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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.
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296,458 U.S. Properties with Foreclosure Filings in First Six Months of 2019, Down 18 Percent from a Year Ago
Foreclosure Starts Decrease Nationwide, But Increase in 42 Percent of Local Markets; Q2 2019 Foreclosure Activity Below Pre-Recession Levels in 62 Percent of Markets IRVINE, Calif. – August 8, 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 Midyear 2019 U.S. Foreclosure Market Report, which shows a total of 296,458 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — in the first six months of 2019, down 18 percent from the same period a year ago and down 82 percent from a peak of 1,654,634 in the first six months of 2010. Counter to the national trend, 36 of the 220 metropolitan statistical areas analyzed in the report (16 percent) posted a year-over-year increase in foreclosure activity in the first six months of 2019, including Buffalo, New York (up 33 percent); Orlando, Florida (up 32 percent); Jacksonville, Florida (up 18 percent); Miami, Florida (up 7 percent); and Tampa-St. Petersburg, Florida (up 5 percent). "Our midyear 2019 foreclosure activity helps to show an overall view on how foreclosure activity is trending downward," said Todd Teta, chief product officer at ATTOM Data Solutions. "Of course, you still have pockets across the nation where foreclosure activity is seeing some flare-ups. Foreclosure starts is a good indication of markets to watch. For instance, in looking at the largest markets across the nation with the greatest annual increase in foreclosure starts, 4 out of the 5 markets were in Florida. " New Jersey, Delaware, Maryland post highest state foreclosure rates Nationwide 0.22 percent of all housing units (one in every 457) had a foreclosure filing in the first six months of 2019. States with the highest foreclosure rates in the first half of 2019 were New Jersey (0.54 percent); Delaware (0.46 percent); Maryland (0.43 percent); Florida (0.39 percent); and Illinois (0.38 percent). Other states with first-half 2019 foreclosure rates among the 10 highest nationwide were South Carolina (0.33 percent); Connecticut (0.32 percent); Ohio (0.30 percent); Nevada (0.26 percent); and New Mexico (0.26 percent). Atlantic City, Jacksonville, Trenton, with highest metro foreclosure rates Among 220 metropolitan statistical areas analyzed in the report, those with the highest foreclosure rates in the first half of 2019 were Atlantic City, New Jersey (0.92 percent of all housing units with a foreclosure filing); Jacksonville, Florida (0.54 percent); Trenton, New Jersey (0.52 percent); Rockford, Illinois (0.51 percent); and Lakeland, Florida (0.51 percent). Other metro areas with foreclosure rates ranking among the top 10 highest in the first half of 2019 were Columbia, South Carolina (0.49 percent); Ocala, Florida (0.49 percent); Philadelphia, Pennsylvania (.48 percent); Fayetteville, North Carolina (0.47 percent); and Baltimore, Maryland (0.44 percent). First-half foreclosure starts down nationwide, up in 42 percent of local markets A total of 177,015 U.S. properties started the foreclosure process in the first six months of 2019, down 8 percent from the first half of 2018 and down 84 percent from a peak of 1,074,471 in the first half of 2009. Counter to the national trend, 16 states posted a year-over-year increase in foreclosure starts in the first half of 2019, including Mississippi (up 56 percent); Florida (up 28 percent); Georgia (up 22 percent); Arkansas (up 21 percent); and Louisiana (up 19 percent). Also counter to the national trend, 92 of the 217 metro areas analyzed in the report (42 percent) posted year-over-year increases in foreclosure starts in the first half of 2019, including Miami, Florida (up 32 percent); Tampa-St. Petersburg, Florida (up 18 percent); Atlanta, Georgia (up 16 percent); Washington D.C. (up 8 percent); and Denver, Colorado (up 6 percent). Q2 2019 foreclosure activity below pre-recession levels in 62 percent of markets A total of 152,760 U.S. properties had a foreclosure filing in Q2 2019, down 6 percent from the previous quarter and down 19 percent from a year ago. The second quarter of 2019 was the eleventh consecutive quarter in which U.S. foreclosure activity was below the pre-recession average of 278,912 properties with foreclosure filings per quarter in 2006 and 2007. Foreclosure activity in the second quarter of 2019 was below pre-recession averages in 136 of the 220 metropolitan statistical areas analyzed in the report (62 percent), including Denver, Colorado (92 percent below); Detroit, Michigan (89 percent below); Dallas-Fort Worth, Texas (81 percent below); Atlanta, Georgia (80 percent below); and Memphis, Tennessee (80 percent below). Counter to the national trend, 84 of the 220 metropolitan statistical areas analyzed in the report (38 percent) posted Q2 2019 foreclosure activity totals above their pre-recession averages, including New Orleans, Louisiana (56 percent above); Birmingham, Alabama (26 percent above); Washington, D.C. (22 percent above); Philadelphia, Pennsylvania (6 percent above); New York-Newark-Jersey City (up 4 percent). Average foreclosure timeline drops to lowest level since Q3 2018 Properties foreclosed in the second quarter of 2019 took an average of 716 days from the first public foreclosure notice to complete the foreclosure process, down from 835 days in the previous quarter and down from 720 days in the second quarter of 2018. States with the longest average foreclosure timelines for foreclosures completed in Q2 2019 were Hawaii (1,611 days), Indiana (1,360 days), Florida (1,073 days), New York (1,057 days), and New Jersey (982 days). States with the shortest average foreclosure timelines for foreclosures completed in Q2 2019 were Mississippi (195 days), Minnesota (226 days), Virginia (228 days), Alaska (242 days), and Maine (277 days). 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).
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Industry data shows use of down payment assistance doubled in four years
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CoreLogic Reports Lowest Overall Delinquency Rate in More than 20 Years This April
U.S. serious delinquency rate this April was the lowest for any month in nearly 14 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 3.6% of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in April 2019, representing a 0.7 percentage point decline in the overall delinquency rate compared with April 2018, when it was 4.3%. This was the lowest rate for any month in more than 20 years. As of April 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 April 2018. The April 2019 foreclosure inventory rate tied the prior five 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 April 2019, down from 1.8% in April 2018. The share of mortgages 60 to 89 days past due in April 2019 was 0.6%, unchanged from April 2018. The serious delinquency rate – defined as 90 days or more past due, including loans in foreclosure – was 1.3% in April 2019, down from 1.9% in April 2018. April's serious delinquency rate of 1.3% was 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 0.7% in April 2019, down from 0.8% in April 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 16 consecutive months. In April, Nebraska's overall delinquency rate was unchanged from a year earlier and all other states posted at least a small annual decline. "Thanks to a 50-year low in unemployment, rising home prices and responsible underwriting, the U.S. overall delinquency rate is the lowest in more than 20 years," said Dr. Frank Nothaft, chief economist at CoreLogic. "However, a number of metros that suffered a natural disaster or economic decline contradict this national trend. For example, in the wake of the 2018 California Camp Fire, the serious delinquency rate in the Chico, California metro area this April was 21% higher than one year ago." In April 2019, 10 metropolitan areas logged an increase in the serious delinquency rate. The highest gains continue to plague the hurricane-ravaged parts of the Southeast (in Florida, Georgia and North Carolina), and in Northern California where the Camp Fire devastated communities in 2018. "The U.S. has experienced 16 consecutive months of falling overall delinquency rates, but it has not been a steady decline across all areas of the country," said Frank Martell, president and CEO of CoreLogic. "Recent flooding in the Midwest could elevate delinquency rates in hard-hit areas, similar to what we see after a hurricane." The next CoreLogic Loan Performance Insights Report will be released on August 13, 2019, featuring data for May 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.
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CoreLogic Reports the Negative Equity Share Fell to 4.1% in the First Quarter of 2019
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U.S. Completed Foreclosures Decrease 50 Percent from a Year Ago
Foreclosure Starts Continue Upward Trend in Florida; New Jersey, Maryland and Florida Rank Highest in Foreclosure Rate; Overall Foreclosure Activity Decreases 22 Percent from a Year Ago IRVINE, Calif. – June 13, 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 May 2019 U.S. Foreclosure Market Report, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 56,152 U.S. properties in May 2019, up 1 percent from the previous month but down 22 percent from a year ago for the 11th consecutive month with an annual decline. "We are continuing to see a downward trend with overall foreclosure activity, especially in completed foreclosures declining year after year," said Todd Teta, chief product officer at ATTOM Data Solutions. "However, in May 2019 we did see an uptick in the number of states increasing in foreclosure starts going from 17 to 23 states rising annually, and again Florida is bucking the national trend with a continuous annual increase." May 2019 Foreclosure Starts by County Foreclosure completions decline annually in every state except Vermont Lenders completed foreclosures (REO) on 10,634 U.S. properties in May 2019, down 4 percent from the previous month and down 50 percent from a year ago – a 7th consecutive annual decline. States across the nation, except for Vermont all saw annual declines in completed foreclosures. Those that saw an annual decline of more than 50 percent in REOs included Michigan (down 84 percent); Massachusetts (down 74 percent); Indiana (down 67 percent); Kentucky (down 66 percent); and New Jersey (down 64 percent). In looking at those greater metropolitan areas with a population of 200,000 or more and those that had at least 100 completed foreclosures in May 2019, with double-digit decreases were Birmingham, Alabama (down 67 percent); New York, New York (down 59 percent); Washington, DC (down 58 percent); Philadelphia, Pennsylvania (down 57 percent); and Detroit, Michigan (down 54 percent). Florida foreclosure starts continuing double-digit annual increase Lenders started the foreclosure process on 30,554 U.S. properties in May 2019, while slightly up (less than 1 percent) from last month they are down 9 percent from May 2018 –fourth consecutive month with an annual decline. Counter to the national trend states that saw an increase in foreclosure starts in May 2019 were Wisconsin (up 99 percent); Kentucky (up 64 percent); Louisiana (up 53 percent); Missouri (up 34 percent); and Florida (up 23 percent). This is the 12th consecutive month that Florida has seen double-digit annual increases in foreclosure starts. "To put the numbers in perspective, I would use a full year, perhaps 2006 as a "normal" benchmark number. That would be the last year before the real estate world crashed," said Bruce Norris, president of The Norris Group. "The total foreclosure starts for Florida in 2006 was 102,875. In 2018, there were 33,031 foreclosure starts. Even at a 25% increase over 2018, 2019 will still be less than 50% of 2006. An increase of some 8,000 foreclosure starts is not a game changer at this point." States that posted annual decreases in foreclosure starts in May 2019, included Texas (down 39 percent); Pennsylvania (down 38 percent); Massachusetts (down 34 percent); Oklahoma (down 29 percent); and New York (down 25 percent). Those major metropolitan statistical areas with a population greater than 1,000,000 that saw an annual decrease in foreclosure starts included Indianapolis, Indiana (down 82 percent); Houston, Texas (down 65 percent); San Jose, California (down 58 percent); Austin, Texas (down 41 percent); and Philadelphia, Pennsylvania (down 34 percent). New Jersey, Maryland and Florida rank top 3 in worst foreclosure rate Nationwide one in every 2,411 housing units had a foreclosure filing in May 2019. States with the highest foreclosure rates were New Jersey (one in every 1,117 housing units with a foreclosure filing); Maryland (one in every 1,127 housing units); Florida (one in every 1,238 housing units); Delaware (one in every 1,279 housing units); and Illinois (one in every 1,363 housing units). Among 220 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in May 2019 were Atlantic City, New Jersey (one in every 680 housing units with a foreclosure filing); Jacksonville, Florida (one in every 764 housing units); Fayetteville, North Carolina (one in every 777 housing units); Columbia, South Carolina (one in every 936 housing units); and Rockford, Illinois (one in every 941 housing units). 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).
