percent on average year-over-year. However, the number of newly listed properties hitting the market declined by 0.4 percent from last year, suggesting that while buyers may have more options to choose from, the share of fresh properties coming up for sale has not increased. Of the U.S.'s 50 largest metros, those that saw the biggest inventory decreases were St. Louis, Washington, D.C., and Oklahoma City, where inventory declined by 19 percent, 14 percent and 11 percent, respectively. Metros where inventory continued to increase were primarily pricey, West Coast markets. The list was topped by San Jose, Calif.; Seattle, and San Francisco, growing by 114 percent, 77 percent and 44 percent, respectively. Nationally, homes in the U.S. sold in an average of 65 days in March, two days slower than a year ago. Kansas City, Mo.; Hartford, Conn.; and Indianapolis, saw the largest increases in days on market with properties spending an average of 16, 12 and 12 more days on the market year-over-year, respectively. On the flip-side, properties in Pittsburgh, Birmingham, Ala., and Oklahoma City sold an average of 10, eight and five days more quickly, respectively. Metros Seeing the Largest Gains in Inventory About realtor.com® Realtor.com®, The Home of Home Search, offers an extensive inventory of for-sale and rental listings, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today is the trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
MORE >
Pending Home Sales Dip 1.0 Percent in February
MORE >
CoreLogic Reports February Home Prices Increased by 4 Percent Year Over Year
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the CoreLogic Home Price Index (HPI™) and HPI Forecast™ for February 2019, which shows home prices rose both year over year and month over month. Home prices increased nationally by 4 percent year over year from February 2018. On a month-over-month basis, prices increased by 0.7 percent in February 2019. (January 2018 data was revised. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results each month.) Looking ahead, after some initial moderation in early 2019, the CoreLogic HPI Forecast indicates home prices will begin to pick up and increase by 4.7 percent on a year-over-year basis from February 2019 to February 2020. On a month-over-month basis, home prices are expected to decrease by 0.5 percent from February 2019 to March 2019. The CoreLogic HPI Forecast is a projection of home prices calculated using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state. "During the first two months of the year, home-price growth continued to decelerate," said Dr. Frank Nothaft, chief economist for CoreLogic. "This is the opposite of what we saw the last two years when price growth accelerated early. With the Federal Reserve's announcement to keep short-term interest rates where they are for the rest of the year, we expect mortgage rates to remain low and be a boost for the spring buying season. A strong buying season could lead to a pickup in home-price growth later this year." According to the CoreLogic Market Condition Indicators (MCI), an analysis of housing values in the country's 100 largest metropolitan areas based on housing stock, 35 percent of metropolitan areas have an overvalued housing market as of February 2019. The MCI analysis categorizes home prices in individual markets as undervalued, at value or overvalued, by comparing home prices to their long-run, sustainable levels, which are supported by local market fundamentals (such as disposable income). Additionally, as of February 2019, 27 percent of the top 100 metropolitan areas were undervalued, and 38 percent were at value. When looking at only the top 50 markets based on housing stock, 40 percent were overvalued, 18 percent were undervalued and 42 percent were at value in February 2019. The MCI analysis defines an overvalued housing market as one in which home prices are at least 10 percent above the long-term, sustainable level. An undervalued housing market is one in which home prices are at least 10 percent below the sustainable level. During the first quarter of 2019, CoreLogic together with RTi Research of Norwalk, Connecticut, conducted an extensive survey measuring consumer-housing sentiment in high-priced markets. In all, 62 percent of residents in high-priced markets acknowledged that housing in these markets was unaffordable, compared to only 11 percent of respondents across all markets surveyed last year. Nearly three quarters of renters (71 percent) in these high-priced markets felt their housing costs were unaffordable, compared to just 16 percent of renters across all markets last year. High-priced markets were identified as the 15 metropolitan areas with the highest median home prices. The study focused on the dynamics of housing decision making and the impact that the housing market had on the attitudes and perceptions of residents in high-priced markets. "About 40 percent of the top 50 largest metropolitan areas in the country are now categorized as overvalued and we expect that percentage to grow over the remainder of 2019. The cost of either buying or renting in expensive markets puts a significant strain on most consumers," said Frank Martell, president and CEO of CoreLogic. "Our research tells us that about 74 percent of millennials, the single largest cohort of homebuyers, now report having to cut back on other categories of spending to afford their housing costs." About the CoreLogic Consumer Housing Sentiment Study In the first quarter of 2019, 1,002 renters and homeowners were surveyed by CoreLogic together with RTi Research. This study is a quarterly pulse of U.S. housing market dynamics. Each quarter, the research focuses on a different issue related to current housing topics. This first quarterly study concentrated on consumer sentiment within high-priced markets. The survey has a sampling error of +/- 3.1 percent at the total respondent level with a 95 percent confidence level. About RTi Research RTi Research is an innovative, global market research and brand strategy consultancy headquartered in Norwalk, CT. Founded in 1979, RTi has been consistently recognized by the American Marketing Association as one of the top 50 U.S. insights companies. The company serves a broad base of leading firms in Financial Services, Consumer Goods, and Pharmaceuticals as well as partnering with leading academic centers of excellence. About CoreLogic CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
MORE >