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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
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U.S. Foreclosure Activity Decreases 13 Percent in April 2019
Foreclosure Starts Spike in Washington, Florida, Oregon and Louisiana; New Jersey, Maryland and Delaware Rank Highest in Foreclosure Rate; Completed Foreclosures Decrease 22 Percent IRVINE, Calif. – May 16, 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 April 2019 U.S. Foreclosure Market Report, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 55,646 U.S. properties in April 2019, down 5 percent from the previous month and down 13 percent from a year ago for the 10th consecutive month with an annual decline. "While overall foreclosure activity is down nationwide, there are still parts of the country that we need to keep a close eye on," said Todd Teta, chief product officer at ATTOM Data Solutions. "For instance, Florida is seeing a steady annual increase in total foreclosure activity for the 8th consecutive month, which is being sustained by a constant annual double-digit increase in foreclosure starts." April 2019 County Foreclosure Heat Map Foreclosure starts increase annually in 17 states Lenders started the foreclosure process on 30,524 U.S. properties in April 2019, down 5 percent from last month and down 10 percent from April 2018 –third consecutive month with an annual decline. States that posted annual decreases in foreclosure starts in April 2019, included New York (down 43 percent); Nevada (down 36 percent); Colorado (down 34 percent); Maryland (down 31 percent); and Michigan (down 25 percent). Those major metropolitan statistical areas with a population greater than 500,000 that saw a large annual increase in foreclosure starts from last year included Orlando, Florida (up 90 percent); Miami, Florida (up 45 percent); Columbus, Ohio (up 35 percent); Portland, Oregon (up 31 percent); and El Paso, Texas (up 22 percent). Counter to the national trend 17 states had an annual increase in foreclosure starts. Those states included Washington (up 38 percent); Florida (up 34 percent); Oregon (up 22 percent); Louisiana (up 12 percent); and Georgia (up 11 percent). Highest foreclosure rates in New Jersey, Maryland and Delaware Nationwide one in every 2,433 housing units had a foreclosure filing in April 2019. States with the highest foreclosure rates were New Jersey (one in every 980 housing units with a foreclosure filing); Maryland (one in every 1,218 housing units); Delaware (one in every 1,249 housing units); Illinois (one in every 1,371 housing units); and Florida (one in every 1,415 housing units). Among 220 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in April 2019 were Atlantic City, New Jersey (one in every 702 housing units with a foreclosure filing); Fayetteville, North Carolina (one in every 732 housing units); Clarksville, Tennessee (one in every 853 housing units); Columbia, South Carolina (one in every 946 housing units); and Deltona-Daytona Beach, Florida (one in every 966 housing units). Foreclosure completions continue to decline Lenders completed foreclosures (REO) on 11,078 U.S. properties in April 2019, down 9 percent from the previous month and down 22 percent from a year ago – a 6th consecutive annual decline. States that saw a double-digit annual decline in REOs included Alabama (down 45 percent); Arizona (down 38 percent); North Carolina (down 32 percent); California (down 20 percent); and Nevada (down 14 percent). Counter to the national trend, 10 states posted year-over-year increases in REOs in April 2019, including Washington (up 53 percent); Connecticut (up 22 percent); Kentucky (up 19 percent); and New York (up 3 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, 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).
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CoreLogic Reports U.S. Overall Delinquency Rate Lowest for a February in Nearly Two Decades
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RatePlug Integrates with Optimal Blue's Scenario Pricing API to Improve Purchase Loan Transparency
Integration Modernizes MLS Property Specific Listings with Accurate, Compliant Pricing PLANO, Texas--Optimal Blue, the leading provider of secondary marketing automation and services in the mortgage industry, announced today the integration certification of RatePlug. Through direct integration with Optimal Blue's real-time product eligibility and pricing API, RatePlug's proprietary mortgage marketing platform now seamlessly delivers compliant scenario pricing and connects today's real estate agents, lenders, and homebuyers via participating Multiple Listing Services (MLS). Optimal Blue's advanced RESTful API endpoints enable RatePlug to provide property specific affordability calculations with over 70 MLS partnerships. This comprehensive pairing of technology brings mortgage transparency to the homebuying process and creates a unique, fully compliant flow of mortgage data between the MLS platforms that active agents, their lender partners, and homebuyers rely on daily to transact home purchases. "We are excited to afford our audience of +800,000 real estate agents the ability to share real-time mortgage payment options directly to homebuyers that are actively searching for a home," explained Brad Springer, President of RatePlug. "Any lender focused on purchase originations will recognize that this is an incredible opportunity to not only build deeper agent relationships, but to encourage more digital pre-approvals and write more loan applications." The RatePlug MLS footprint, coupled with Optimal Blue's industry-leading product eligibility and pricing, sets the gold standard for MLS listing promotions and broadens the scope of opportunity for those shopping for affordable mortgage payments. The integration also creates additional marketing opportunities for lenders, such as ‘total monthly cost to own' flyers and search results for special financing programs. "Our partnership with RatePlug is unique in that it ties an MLS property listing to a borrower's personalized profile," said Chazz Huston, Manager of Strategic Alliances at Optimal Blue. "This integration exhibits another great example of leveraging Optimal Blue's API technology to create a high-impact experience for lenders and their realtor partners alike, as well as today's homebuyer." About Optimal Blue Optimal Blue, a financial technology company, operates the nation's largest Digital Mortgage Marketplace, connecting a network of originators and investors and facilitating a broad set of secondary market interactions. The company's technology solutions include product eligibility and pricing, lock desk automation, risk management, loan trading, and data and analytics. More than $750 billion of transactions are processed each year across the Optimal Blue platform. For more information, visit www.optimalblue.com. About RatePlug RatePlug is the nation's leading mortgage technology that is integrated directly into Multiple Listing Service platforms. Providing over 800,000 Agents and their homebuyers with real time mortgage information, including a digital pre-approval process, specific to every property they view. Realtors benefit from this technology as it has been shown to accelerate the speed of the transaction by upwards of 15%. Lenders benefit by having their information compliantly shared by their Agent's with each and every homebuyer they work with, which increases capture rate and ultimately generates more purchase volumes. The RatePlug Program also includes an automated flyer system, and transactional alerts. To learn more about us, visit our site at www.rateplug.com.
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U.S. Foreclosure Activity Decreases 15 Percent in Q1 2019 to Lowest Levels Since Q1 2008
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CoreLogic Reports U.S. Overall Delinquency and Foreclosure Rates Lowest for January 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, nationally, 4 percent of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in January 2019, representing a 0.9 percentage point decline in the overall delinquency rate compared with January 2018, when it was 4.9 percent. This was the lowest for the month of January in at least 20 years. As of January 2019, the foreclosure inventory rate – which measures the share of mortgages in some stage of the foreclosure process – was 0.4 percent, down 0.2 percentage points from January 2018. The January 2019 foreclosure inventory rate tied the November and December 2018 rates as the lowest for any month during the 2000s. 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 1.9 percent in January 2019, down from 2 percent in January 2018. The share of mortgages 60 to 89 days past due in January 2019 was 0.7 percent, down from 0.8 percent in January 2018. The serious delinquency rate – defined as 90 days or more past due, including loans in foreclosure – was 1.4 percent in January 2019, down from 2.1 percent in January 2018. The serious delinquency rate of 1.4 percent this January was the lowest for that month since 2001 when it was also 1.4 percent and was the lowest for any month since September 2006 when it was also 1.4 percent. 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 percent in January 2019, unchanged from January 2018. By comparison, in January 2007, just before the start of the financial crisis, the current-to-30-day transition rate was 1.2 percent, while it peaked in November 2008 at 2 percent. "Income growth, home appreciation and sound underwriting combined have pushed delinquency rates to their lowest level in 20 years," said Dr. Frank Nothaft, chief economist for CoreLogic. "The low delinquency rates on home mortgages are a contrast to the rising delinquency rates on consumer credit. While home mortgage delinquency rates are at, or are near, their lowest levels in two decades, delinquency rates for auto and student loans are higher now than they were during the early and mid-2000s." The nation's overall delinquency rate has fallen on a year-over-year basis for the past 13 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 January, 13 metropolitan areas experienced annual gains – mostly very small – in their serious delinquency rates. The largest gains were in five Southeast metros affected by natural disasters in 2018. "As the economic expansion continues to create jobs and low mortgage rates support home buying this spring, delinquency rates are likely to trend lower during the coming year," said Frank Martell, president and CEO of CoreLogic. "The decline in delinquency rates has occurred in nearly all parts of the nation." The next CoreLogic Loan Performance Insights Report will be released on May 14, 2019, featuring data for February 2019. For ongoing housing trends and data, visit the CoreLogic Insights Blog. 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.
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Realtor.com Launches New 'Price Perfect' Tool to Help Buyers Find Specific Homes that Match Their Needs
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CoreLogic Reports U.S. Overall Delinquency and Foreclosure Rates Lowest for December Since at Least 2000
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, 4.1 percent of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in December 2018, representing a 1.2 percentage point decline in the overall delinquency rate compared with December 2017, when it was 5.3 percent. As of December 2018, the foreclosure inventory rate – which measures the share of mortgages in some stage of the foreclosure process – was 0.4 percent, down 0.2 percentage points from December 2017. The December 2018 foreclosure inventory rate tied the November 2018 rate as the lowest for any month since at least January 2000. 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 percent in December 2018, down from 2.4 percent in December 2017. The share of mortgages that were 60 to 89 days past due in December 2018 was 0.7 percent, down from 0.8 percent in December 2017. The serious delinquency rate – defined as 90 days or more past due, including loans in foreclosure – was 1.5 percent in December 2018, down from 2.1 percent in December 2017. The serious delinquency rate has been steady at 1.5 percent since August 2018 – the lowest level for any month since March 2007 when it was also 1.5 percent. 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 percent in December 2018, down from 1.2 percent in December 2017. By comparison, in January 2007, just before the start of the financial crisis, the current-to-30-day transition rate was 1.2 percent, while it peaked in November 2008 at 2 percent. "Our latest home equity report found that the average homeowner saw a $9,700 increase in their equity during 2018," said Dr. Frank Nothaft, chief economist for CoreLogic. "With additional 'skin in the game,' rising equity reduces the chances of a foreclosure, helping to push the foreclosure rate down to its lowest level since at least 2000." Since the beginning of 2018, the nation's overall delinquency rate has fallen to pre-housing crisis levels, not seen since early 2006. However, several metropolitan areas in Florida, Georgia and North Carolina are still struggling to recover from natural disasters that impacted those areas. In December 2018, 10 out of the 12 metropolitan areas that logged increases in their serious delinquency rate were located in the Southeast, with the largest gains occurring in the Panama City, Florida metropolitan area. "On a national basis, income and home-price growth continue to support strong loan performance," said Frank Martell, president and CEO of CoreLogic. "Although things look good across most of the nation, areas that were impacted by hurricanes and other natural hazards are experiencing a sharp increase in the numbers of mortgages moving into 60-day delinquency or worse. One specific example is Panama City, Florida, which was devastated by Hurricane Michael, where 60-day delinquencies rose to 3.5 percent in December." The next CoreLogic Loan Performance Insights Report will be released on April 9, 2019, featuring data for January 2019. For ongoing housing trends and data, visit the CoreLogic Insights Blog: www.corelogic.com/insights. 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.
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Millennials Now Taking on More Mortgages than Any Other Generation
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CoreLogic Reports U.S. Overall Delinquency and Foreclosure Rates Are Lowest for November Since at Least 2000
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, 4.1 percent of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in November 2018, representing a 1.1 percentage point decline in the overall delinquency rate compared with November 2017, when it was 5.2 percent. As of November 2018, the foreclosure inventory rate – which measures the share of mortgages in some stage of the foreclosure process – was 0.4 percent, down 0.2 percentage points from November 2017. The November 2018 foreclosure inventory rate was the lowest for any month since at least January 2000. 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 percent in November 2018, down from 2.2 percent in November 2017. The share of mortgages that were 60 to 89 days past due in November 2018 was 0.7 percent, down from 0.9 percent in November 2017. The serious delinquency rate – defined as 90 days or more past due, including loans in foreclosure – was 1.5 percent in November 2018, down from 2 percent in November 2017. November 2018 marked the lowest serious delinquency rate for the month since 2006 when it was also 1.5 percent. It ties with August, September and October 2018 as the lowest for any month since March 2007 when it was also 1.5 percent. 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 percent in November 2018, down from 1 percent in November 2017. By comparison, in January 2007, just before the start of the financial crisis, the current-to-30-day transition rate was 1.2 percent, while it peaked in November 2008 at 2 percent. "Solid income growth, a record amount of home equity and an absence of high-risk loan products put the U.S. homeowner on solid ground," said Dr. Frank Nothaft, chief economist for CoreLogic. "All of this has helped push delinquency and foreclosure rates to the lowest levels in almost two decades, and will provide a cushion if the housing market should turn down. The nation's overall delinquency rate has fallen on a year-over-year basis for the past 11 consecutive months. However, loan vulnerability in several metropolitan areas in North Carolina are still struggling from Hurricane Florence. In November 2018, seven metropolitan areas logged an increase in their serious delinquency rates, with the largest gains occurring in the Wilmington and New Bern metropolitan areas. "On a national basis, we continue to see strong loan performance," said Frank Martell, president and CEO of CoreLogic. "Areas that were impacted by hurricanes or wildfires in 2018 are now seeing relatively large annual gains in the share of mortgages moving into 30-day delinquency. As with previous disasters, this is to be expected and we will see the impacts dissipate over time." The next CoreLogic Loan Performance Insights Report will be released on March 12, 2019, featuring data for December 2018. For ongoing housing trends and data, visit the CoreLogic Insights Blog: www.corelogic.com/insights. 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.
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Equity Rich U.S. Properties Increase to New High in 2018
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CoreLogic Loan Performance Insights Find Delinquency Rates in October Dropped to the Lowest Level in at Least 18 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, 4.1 percent of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in October 2018, representing a 1 percentage point decline in the overall delinquency rate compared with October 2017, when it was 5.1 percent. This was the lowest for the month of October in at least 18 years. As of October 2018, the foreclosure inventory rate – which measures the share of mortgages in some stage of the foreclosure process – was 0.5 percent, down 0.1 percentage point since October 2017. The October 2018 foreclosure inventory rate tied with the April, May, June, July, August and September rates this year as the lowest for any month since September 2006 and also marked the lowest rate for an October since 2005. In both instances, the foreclosure inventory rate was 0.5 percent. 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 1.9 percent in October 2018, down from 2.3 percent in October 2017. The share of mortgages that were 60 to 89 days past due in October 2018 was 0.7 percent, down from 0.9 percent in October 2017. The serious delinquency rate – defined as 90 days or more past due, including loans in foreclosure – was 1.5 percent in October 2018, down from 1.9 percent in October 2017. This serious delinquency rate was the lowest for an October since 2006 when it was 1.5 percent. It ties August and September 2018 as the lowest for any month since March 2007 when it was also 1.5 percent. 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 percent in October 2018, down from 1.1 percent in October 2017. By comparison, in January 2007, just before the start of the financial crisis, the current-to-30-day transition rate was 1.2 percent, while it peaked in November 2008 at 2 percent. "While the strong economy has helped families stay current and push overall delinquency rates lower, areas that were hit hard by natural disasters have seen a rise in loan defaults," said Dr. Frank Nothaft, chief economist for CoreLogic. "The 30-day delinquency rate in the Panama City, Florida metro area tripled between September and October 2018 as a result of Hurricane Michael. Two months after Hurricane Florence made landfall in the Carolinas, 60-day delinquency rates doubled in the Jacksonville, Wilmington, New Bern and Myrtle Beach metro areas. And buffeted by Kilauea's eruption in the Hawaiian Islands, serious delinquency rates jumped on the Big Island by 9 percent between June and October 2018, while falling by 4 percent in the rest of Hawaii." Hurricane Irma and Hurricane Florence (2017 and 2018, respectively) continue to impact some metropolitan areas, with mortgages transitioning from current to 30 days past due. This October, 18 metropolitan areas posted an annual increase in overall delinquency rate, seven of which were either in North or South Carolina. In the coming months, CoreLogic will continue to monitor these and other metros struck by natural disaster for potential increase in delinquencies. "Despite some regional spikes related to hurricane and fire impacted areas, overall delinquency rates are near or at historic lows," said Frank Martell, president and CEO of CoreLogic. For ongoing housing trends and data, visit the CoreLogic Insights Blog. Methodology The data in this report represents foreclosure and delinquency activity reported through October 2018. The data in this report accounts for only first liens against a property and does not include secondary liens. The delinquency, transition and foreclosure rates are measured only against homes that have an outstanding mortgage. Homes without mortgage liens are not typically subject to foreclosure and are, therefore, excluded from the analysis. Approximately one-third of homes nationally are owned outright and do not have a mortgage. CoreLogic has approximately 85 percent coverage of U.S. foreclosure data. 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.
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Residential Mortgage Originations Drop 21 Percent in Q3 2018
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CoreLogic Reports Homeowners with Negative Equity Declines by Only 81,000 in the Third Quarter of 2018
CoreLogic Reports Homeowners with Negative Equity Declines by Only 81,000 in the Third Quarter of 2018 CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the Home Equity Report for the third quarter of 2018. The report shows that U.S. homeowners with mortgages (which account for roughly 63 percent of all properties) have seen their equity increase by 9.4 percent year over year, representing a gain of nearly $775.2 billion since the third quarter of 2017. Additionally, the average homeowner gained $12,400 in home equity between the third quarter of 2017 and the third quarter of 2018. While home equity grew in almost every state in the nation, western states experienced the most significant increases. California homeowners gained an average of approximately $36,500 in home equity, and Nevada homeowners experienced an average increase of approximately $32,600 in home equity (Figure 1). From the second quarter of 2018 to the third quarter of 2018, the total number of mortgaged homes in negative equity decreased 4 percent to 2.2 million homes or 4.1 percent of all mortgaged properties. Year over year, the number of mortgaged properties in negative equity fell 16 percent from 2.6 million homes – or 5 percent of all mortgaged properties – in the third quarter of 2018. "On average, homeowners saw their home equity increase again this quarter but not nearly as much as in previous quarters," said Dr. Frank Nothaft, chief economist for CoreLogic. "During the third quarter, homeowners gained an average of $12,400 compared to the second quarter when the average home equity wealth increase was more than $16,000. This lower year-over-year gain reflects the slowing in appreciation we've seen in the CoreLogic Home Price Index." 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 percent 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 $281.6 billion at the end of the third quarter of 2018. This is down quarter over quarter by approximately $1.1 billion, from $280.5 billion in the second quarter of 2018 and down year over year by approximately $2.7 billion, from $279 billion in the third quarter of 2017. "The number of homes in a negative equity position have remained around 2.2 million for two consecutive quarters this year," said Frank Martell, president and CEO of CoreLogic. "Without equity, those homeowners are unable to sell their homes and are more likely to transition from delinquency to foreclosure if they face financial distress." For ongoing housing trends and data, visit the CoreLogic Insights Blog. 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.
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Bureau of Consumer Financial Protection and Federal Housing Finance Agency Release National Survey of Mortgage Originations Dataset for Public Use
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DocuSign Delivers on Digital Closing Vision with Rooms for Mortgage Offering
Company announces DocuSign Rooms for Mortgage is entering into beta ahead of release next year WASHINGTON, Oct. 15, 2018 -- As part of its goal to make the home buying process digital from end to end, DocuSign today announced that its latest solution—DocuSign Rooms for Mortgage—will enter beta testing ahead of its general availability in the spring of next year. DocuSign Rooms for Mortgage is a secure, collaborative, compliant solution for lenders to support their residential lending process. The company, which offers the world's #1 e-signature solution as part of its broader System of Agreement Platform, shared the news at the annual Mortgage Bankers Association (MBA) conference and expo in Washington D.C. And it marks what Georg Gerstenfeld, the general manager of global real estate solutions at DocuSign, believes is the final step in taking the mortgage process digital. "For years, we've seen widespread adoption of e-signatures across the home buying process—the ease of use, simplicity and time-savings can transform the experience for all parties, and that has led to more than 2.5 million real estate transactions being DocuSigned each year," said Gerstenfeld. "We've seen great success with DocuSign Rooms for Real Estate and wanted to expand this experience into our mortgage offering. DocuSign Rooms for Mortgage provides a single digital destination for the parties involved in buying and selling to come together, process and finalize the transaction." With more than 50 million homes in the US having a mortgage—and with the industry employing over a million people—DocuSign built a solution specifically to address the need for a better closing experience. Rooms for Mortgage will bring efficiencies to the process, enhance communication across all contributors, and support compliant transactions. "As a partner to 13 of the top 15 US financial services companies, we work hard to stay connected with our customers and share their vision for bringing a digital closing option to mortgage. Rooms for Mortgage not only offers this to DocuSign customers, but also helps complete the home buyer's experience. This means, from the borrower's first interaction with a potential lender all the way through to the settlement agent recording the deeds with the county, the process can be digital and compliant," added Gerstenfeld. DocuSign Rooms for Mortgage delivers a digital environment for the borrower, lender and settlement agent, and leverages DocuSign's broader suite of solutions for Digital Closing—including eSignature, eNotary, eNote, and eVault. It also facilitates several variants of the digital closing experience, depending on the what is legally-permissible in each state, and how digitally-advanced each party is: Slim Closing: A flexible, hybrid option that allows lenders to reduce the paperwork involved in closing by 70%. This solution combines eSignature and eNotarization, along with DocuSign connectors to leading mortgage systems. This option from DocuSign is used on a national scale at Guild Mortgage and Caliber Home Loans and will be made more powerful with Rooms for Mortgage. Full Digital Closing: DocuSign's Full Digital Closing solution delivers an entirely electronic mortgage, approved by Freddie Mac and Fannie Mae, leveraging the components of Slim Closing along with an eNote that is stored in an eVault. Guild Mortgage, a top-10 lender by purchase loan volume and ranked #1 "Highest Customer Satisfaction with Primary Mortgage Originations" by J.D. Power, is already partnering with DocuSign to deliver Slim Closing at scale. Lisa Klika, senior vice president and chief compliance officer at Guild, pioneered this implementation, stating "Our eClose option combines DocuSign's trusted, user-friendly e-signature technology that is already widely used in the industry with the personal touch Guild is known for in order to offer our customers a better lending experience," said Klika. "The Rooms for Mortgage launch marks an exciting time in our industry as we take another step closer to realizing a digital future." DocuSign Rooms for Mortgage will enter closed beta testing with a handful of key customers later this month. The beta is expected to last up to six months, after which all learnings will be integrated and the final Docusign Rooms for Mortgage will hit general availability in spring next year. For more information on DocuSign's strategy and solutions for real estate, please visit https://www.docusign.com/industries/real-estate.
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Q3 2018 Foreclosure Activity Down 8 Percent From Year Ago to Lowest Level Since Q4 2005
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CoreLogic Loan Performance Insights Find Overall U.S. Mortgage Delinquency and Foreclosure Rates Lowest for June in 12 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, 4.3 percent of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in June 2018, representing a 0.3 percentage point decline in the overall delinquency rate compared with June 2017, when it was 4.6 percent. As of June 2018, the foreclosure inventory rate – which measures the share of mortgages in some stage of the foreclosure process – was 0.5 percent, down 0.2 percentage points from 0.7 percent in June 2017. The June 2018 foreclosure inventory rate was the lowest since September 2006, when it was also 0.5 percent and was the lowest for June since 2006. 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 percent in June 2018, unchanged from June 2017. The share of mortgages that were 60 to 89 days past due in June 2018 was 0.6 percent, also unchanged from June 2017. The serious delinquency rate – defined as 90 days or more past due, including loans in foreclosure – was 1.7 percent in June 2018, down from 1.9 percent in June 2017. This serious delinquency rate is the lowest for June since 2007 when it was 1.6 percent and the lowest for any month since August 2007 when it was also 1.7 percent. 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 percent in June 2018, unchanged from 0.9 percent in June 2017. By comparison, in January 2007, just before the start of the financial crisis, the current-to-30-day transition rate was 1.2 percent, while it peaked in November 2008 at 2 percent. "A solid labor market enables more homeowners to remain current on their mortgage," said Dr. Frank Nothaft, chief economist for CoreLogic. "The national unemployment rate in June 2018 was 4 percent, the lowest for June in 18 years. While this has helped reduce delinquencies nationally, delinquency rates in areas hit by wildfires, hurricanes or other natural disasters have jumped as families deal with financial disruption and tragedy. The loss of housing and displacement of families also tends to drive up local rents and reduce vacancies." Florida and Texas, two states impacted by hurricanes in 2017, have posted annual gains in overall delinquency rates. As illustrated in a recent video blog from Dr. Frank Nothaft, the risk to mortgages in the months following a natural hazard can be substantial. After last year's trio of hurricanes – Harvey, Irma and Maria – serious delinquency rates on home mortgages tripled in the Houston, Texas, and Cape Coral, Florida, metro areas and quadrupled in San Juan, Puerto Rico. "Due to last year's hurricane season, Florida and Texas experienced increases in serious delinquency rates over the past year," said Frank Martell, president and CEO of CoreLogic. "Neighborhoods impacted by similar disasters in 2018 should also expect to see a spike in delinquencies in the coming year. With storms and wildfires currently impacting multiple areas of the country, homeowners, lenders and servicers should remain vigilant of potential impacts, particularly those in California, Hawaii and the Rocky Mountain and Gulf Coast states." For ongoing housing trends and data, visit the CoreLogic Insights Blog: www.corelogic.com/insights. 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.
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Foreclosure Starts Increase in 44 Percent of U.S. Markets in July 2018
July the Third Consecutive Month with an Annual Increase in 15 Percent of Markets; Atlantic City, Peoria, Fayetteville, North Carolina Post Top Metro Foreclosure Rates IRVINE, Calif. – Aug. 21, 2018 — ATTOM Data Solutions, curator of the nation's premier property database, today released its July 2018 U.S. Foreclosure Market Report, which shows that foreclosure starts increased from a year ago in 96 of the 219 metropolitan statistical areas (44 percent) analyzed in the report. A total of 30,187 U.S. properties started the foreclosure process for the first time in July, up 1 percent from the previous month and up less than 1 percent from a year ago — the first year-over-year increase in foreclosure starts nationwide following 36 consecutive months of year-over-year decreases. Twenty-one states posted a year-over-year increase in foreclosure starts in July, including Florida (up 35 percent); California (up 3 percent); Texas (up 7 percent); Illinois (up 7 percent); and Ohio (up 2 percent). Metro areas posting year-over-year increases in foreclosure starts in July included Los Angeles, California (up 20 percent); Houston, Texas (up 76 percent); Philadelphia, Pennsylvania (up 10 percent); Miami, Florida (up 29 percent); and San Francisco, California (up 10 percent). "The increase in foreclosure starts is not just a one-month anomaly in many local markets given that July represented the third consecutive month with a year-over-year increase in 33 metro areas, including Los Angeles, Miami, Houston, Detroit, San Diego and Austin," said Daren Blomquist, senior vice president with ATTOM Data Solutions. "Gradually loosening lending standards over the past few years have introduced a modicum of risk back into the housing market, and that additional risk is resulting in rising foreclosure starts in a diverse set of markets across the country. Most susceptible to rising foreclosure starts are affordability-challenged markets where homebuyers are more financially stretched and markets with some type of trigger event such as a natural disaster or large-scale layoffs." Atlantic City, Peoria, Fayetteville, North Carolina post top metro foreclosure rates Nationwide, one in every 2,086 U.S. housing units had a foreclosure filing in July. States with the highest foreclosure rates in July were New Jersey (one in every 723 housing units with a foreclosure filing); Delaware (one in every 841); Maryland (one in every 1,038); Florida (one in every 1,180); and Illinois (one in every 1,277). Among the 219 metropolitan statistical areas with at least 200,000 people, those with the highest foreclosure rates in July were Atlantic City, New Jersey (one in every 448 housing units with a foreclosure filing); Peoria, Illinois (one in every 622); Fayetteville, North Carolina (one in every 683); Trenton, New Jersey (one in every 703); and Philadelphia (one in every 851). 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 more.
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362,275 U.S. Properties with Foreclosure Filings in First Six Months of 2018, Down 15 Percent From a Year Ago
Foreclosure Starts Decrease Nationwide, But Increase in 40 Percent of Local Markets; Average Days to Foreclose Drops to Lowest Level Since Q3 2016 IRVINE, Calif. – July 12, 2018 — ATTOM Data Solutions, curator of the nation's premier property database, today released its Midyear 2018 U.S. Foreclosure Market Report, which shows a total of 362,275 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — in the first six months of 2018, down 15 percent from the same period a year ago and down 78 percent from a peak of 1,654,634 in the first six months of 2010. Counter to the national trend, 26 of the 219 metropolitan statistical areas analyzed in the report (12 percent) posted a year-over-year increase in foreclosure activity in the first six months of 2018, including Houston, Texas (up 10 percent); Dallas-Fort Worth, Texas (up 11 percent); Cleveland, Ohio (up 4 percent); Phoenix, Arizona (up 5 percent); and Indianapolis (up 2 percent). "Localized foreclosure flare-ups in the first half of 2018 can no longer be blamed on legacy distress left over from the last housing bubble given that nearly half of all active foreclosures are now tied to loans originated in 2009 or later and given that the average time to foreclose plummeted in the first two quarters of the year," said Daren Blomquist, senior vice president with ATTOM Data Solutions. "Instead these local foreclosure increases are typically the result of more recent distress triggers in those markets. "We're also seeing early evidence of gradually loosening lending standards starting in 2014, specifically for FHA-backed loans," Blomquist added. "The foreclosure rate on FHA loans originated in 2014 and 2015 has now jumped above the average FHA foreclosure rate for all loan vintages — the only two post-recession vintages with foreclosure rates above that overall average." New Jersey, Delaware, Maryland post highest state foreclosure rates Nationwide 0.27 percent of all housing units (one in every 370) had a foreclosure filing in the first six months of 2018. States with the highest foreclosure rates in the first half of 2018 were New Jersey (0.80 percent); Delaware (0.57 percent); Maryland (0.50 percent); Illinois (0.44 percent); and Connecticut (0.40 percent). Other states with first-half 2018 foreclosure rates among the 10 highest nationwide were South Carolina (0.39 percent); Ohio (0.37 percent); Nevada (0.37 percent); Florida (0.37 percent); and New Mexico (0.35 percent). Atlantic City, Trenton, Flint, with highest metro foreclosure rates Among 219 metropolitan statistical areas analyzed in the report, those with the highest foreclosure rates in the first half of 2018 were Atlantic City, New Jersey (1.48 percent of all housing units with a foreclosure filing); Trenton, New Jersey (0.96 percent); Flint, Michigan (0.95 percent); Philadelphia, Pennsylvania (0.64 percent); and Columbia, South Carolina (0.58 percent). Other metro areas with foreclosure rates ranking among the top 10 highest in the first half of 2018 were Cleveland, Ohio (0.58 percent); Albuquerque, New Mexico (0.55 percent); Rockford, Illinois (0.53 percent); Peoria, Illinois (0.52 percent); and Baltimore, Maryland (0.52 percent). Want to dive even deeper into where foreclosures are occurring? Check out this just released article on Top 10 Cities with the most foreclosure filing in 2018. First-half foreclosure starts down nationwide, up in 40 percent of local markets A total of 191,914 U.S. properties started the foreclosure process in the first six months of 2018, down 8 percent from the first half of 2017 and down 82 percent from a peak of 1,074,471 in the first half of 2009. Counter to the national trend, 22 states posted a year-over-year increase in foreclosure starts in the first half of 2018, including Texas (up 11 percent); Michigan (up 5 percent); Arizona (up 1 percent); Indiana (up 51 percent); and Tennessee (up 13 percent). Also counter to the national trend, 88 of the 219 metro areas analyzed in the report (40 percent) posted year-over-year increases in foreclosure starts in the first half of 2018, including Houston, Texas (up 25 percent); Dallas-Fort Worth, Texas (up 17 percent); Las Vegas, Nevada (up 7 percent); Detroit, Michigan (up 23 percent); and Minneapolis-St. Paul, Minnesota (up 50 percent). First-half bank repossessions down in all but one state A total of 133,290 U.S. properties were repossessed by lenders through foreclosure (REO) in the first half of 2018, down 21 percent from the first half of 2017 and down 75 percent from a peak of 529,633 in the first half of 2010. All but one state (New Mexico) posted a year-over-year decrease in REOs in the first half of 2018. Q2 2018 foreclosure activity below pre-recession levels in 55 percent of markets A total of 188,843 U.S. properties had a foreclosure filing in Q2 2018, down 1 percent from the previous quarter and down 14 percent from a year ago. The second quarter of 2018 was the seventh consecutive quarter in which U.S. foreclosure activity was below the pre-recession average of 278,912 properties with foreclosure filings per quarter in 2006 and 2007. Foreclosure activity in the second quarter of 2018 was below pre-recession averages in 121 of the 219 metropolitan statistical areas analyzed in the report (55 percent), including Los Angeles, California (56 percent below); Chicago, Illinois (25 percent below); Dallas-Fort Worth, Texas (75 percent below); Houston, Texas (37 percent below); and Miami, Florida (55 percent below). Counter to the national trend, 98 of the 219 metropolitan statistical areas analyzed in the report (45 percent) posted Q2 2018 foreclosure activity totals above their pre-recession averages, including New York-Newark-Jersey City (50 percent above); Philadelphia, Pennsylvania (42 percent above); Washington, D.C. (51 percent above); Boston, Massachusetts (19 percent above); and Baltimore, Maryland (235 percent above). Average foreclosure timeline decreases for second straight quarter Properties foreclosed in the second quarter of 2018 took an average of 720 days from the first public foreclosure notice to complete the foreclosure process, down from 791 days in the previous quarter and down from 883 days in the second quarter of 2017 — the second consecutive quarter with a year-over-year decrease and the shortest average foreclosure timeline since Q3 2016. States with the longest average foreclosure timelines for foreclosures completed in Q2 2018 were Hawaii (1,553 days), Florida (1,166 days), New Jersey (1,161 days), Utah (1,108 days), and Indiana (1,054 days). States with the shortest average foreclosure timelines for foreclosures completed in Q2 2018 were Arkansas (152 days), Virginia (169 days), New Hampshire (177 days), Mississippi (188 days), and Minnesota (222 days). 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 more.
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CoreLogic Loan Performance Insights Finds Declining Mortgage Delinquency Rates for April as States Impacted by 2017 Hurricanes Continue to Recover
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Redfin Survey: Homebuyers Face Rising Mortgage Rates Head On
Just 5% would scrap their plans to buy if rates rose above 5% SEATTLE, June 29, 2018 -- Few homebuyers are halting their searches in the wake of rising mortgage rates, according to Redfin, the next-generation real estate brokerage. In May, Redfin commissioned a survey of more than 4,000 people who had bought or sold a home in the last year, attempted to do so, or planned to do so soon. Among the more than 1,300 respondents who planned to buy a home in the coming year, just 5 percent said they'd call off their search if rates rose above 5 percent. Twenty-four percent of buyers said such an increase would have no impact on their search. These results are consistent with those from similar surveys Redfin commissioned in May and November of 2017. "Homebuyers are well aware that higher mortgage rates means higher monthly payments, but mortgage rates remain very low, historically, and buyers will make compromises," said Taylor Marr, senior economist at Redfin. "Most of the pressure buyers are feeling is from competition for a very limited number of homes for sale. The fact that such a small share of buyers will scrap their plans to buy a home if rates surpass 5 percent reflects their determination to be a part of the housing market." More willing to adjust criteria, slightly less urgency: Here's how buyers said they would react if mortgage rates were to rise above 5 percent: 32% would slow down their search and wait to see if they came back down again, up from 27% in November and 29% in May 2017. 21% said a 5% mortgage rate would cause them to look in other areas or buy a smaller home, unchanged from November and up from 18% a year ago. 19% would increase their urgency to buy before rates went up further, down from 21% in November and from 23% a year ago. To read the full report, complete with charts and a methodology, please visit:https://www.redfin.com/blog/2018/06/redfin-survey-rising-mortgage-rates.html About Redfin Redfin is the next-generation 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 80 major metro areas across the U.S. The company has closed more than $60 billion in home sales.
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CoreLogic March Loan Performance Insights Finds Lowest Delinquency Rates in 11 Years
IRVINE, CALIF. (JUNE 12, 2018) -- 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, 4.3 percent of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in March 2018, representing a 0.1 percentage point decline in the overall delinquency rate, compared with March 2017 when it was 4.4 percent. As of March 2018, the foreclosure inventory rate – which measures the share of mortgages in some stage of the foreclosure process – was 0.6 percent, down 0.2 percentage points from 0.8 percent in March 2017. Since August 2017, the foreclosure inventory rate has been steady at 0.6 percent, the lowest level since June 2007, when it was also 0.6 percent. The March 2018 foreclosure inventory rate was the lowest for that month in 11 years; it was also 0.6 percent in March 2007. 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 percent in March 2018, unchanged from March 2017. The share of mortgages that were 60 to 89 days past due in March 2018 was 0.6 percent, also unchanged from March 2017. The serious delinquency rate – defined as 90 days or more past due, including loans in foreclosure – was 1.9 percent in March 2018, down from 2.1 percent in March 2017. The March 2018 serious delinquency rate was the lowest for that month since 2007 when it was 1.5 percent. "Unemployment and lack of home equity are two factors that can lead to borrowers defaulting on their mortgages," said Dr. Frank Nothaft, chief economist for CoreLogic. "Unemployment is at the lowest level in 18 years, and for the first quarter, the CoreLogic Equity Report revealed record levels of home equity growth with equity per owner up $16,300 on average for the year ending March 2018." 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 percent in March 2018, up from 0.6 percent in March 2017. By comparison, in January 2007, just before the start of the financial crisis, the current- to 30-day transition rate was 1.2 percent, while it peaked in November 2008 at 2 percent. "As we enter the summer, the risk of hurricane and wildfire damage to homes increases as does the risk of damage-related loan default," said Frank Martell, president and CEO of CoreLogic. "Last year's hurricanes and wildfires continue to affect today's default rates. Serious delinquency rates are more than double what they were before last autumn's hurricanes in Houston, Texas, and Naples, Florida. The serious delinquency rates have also quadrupled in Puerto Rico." For ongoing housing trends and data, visit the CoreLogic Insights Blog. 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.
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CoreLogic Reports Home Equity Gains Topped $1 Trillion in the First Quarter of 2018
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CoreLogic Reports Declining Foreclosure Rates in February, Signaling a Strong Economy
CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report, which shows that, nationally, 4.8 percent of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in February 2018. This represents a 0.2 percentage point decline in the overall delinquency rate, compared with February 2017 when it was 5 percent. As of February 2018, the foreclosure inventory rate – which measures the share of mortgages in some stage of the foreclosure process – was 0.6 percent, down 0.2 percentage points from 0.8 percent in February 2017. Since August 2017, the foreclosure inventory rate has been steady at 0.6 percent, the lowest level since June 2007, when it was also 0.6 percent. The February 2018 foreclosure inventory rate was the lowest for the month of February in 11 years; it was also 0.6 percent in February 2007. 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 30-59 days past due – was 2.1 percent in February 2018, up from 2 percent in January 2018 and unchanged from February 2017. The share of mortgages that were 60-89 days past due in February 2018 was 0.7 percent, down from 0.8 percent in January 2018 and unchanged 0.7 percent in February 2017. The serious delinquency rate – defined as 90 days or more past due, including loans in foreclosure – was 2.1 percent in February 2018, unchanged from January 2018 and down from 2.2 percent in February 2017. The February 2018 serious delinquency rate was the lowest for the month of February since February 2007, when it was 1.6 percent. "Last year's hurricanes continue to have an effect on loan performance in affected markets, showing up in statewide data," said Dr. Frank Nothaft, chief economist for CoreLogic. "Serious delinquency rates in February were 50 percent higher than in August 2017 in Texas, and nearly double in Florida, even though the wind and flood damage was primarily in coastal markets. In Puerto Rico, the damage was widespread. Serious delinquency rates were up five-fold over the August-to-February period, with a significant increase in all metropolitan areas there." 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 percent in February 2018, up from 0.8 percent in January 2018 and down from 1 percent in February 2017. By comparison, in January 2007, just before the start of the financial crisis, the current- to 30-day transition rate was 1.2 percent, while it peaked in November 2008 at 2 percent. "Overall delinquency rates fell in the U.S. over the past year, driven by a long run of stringent underwriting, higher employment and wages," said Frank Martell, president and CEO of CoreLogic. "At the same time, our CoreLogic U.S. Home Price Index (HPI) showed a 6.4 percent increase in home-price appreciation for the 12 months, which ended in February 2018. These factors bode well for the fortunes of both homeowners and mortgage servicers." For ongoing housing trends and data, visit the CoreLogic Insights Blog. 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.
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CoreLogic Reports Early-Stage Delinquencies Declined in January as Impact from 2017 Hurricanes and Wildfires Fades
CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report which shows that, nationally, 4.9 percent of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in January 2018. This represents a 0.2 percentage point decline in the overall delinquency rate, compared with January 2017 when it was 5.1 percent. As of January 2018, the foreclosure inventory rate – which measures the share of mortgages in some stage of the foreclosure process – was 0.6 percent, down 0.2 percentage points from 0.8 percent in January 2017. Since August 2017, the foreclosure inventory rate has been steady at 0.6 percent, the lowest level since June 2007, when it was also 0.6 percent. The January 2018 foreclosure inventory rate was the lowest for the month of January in 11 years; it was also 0.6 percent in January 2007. 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 30-59 days past due – was 2 percent in January 2018, down from 2.3 percent in December 2017 and from 2.1 percent in January 2017. The share of mortgages that were 60-89 days past due in January 2018 was 0.8 percent, unchanged from December 2017 and up from 0.7 percent in January 2017. The serious delinquency rate – defined as 90 days or more past due, including loans in foreclosure – was 2.1 percent in January 2018, unchanged from December 2017 and down from 2.3 percent in January 2017. The January 2018 serious delinquency rate was the lowest for the month of January since January 2007, when it was 1.5 percent. "The areas hit by last year's hurricanes and wildfires are experiencing the 'pig in a python' effect on their local delinquency rates. Early-stage delinquencies have largely dropped back to normal, while serious delinquency remains elevated," said Dr. Frank Nothaft, chief economist for CoreLogic. "In hard-hit markets, like the Houston and Naples metro areas, serious delinquency is triple what it was before the hurricanes. And in the San Juan area of Puerto Rico, serious delinquency has quadrupled." 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 percent in January 2018, down from 1.1 percent in December 2017 and down from 0.9 percent in January 2017. This was the lowest for the month of January since at least 2000. By comparison, in January 2007, just before the start of the financial crisis, the current- to 30-day transition rate was 1.2 percent, while it peaked in November 2008 at 2 percent. "Except for the metropolitan areas affected by natural disasters, most of the country has seen delinquency and foreclosure rates move lower over the past year," said Frank Martell, president and CEO of CoreLogic. "Declines in the unemployment rate have supported a rise in income, and home-price growth has built home equity. These two economic forces coupled with high-quality underwriting have lowered overall delinquency rates." For ongoing housing trends and data, visit the CoreLogic Insights Blog: www.corelogic.com/insights. 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.
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Stewart Announces Agreement to be Acquired by Fidelity National Financial
Combination Creates Opportunity for Stewart to Grow its Brand and Continue its Legacy of Customer-Focused Service HOUSTON--Stewart Information Services Corporation today announced that it has entered into a definitive agreement to be acquired by Fidelity National Financial, Inc., a leading provider of title insurance and transaction services to the real estate and mortgage industries. Under the terms of the agreement which has been unanimously approved by Stewart's Board of Directors following a comprehensive review of strategic alternatives, Stewart shareholders will receive $25.00 in cash and 0.6425 common shares of Fidelity for each share of Stewart common stock they hold at closing, subject to the adjustment and election mechanisms described below. "Last year, our Board initiated a review of strategic alternatives for the company, and after an extensive process, we determined that capitalizing on the Fidelity platform will best enable us to support the Stewart brand and continue providing the service our customers have come to expect," said Thomas G. Apel, Stewart's Chairman of the Board. "Combining with Fidelity National Financial will create a strong portfolio of customers and business relationships, and will provide us with the ability to grow the Stewart brand." "I am extremely proud of Stewart's legacy of high-quality underwriting and customer-focused service delivered by our loyal associates," said Matt Morris, Stewart CEO. "This transaction with Fidelity is an opportunity to continue building on this legacy, enhance innovation and create a more robust company for the future." "Stewart is one of the most respected names in the title insurance industry, with over 125 years of providing superior customer service," said William P. Foley, II, Fidelity Chairman. "We know business is won and lost based on customer service and relationships, and it is important to us to not only maintain, but provide additional support to grow the Stewart brand and reach more customers. Through this transaction, Stewart will bring its experience, knowledge, and customer relationships to the Fidelity family of companies in our continued mission to be the industry leader in underwriting, customer service and operational expertise." Based on Fidelity's closing stock price on March 16, 2018, the merger consideration represents total value per Stewart share of $50.20, a 23% premium to Stewart's closing stock price on March 16, 2018 and a 32% premium to Stewart's closing stock price on November 3, 2017, the trading day prior to Stewart's announcement that it would undertake a review of strategic alternatives. Under the terms of the definitive agreement, the following mechanics apply to the merger consideration: Adjustment mechanism. If the combined company is required to divest assets or businesses exceeding $75 million in order to procure required regulatory approvals up to a cap of $225 million of divested revenues, the purchase price will be adjusted down from $50.20 (based on $25.00 in cash and 0.6425 common shares of Fidelity stock) on a pro-rata basis relative to the actual amount of revenues required to be divested between $75 and $225 million to a minimum purchase price of $45.50 per share of common stock (with the decrease split on a 50/50 basis between the cash and stock portions of the merger consideration based on the value of the stock component at signing). Election mechanism. As an alternative to the default mixed transaction consideration described above, each Stewart shareholder will have the ability to instead receive either $50.00 in cash or 1.285 common shares of Fidelity for each Stewart share held, subject to a customary pro ration mechanism to the extent that either the cash or the stock portion of the merger consideration is over-subscribed. The proposed transaction is subject to approval by Stewart's shareholders and regulatory authorities and the satisfaction of customary closing conditions. The company will be closely working with regulators to obtain the necessary approvals as soon as possible, and the transaction is expected to close by the first or second quarter of 2019. If the deal is not completed for failure to obtain the required regulatory approvals, Fidelity is required to pay a reverse break-up fee of $50 million to Stewart. Citi acted as financial advisor to Stewart and Davis Polk & Wardwell LLP acted as Stewart's legal advisor. About Stewart Stewart Information Services Corporation (NYSE:STC) is a global real estate services company, offering products and services through our direct operations, network of Stewart Trusted Providers™ and family of companies. From residential and commercial title insurance and closing and settlement services to specialized offerings for the mortgage industry, we offer the comprehensive service, deep expertise and solutions our customers need for any real estate transaction. At Stewart, we believe in building strong relationships – and these partnerships are the cornerstone of every closing, every transaction and every deal. Stewart. Real partners. Real possibilities.™ More information is available at the company's website at stewart.com. About Fidelity National Financial Fidelity National Financial, Inc. (NYSE:FNF) is the nation's largest title insurance company through its title insurance underwriters - Fidelity National Title, Chicago Title, Commonwealth Land Title, Alamo Title and National Title of New York - that collectively issue more title insurance policies than any other title company in the United States. More information about FNF can be found at www.fnf.com.
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Redfin Survey: Just 6% of Homebuyers Would Cancel Plans to Buy if Mortgage Rates Surpassed 5%
27% Would Slow Their Home Search; 25% Said the Rate Increase Would Have No Impact on their Home-buying Plans SEATTLE, Feb. 12, 2018 -- Just 6 percent of prospective homebuyers would halt their home search if mortgage rates rose above 5 percent, according to a late-2017 survey commissioned by Redfin, the next-generation real estate brokerage. This represents a modest one-point increase in the portion of buyers who responded this way to a similar survey question in May, revealing that buyers remain unfazed by the prospect of rising mortgage rates. After hovering below 4 percent at the end of 2017, the average 30-year fixed mortgage rate surpassed 4 percent in January and has been steadily rising, reaching 4.32 percent at the time of this report's publication. Mortgage rates are expected to continue to rise in the coming year. Twenty-seven percent of respondents who plan to buy a home in the coming year said that a 5 percent mortgage rate would cause them to slow their plans to buy, down two points from May. A quarter said such a hike would have no impact on their plans, consistent with the May survey findings. Among prospective buyers responding to the late-2017 survey, 21 percent said a rate bump to 5 percent would cause them to increase their urgency to buy, while another 21 percent said they would instead look in more affordable areas or buy a smaller home. The second in a series of three reports on a November/December survey of more than 4,000 people who bought or sold a home last year, attempted to do so, or planned to do so soon revealed the following key findings related to the housing market and the economy: The tax reform debate may have fueled anxiety as high taxes were the most common economic concern, cited by 38% of respondents. Respondents in California , where residents pay among the highest state, local and property taxes in the country, were even more likely to name high taxes as a top concern, with more than 40 percent of respondents in San Francisco , San Diego and Sacramento citing it. However, less than one-third of Los Angeles -based respondents cited high taxes as a top concern, though it was still the most common response. By contrast, affordable housing was the most frequently cited economic concern among respondents in other parts of the country including Seattle (45%) and Portland (44%), where the income gap between the rich and poor ranked second and high taxes ranked third. Affordable housing also ranked highest among Denver -based respondents (46%), with high taxes following behind (30%). 77% of respondents said they expect home prices in their area to rise in the next year. The vast majority of respondents agreed that home prices will continue to rise in 2018. Only 6 percent of respondents said they expect any decline in prices, and only 1 percent said they expect prices to fall significantly. Most respondents (52%) said they expect prices to rise slightly, while another 25 percent said they expect a significant increase in prices and 17 percent said they expect no change at all. "Tight credit, lack of inventory and high demand are the major factors that tell us there's no housing bubble, despite rapid price increases," said Redfin chief economist Nela Richardson. "There are still many more buyers than the current housing supply can support, with no major relief in sight. Strict lending regulations make it much harder to buy a house you can't afford than during the housing boom a decade ago. Finally, still-low interest rates somewhat offset high prices for some buyers." To read the full report, complete with data, charts and a full methodology, please click here.
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CoreLogic Reports Early-Stage Mortgage Delinquencies Increased Following Active Hurricane Season
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Median Down Payment for U.S. Homes Purchased in Q3 2017 Increases to a New High of $20,000
Average Down Payment of $76,645 Also at New High; Median Down Payment 7.6 Percent of Median Home Price, a 4-Year High; Purchase Loans Up 7 Percent, HELOCs Up 12 Percent, Refis Down 19 Percent from Year Ago IRVINE, Calif. – Dec. 14, 2017 — ATTOM Data Solutions, curator of the nation's largest multi-sourced property database, today released its Q3 2017 U.S. Residential Property Loan Origination Report, which shows that the median down payment for single family homes and condos purchased with financing in the third quarter was $20,000, up from $18,161 in the previous quarter and up from $14,400 in Q3 2016 to a new high as far back as data is available, Q1 2000. The loan origination report is derived from publicly recorded mortgages and deeds of trust collected by ATTOM Data Solutions in more than 1,700 counties accounting for more than 87 percent of the U.S. population. Counts and dollar volumes for the two most recent quarters are projected based on available data at the time of the report (see full methodology below). The average down payment of $20,000 was 7.6 percent of the median sales price of $263,000 for financed home purchases in the third quarter, up from 7.1 percent in the previous quarter and up from 6.1 percent in Q3 2016 to the highest level since Q3 2013 — a four-year high. "Buying a home has become a full-contact sport in many markets across the country, and buyers with the beefiest down payments — not to mention all-cash buyers — are often able to muscle out those with scrawnier savings," said Daren Blomquist, senior vice president with ATTOM Data Solutions. "Despite the increasingly competitive nature of homebuying, the number of residential property purchase loans nationwide increased to a 10-year high in the third quarter." Median down payment tops $50,000 in a dozen markets The median down payment was more than $50,000 in 12 of the 99 metropolitan statistical areas analyzed in the report, led by San Jose California ($247,000); San Francisco, California ($170,000); Los Angeles, California ($118,000); Oxnard-Thousand Oaks-Ventura, California ($105,000); and Boulder, Colorado ($99,900). "Across Southern California factors such as low available listing inventory have resulted in many consumers turning to cash or leveraging investment accounts for cash as alternative methods for funding home ownership and beating out competitors for acceptance of their purchase offers in a highly competitive market," said Michael Mahon president at First Team Real Estate, covering the Southern California market. Other markets with median down payments above $50,000 were San Diego, California; New York, New York; Fort Collins, Colorado; Bridgeport, Connecticut; Boston, Massachusetts; Seattle, Washington; and Naples, Florida. "Rising home prices in the Seattle area combined with changes in the mortgage underwriting process have pushed the median down payment over $50,000 and the average down payment to over $100,000," said Matthew Gardner, chief economist at Windermere Real Estate, covering the Seattle market. "We've also seen an increase in new mortgages which is an indication of rising home sales. Most interesting to me is the big jump in new lines of credit which is likely a result of frustrated buyers deciding to stay in their existing homes and remodel rather than deal with the highly competitive Seattle housing market." Purchase and HELOC originations increase, refinance originations down Nearly 2.4 million loans (2,386,518) secured by residential property (1 to 4 units) were originated in the third quarter, up 17 percent from the previous quarter but still down 5 percent from a year ago. Of the total 2.4 million loan originations during the quarter, nearly 1.1 million were purchase loans (1,011,144), up 8 percent from the previous quarter and up 7 percent from a year ago to the highest level since Q3 2007 — a 10-year high. A total of 981,773 refinance loans secured by residential property were originated in the third quarter, up 28 percent from the previous quarter but still down 19 percent from a year ago. A total of 393,602 home equity lines of credit (HELOCs) secured by residential property were originated in the third quarter, up 19 percent from the previous quarter and up 12 percent from a year ago to the highest level since Q2 2008, a more than nine-year high. Raleigh, New York, Roanoke, Honolulu, Little Rock post biggest purchase loan increases Among 120 metropolitan statistical areas analyzed in the report for loan origination trends, those with the biggest increase in purchase loan originations secured by residential property were Raleigh, North Carolina (up 55 percent); New York, New York (up 39 percent); Roanoke, Virginia (up 39 percent); Honolulu, Hawaii (up 38 percent); and Little Rock, Arkansas (up 34 percent). Counter to the national trend, 58 of the 120 metro areas analyzed in the report (48 percent) posted a year-over-year decrease in residential property purchase loan originations, including Houston (down 10 percent); Miami (down 6 percent); Atlanta (down 15 percent); Boston (down 7 percent); and Detroit (down 7 percent). San Jose, Honolulu, Rochester, San Diego, Bridgeport post biggest refi loan decreases Among 120 metropolitan statistical areas analyzed in the report for loan origination trends, those with the biggest year-over-year decrease in residential property refinance loan originations were San Jose, California (down 58 percent); Honolulu, Hawaii (down 56 percent); Rochester, New York (down 49 percent); San Diego, California (down 49 percent); and Bridgeport, Connecticut (down 48 percent). Counter to the national trend, 22 of the 120 metro areas analyzed in the report (18 percent) posted year-over-year increases in residential property refinance loan originations, including New York (up 7 percent); Kansas City (up 15 percent); Oklahoma City (up 51 percent); Raleigh, North Carolina (up 2 percent); and Grand Rapids, Michigan (up 6 percent). Reno, Fort Wayne, Peoria, Bremerton, Dallas post biggest HELOC increases Among 120 metropolitan statistical areas analyzed in the report, those with the biggest year-over-year increase in residential property HELOC loan originations were Reno, Nevada (up 80 percent); Fort Wayne, Indiana (up 74 percent); Peoria, Illinois (up 46 percent); Bremerton, Washington (up 45 percent); and Dallas, Texas (up 43 percent). Counter to the national trend, 43 of the 120 metro areas analyzed in the report (36 percent) posted a year-over-year decrease in HELOC loan originations, including Houston (down 17 percent); Miami (down 3 percent); Atlanta (down 6 percent); San Francisco (down 1 percent); and St. Louis (down 4 percent). Share of co-borrowers increases in 87 percent of markets The report also found that 23.4 percent of all purchase loan originations on single family homes in Q3 2017 involved co-borrowers — multiple, non-married borrowers listed on the mortgage or deed of trust — up from 22.8 percent in the previous quarter and up from 21.1 percent in Q3 2016. The share of co-borrowers increased from a year ago in 33 of 38 U.S. cities analyzed in the report (87 percent), including Las Vegas, Nevada; Houston, Texas; San Antonio, Texas; Phoenix, Arizona; and Colorado Springs, Colorado. Counter to the national trend, the share of co-borrowers decreased from a year ago in five markets: Austin, Texas; Dallas, Texas; Miami, Florida; Aurora, Colorado; and Memphis, Tennessee. Cities with the highest share of co-borrowers in Q3 2017 were San Jose, California (51.1 percent); Miami, Florida (42.7 percent); Seattle, Washington (36.7 percent); Los Angeles, California (30.4 percent); and Portland, Oregon (30.1 percent). Share of FHA and VA loans drops from a year ago Loans backed by the Federal Housing Administration (FHA) accounted for 12.9 percent of all residential property loans originated in the third quarter, down from 13.6 percent in the previous quarter and down from 13.2 percent in Q3 2016. Loans backed by the U.S. Department of Veterans Affairs (VA) accounted for 6.6 percent of all residential property loans originated in the third quarter, up from 6.5 percent in the previous quarter but down from 7.5 percent in Q3 2016. Report methodology ATTOM Data Solutions analyzed recorded mortgage and deed of trust data for single family homes, condos, town homes and multi-family properties of two to four units for this report. Each recorded mortgage or deed of trust was counted as a separate loan origination. Dollar volume was calculated by multiplying the total number of loan originations by the average loan amount for those loan originations. Origination counts and dollar volumes are projected for the most recent two quarters based on historical share of mortgage and deed of trust data recorded and collected within 45 days from the end of a quarter — which is when ATTOM pulls data for the report. About ATTOM Data Solutions ATTOM Data Solutions is the curator of the ATTOM Data Warehouse, a multi-sourced national property database that blends property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, health hazards, neighborhood characteristics and other property characteristic data for more than 150 million U.S. residential and commercial properties. The ATTOM Data Warehouse delivers actionable data to businesses, consumers, government agencies, universities, policymakers and the media in multiple ways, including bulk file licenses, APIs and customized reports.
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CoreLogic Analysis Shows Mortgage Credit Risk Increased from Q3 2016 to Q3 2017
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HUD Announces New FHA Loan Limits for 2018
Loan limits to increase in more than 3,000 counties WASHINGTON - The Federal Housing Administration (FHA) today announced the agency's new schedule of loan limits for 2018, with most areas in the country to experience an increase in loan limits in the coming year. These loan limits are effective for FHA case numbers assigned on or after January 1, 2018. Read FHA's Mortgagee Letter on 2018 Forward Mortgage Limits Read FHA's Mortgagee Letter on 2018 Home Equity Conversion Mortgage (HECM) Limits FHA is required by the National Housing Act, as amended by the Housing and Economic Recovery Act of 2008 (HERA), to set Single Family forward loan limits at 115 percent of median house prices, subject to a floor and a ceiling on the limits. FHA calculates forward mortgage limits by Metropolitan Statistical Area and county. In high-cost areas of the country, FHA's loan limit ceiling will increase to $679,650 from $636,150. FHA will also increase its floor to $294,515 from $275,665. Additionally, the National Mortgage Limit for FHA-insured Home Equity Conversion Mortgages (HECMs), or reverse mortgages, will increase to $679,650 from $636,150. FHA's current regulations implementing the National Housing Act's HECM limits do not allow loan limits for reverse mortgages to vary by MSA or county; instead, the single limit applies to all mortgages regardless of where the property is located. Due to robust increases in median housing prices and required changes to FHA's floor and ceiling limits, which are tied to the Federal Housing Finance Agency (FHFA)'s increase in the conventional mortgage loan limit for 2018, the maximum loan limits for FHA forward mortgages will rise in 3,011 counties. In 223 counties, FHA's loan limits will remain unchanged. By statute, the median home price for an MSA is based on the county within the MSA having the highest median price. It has been HUD's long-standing practice to utilize the highest median price point for any year since the enactment of HERA. The National Housing Act, as amended by HERA, requires FHA to establish its floor and ceiling loan limits based on the loan limit set by FHFA for conventional mortgages owned or guaranteed by Fannie Mae and Freddie Mac. Today, FHA's minimum national loan limit, or floor, is set at 65 percent of the national conforming loan limit of $453,100. This floor applies to those areas where 115 percent of the median home price is less than the floor limit. Any areas where the loan limit exceeds this ‘floor' is considered a high-cost area, and HERA requires FHA to set its maximum loan limit ‘ceiling' for high-cost areas at 150 percent of the national conforming limit. Prior to the passage of HERA, the National Housing Act (NHA) provided that the FHA mortgage limit for any given area be set at 95 percent of the median one-family house price in that area, as determined by HUD. However, the NHA further stated the FHA mortgage limit in any given area cannot exceed 87 percent of the Freddie Mac loan limit (305(a)(2) of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1454(a)(2)), nor be less than 48 percent of that limit. Since the enactment of HERA and The Economic Stimulus Act of 2008, which temporarily raised FHA limits even further, FHA's loan limits have been more closely tied to, and at times in excess of, those for GSE-eligible loans. Based upon the volume of FHA endorsements in FY 2017, the following charts represent the number and share of counties where FHA loan limits are at the ceiling, floor and somewhere in between. To find a complete list of FHA loan limits, areas at the FHA ceiling, areas between the floor and the ceiling, as well as a list of areas with loan limit increases, visit FHA's Loan Limits Page.
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CoreLogic Reports September Mortgage Delinquency Rates Lowest in More Than a Decade
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Down Payment Program Data Grows in Size and Scope
Homeownership Program Index Reports More Than 16,000 Program Changes in Q3 2017 Atlanta, GA, November 16, 2017 – Atlanta-based Down Payment Resource, the nationwide database for homebuyer programs, today released its Third Quarter 2017 Homeownership Program Index (HPI). The number of total programs increased to 2,487, up 18 programs from the previous quarter. More than 87 percent (87.1%) of programs currently have funds available for eligible homebuyers, up slightly from the previous quarter. Down Payment Resource communicates with more than 1,300 housing agencies each month to make updates to homeownership programs. While the total number of programs and funding availability remained steady, this quarter the company made 16,435 total program edits, including important eligibility requirements, program guidelines and funding status. "We're proud to be the first company to develop a nationwide database of down payment programs, but it's an even greater achievement to keep those details up-to-date. Every month, we work with housing agencies across the country to catalog the latest program information into our database, helping ensure homebuyers, lenders and agents have accurate, searchable details," said Rob Chrane, Down Payment Resource CEO. Program Data Varies Greatly Homeownership programs are available across the country, designed to meet the housing needs for a buyer segment or community. For every program, Down Payment Resource monitors changes to many dozens of data points, income and coverage area tables, program benefits, and funding status. This quarter's Homeownership Program Index reviewed the volume of program changes made from July 1 through September 30. Program edits: 3,605 Includes program contact information, funding status and program guidelines. Coverage Area edits: 12,830 Includes changes to coverage areas, coverage area types, maximum purchase price limits, or household income limits. Program changes are up 220 percent from Q4 2015, when the HPI last reviewed total program changes. The increase in program update activity is attributed to the addition of more data points per program as well an increase in the total programs being monitored. "We continually review our technology, seek feedback from our customers and users, and look for opportunities to enhance our data. The more specificity we can provide, the easier it is for homebuyers to explore all of the options available to them as they plan for homeownership," said Sean Moss, Senior Vice President of Operations for Down Payment Resource. "Likewise, lenders can better understand the options available to their originators to tap into new buyer segments and help them solve for their biggest obstacle to homeownership. And, real estate agents can pinpoint opportunities available in their market and comfortably promote those programs to new buyers." Monitoring Dynamic Data Many events can impact homeownership program guidelines, including funding source and master servicing requirements. For example, when HUD makes its annual Area Median Income (AMI) limits for all of the more than 3,000 counties across the U.S., many program administrators also update their own programs' income limits. In addition, any given program can change on short notice, and multiple times per year. Because those changes aren't predictable, Down Payment Resource constantly monitors and works with program administrators to keep the program information up-to-date. Index Data About All Types of Programs 38% of homeownership programs do not have a first-time homebuyer requirement and are available for eligible repeat homebuyers. (First-time homebuyer is defined by HUD as someone who has not owned a home in three years.) 75% of programs are available in a specific local area, such as a city, county or neighborhood. 25% of programs are available statewide through state housing finance agencies. More than 6% of programs are available for community service workers, including educators, police officers, firefighters and healthcare workers. 6% of programs have benefits for veterans, members of the military and surviving spouses. These programs can also be layered with zero down payment VA loans. 69% of programs in the database are down payment or closing cost assistance. 9% of programs are first mortgages and 8% of programs are Mortgage Credit Certificates (MCCs). States with the greatest number of down payment programs remained consistent—California, Florida and Texas are the top three. View a complete list of state-by-state program data. More than 50 percent of programs accept online homeownership education. About Down Payment Resource Down Payment Resource (DPR) creates opportunity for homebuyers, REALTORS® and lenders by uncovering programs that get people into homes. The company tracks more than 2,400 homebuyer programs through its housing finance agency partners. DPR has been recognized by Inman News as "Most Innovative New Technology" and the HousingWire Tech100™. DPR is licensed to Multiple Listing Services, Realtor Associations, lenders and housing counselors across the country. For more information, please visit DownPaymentResource.com. About Down Payment Resource's Homeownership Program Index The Homeownership Program Index (HPI) measures the availability and characteristics of down payment programs administered by state and local Housing Finance Agencies (HFAs), nonprofits and other housing organizations. It analyzed state, local and national programs available in the DOWN PAYMENT RESOURCE® registry as of October 23, 2017.
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CoreLogic Reports Mortgage Delinquency Rates Lowest in More Than a Decade
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CFPB Launches New Mortgage Performance Trends Tool for Tracking Delinquency Rates
Newly Available Data Shows Lowest Mortgage Delinquency Rate Since the Financial Crisis WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today announced the launch of a new Mortgage Performance Trends tool that tracks delinquency rates nationwide. Information newly available through this tool shows that mortgage delinquency rates nationally are at their lowest point since the financial crisis. In addition to national data, the online tool features interactive charts and graphs with data on mortgage delinquency rates for 50 states and the District of Columbia at the county and metro-area level. "Measuring the number of consumers who have fallen behind on their mortgage payments is a telling barometer of the health of mortgage markets locally and nationally," said CFPB Director Richard Cordray. "This rich information source identifies mortgage delinquency rates down to the county and metro-area level, making it a useful public tool." With a combined value of roughly $10 trillion, mortgages make up the nation’s largest consumer credit market. A delinquent mortgage is a home loan for which the borrower has failed to make payments as required in the loan documents. If the borrower can't bring the payments on a delinquent mortgage current within a certain time period, the lender may begin foreclosure proceedings. Whether consumers can make their mortgage payments is an important sign of the health of the mortgage market and the overall economy. For instance, job growth, higher wages, and higher home values generally lead to fewer missed or late mortgage payments. The Mortgage Performance Trends tool measures the delinquency rates in two general categories. The first category is comprised of borrowers who are 30 to 89 days behind on their mortgage payments, which generally means they have missed one or two payments. Tracking this rate can detect trends in the increase or decrease in the number of delinquencies, and act as an early warning sign for mortgage market developments that impact the overall economy. The second category is serious delinquencies, which is made up of borrowers who are more than 90 days overdue. If high, this rate reflects more severe economic distress. The interactive charts and maps in the tool track monthly changes in both categories of delinquency rates starting in 2008, when the financial crisis was unfolding. Leading up to the crisis, some lenders originated mortgages to consumers without considering their ability to repay the loans. The decline in underwriting standards led to skyrocketing rates of mortgage delinquencies and foreclosures. As required by the Dodd-Frank Wall Street Reform and Consumer Protection Act, the CFPB put in place rules to address the issues that helped trigger the crisis. These rules require lenders to assess a borrower’s ability to repay a mortgage before making the loan and require servicers to assist borrowers struggling to repay their mortgages. Mortgage delinquency data reflected in the Mortgage Performance Trends tool shows that among other things: Rates of serious delinquency are at the lowest level since the financial crisis: According to the data, the national rate of seriously delinquent mortgages peaked at 4.9 percent in 2010. As of March 2017, the rate had fallen to 1.1 percent, the lowest level since 2008. Colorado and Alaska have the fewest serious delinquencies, with 0.5 percent. New Jersey and Mississippi have the highest rates of delinquencies of more than 90 days, with 2.1 percent. For mortgages that are delinquent by less than 90 days, Mississippi has the highest rate, at 4.3 percent. Washington State has the lowest rate, at 1 percent. Most states hardest hit by the housing crisis have steadily recovered: At the peak of the financial crisis, both California and Arizona had rates of serious delinquencies of 7.5 percent and 7.6 percent, respectively, and both are now below 1 percent. Nevada, which peaked at 10.7 percent, now has a serious delinquency rate of 1.2 percent, nearly the same as the national average. Florida, which peaked at 9.0 percent, now has a rate of 1.4 percent. Information in the Mortgage Performance Trends tool comes from the National Mortgage Database, which the CFPB and the Federal Housing Finance Agency launched in 2012. The database supports policymaking and research, and helps regulators better understand emerging mortgage and housing market trends. The National Mortgage Database includes information spanning the life of a mortgage loan from origination through servicing and captures a variety of borrower characteristics. It is a nationally representative sample of all outstanding, closed-end, first-lien mortgages for one-to-four family residences. The Mortgage Performance Trends tool has many protections in place to protect personal identity. Before the CFPB or the FHFA receive data for the National Mortgage Database, all records are stripped of information that might reveal a consumer’s identity, such as names, addresses, and Social Security numbers. The new Mortgage Performance Trends tool can be found here.
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CoreLogic Reports Serious Delinquency Rate for Home Loans Holds Steady at a Near 10-Year Low
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Infographic: NAR Debunks 4 Common Down Payment Myths
WASHINGTON, Oct. 3, 2017 -- Confusion and misconceptions surrounding down payment requirements may be one of the greatest barriers to homeownership. According to the National Association of REALTORS®' Aspiring Home Buyers Profile, 87 percent of non-homeowners believe a down payment of 10 percent or more is required to purchase a home. In reality, roughly 60 percent of homebuyers financed their purchase with a 6 percent or less down payment. NAR clears up this and several other myths regarding down payments. The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing more than 1.2 million members involved in all aspects of the residential and commercial real estate industries.
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CoreLogic Reports 2.8 Million Residential Properties with a Mortgage Still in Negative Equity
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Purchase Lending Hits Highest Level Since 2007 Despite Continued Headwinds from Tight Lending
JACKSONVILLE, Fla. – September 11, 2017 – Today, the Data and Analytics division of Black Knight Financial Services, Inc. released its latest Mortgage Monitor Report, based on data as of the end of July 2017. Reviewing second quarter mortgage origination volumes, Black Knight finds that while overall mortgage lending saw a 20 percent increase over Q1 2017, total volumes were down 16 percent from Q2 2016. Additionally, although purchase lending hit its highest level in 10 years, the total number of purchase mortgages being originated still falls far below pre-crisis (2000 – 2003) averages. As Black Knight Data & Analytics Executive Vice President Ben Graboske explained, more stringent credit requirements enacted in the wake of the Great Recession may be hampering purchase lending volumes. "We saw positive growth in lending in the second quarter, with $467 billion in first lien mortgages originated," said Graboske. "While down 16 percent from a year ago, that marks a 20 percent increase in mortgage lending over Q1. Drilling down into the make-up of those originations, we see that refinance lending made up just 31 percent of all Q2 originations – the lowest such share in over 16 years. Refinance volumes were down as well, falling 20 percent from Q1, but that drop was more than offset by a 57 percent seasonal rise in purchase lending. Purchase originations totaled $321 billion in Q2 2017; up six percent from last year, and the highest quarterly volume since 2007. As a result of growing average loan amounts for purchase originations, the total dollar amount of purchase originations is higher than averages seen from 2000 – 2003, prior to both the peak in home prices and the Great Recession that followed. This is partly due to rising home prices, but also comes as a result of an all-but-total absence of second lien usage for purchases, a shift toward high-dollar/low-risk loans among non-agency lenders and a higher share of cash purchases at the lower end of the market.​ "However, the number of purchase loans being originated still lags the pre-crisis average by almost 30 percent; while overall purchase origination volumes are strong from a total dollar amount perspective, the market still does not appear to be performing at peak capacity. One key cause is the more stringent purchase lending credit requirements enacted in response to the financial crisis. Consider that borrowers with credit scores of 720 or higher accounted for 74 percent of all Q2 2017 purchase loans as compared to a pre-crisis average of 47 percent. Today, there are 65 percent fewer purchase loans being originated to borrowers with credit scores below 720 than in those years. The lack of credit availability for those borrowers is causing a strong headwind for the purchase market. Using 2000 – 2003 averages as a measure, as many as 645,000 purchase loans were not originated in Q2 due to tighter lending standards. To put it another way, the purchase market is operating at less than two-thirds of peak capacity because of these factors." Additionally, this month Black Knight assessed the impact of the recently announced extension of the federal government's Home Affordable Refinance Program (HARP) through the end of 2018. As 3.5 million borrowers have already utilized the program and after years of continual home price gains, the HARP-eligible borrower pool is relatively shallow. As of the end of July, there are only approximately 108,000 borrowers that would both meet HARP eligibility requirements and that have at least 75 BPS of interest rate incentive to refinance through the program. HARP eligibility is limited for the 2.5 million active GSE mortgages with current LTVs above 80 percent due to the requirement that loans have been originated pre-June 2009. Even expanding that to the bottom of the housing market in January 2012 – to include all borrowers negatively impacted by the downturn in home prices during the recession – would only increase the HARP-eligible/incented population by approximately 50,000. As was reported in Black Knight's most recent First Look release, other key results include: *Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.**Seriously delinquent loans are those past-due 90 days or more.Totals are extrapolated based on Black Knight Financial Services' loan-level database of mortgage assets. About the Mortgage Monitor​ The Data & Analytics division of Black Knight Financial Services manages the nation's leading repository of loan-level residential mortgage data and performance information on the majority of the overall market, including tens of millions of loans across the spectrum of credit products and more than 160 million historical records. The company's research experts carefully analyze this data to produce a summary supplemented by dozens of charts and graphs that reflect trend and point-in-time observations for the monthly Mortgage Monitor Report. To review the full report, click here. About Black Knight Financial Services, Inc. Black Knight Financial Services, Inc. (NYSE: BKFS), a Fidelity National Financial (NYSE:FNF) company, is a leading provider of integrated technology, data and analytics solutions that facilitate and automate many of the business processes across the mortgage lifecycle. Black Knight Financial Services is committed to being a premier business partner that lenders and servicers rely on to achieve their strategic goals, realize greater success and better serve their customers by delivering best-in-class technology, services and insight with a relentless commitment to excellence, innovation, integrity and leadership.
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Redfin Data Reveals Single Women Build Less Home Equity Over Time Than Single Men
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Shared Equity Programs Gain Popularity for Municipalities, Private Investors
Program​ ​model​ ​gains​ ​popularity​ ​as​ ​homeownership​ affordability​ ​challenges​ ​persist​ ​for millennial​ ​buyers Atlanta,​ ​GA,​ ​August​ ​24,​ ​2017​ – Atlanta-based Down Payment Resource, the nationwide database for homebuyer programs, today released its Second Quarter 2017 Homeownership Program Index (HPI). The number of total programs increased to 2,469, up 15 programs from the previous quarter. Nearly 87 percent (86.8%) of programs currently have funds available for eligible homebuyers, roughly unchanged from the previous quarter. New programs in the database include shared equity programs that provide a portion of the down payment in exchange for a percentage of equity upon sale of the home. The Down Payment Resource HPI currently tracks 33 shared equity programs. Most are city/county, non-profit or university administered programs. There are also new programs in high cost markets, like the San Francisco Bay area, designed by private investors to help buyers finance homes that are outside conventional home price limits. "Municipal shared equity programs have been around for a long time, and today we are seeing more private investors enter the market," said Rob Chrane, CEO of Down Payment Resource. "Because this home financing model trades some of the long-term homeownership value, it will be important for buyers to first carefully evaluate all their down payment program options." The Urban Institute evaluated shared equity programs and found they are successful in linking lowand moderate-income people with affordable owner-occupied housing. In addition, homeownership among shared equity programs is sustainable, and shared equity homeowners resell their homes with the same frequency and for the same reasons as other homeowners. Municipal​ ​Shared​ ​Equity​ ​Programs Shared equity programs are an alternative to traditional down payment assistance funding for municipal or non-profit providers. The buyer receives funds for part of the down payment in exchange for a share of the equity gained. In most cases, the buyer must also pay back the initial down payment investment at resell. These programs are often designed to keep the home prices affordable for the next buyer and continuously re-fund the program. Benefits to the buyer include helping lower their first mortgage, thereby reducing their monthly payments and accruing more equity from paying down the mortgage faster. The following are examples of such programs: In Tennessee, The Housing Fund's Our House Shared Equity Program provides income-eligible buyers with a loan investment of up to 25% of the sales price. The loan investment stays with the home, upon resale to preserve housing affordability for the next owner. The City of Austin Down Payment Assistance Program offers a shared equity option with help of up to $40,000 where the buyer agrees to pay back an equitable share of appreciation back to the City. The San Francisco City Second or Down Payment Assistance Loan Programs (DALP) provides down payment assistance, in the form of a deferred payment loan up to $375,000, to qualified first-time homebuyers with income limits up to 200% of the area's median income. The principal amount plus an equitable share of appreciation is due and payable at the end of the term, or repaid upon sale or transfer. In Colorado, the Douglas County Housing Partnership (DCHP) Shared Equity Program provides funding for up to 20% of the purchase price for a maximum of $25,000. The buyer must pay DCHP 20% of the sales price or appraised value upon sale or refinance. The Arlington County Moderate Income Purchase Assistance Program for First Time Homebuyers (MIPAP) offers eligible Arlington homebuyers a deferred-payment, no-interest loan of up to 25% of the home purchase price. If the property value increases upon sale of the home, the buyer owes the county the original subordinate loan amount plus a proportionate share of the net appreciation. Investor​ ​Shared​ ​Equity​ ​Programs In recent years, more private market shared equity programs have entered the market. These programs often don't have income or home sales price eligibility requirements, but they do have minimum and maximum investments. Unison offers a shared equity down payment program for homebuyers in 12 states and Washington D.C. It provides half of the buyer's down payment funds in exchange for a share—typically 35 percent—of the change in value of the home upon sale. Unison's funding comes from institutional investors, including pension funds and university endowments. Index​ ​Data​ ​About​ ​All​ ​Types​ ​of​ ​Programs 37% of homeownership programs do not have a first-time homebuyer requirement and are available for eligible repeat homebuyers. (First-time homebuyer is defined by HUD as someone who has not owned a home in three years.) 75% of programs are available in a defined area, such as a city, county or neighborhood. 25% of programs are available state-wide through state housing finance agencies. 7.5% of programs are available for community service workers, including educators, police officers, firefighters and healthcare workers. 6% of programs have benefits for veterans, members of the military and surviving spouses. These programs can also be layered with zero down payment VA loans. 69% of programs in the database are down payment or closing cost assistance. 9% of programs are first mortgages and 8% of programs are Mortgage Credit Certificates (MCCs). States with the greatest number of down payment programs remained consistent—California, Florida and Texas are the top three. View a complete list of state-by-state program data. More than 50 percent of programs accept online homeownership education. About​ ​Down​ ​Payment​ ​Resource Down Payment Resource (DPR) creates opportunity for homebuyers, REALTORS® and lenders by uncovering programs that get people into homes. The company tracks more than 2,400 homebuyer programs through its housing finance agency partners. DPR has been recognized by Inman News as "Most Innovative New Technology" and the HousingWire Tech100™. DPR is licensed to Multiple Listing Services, Realtor Associations, lenders and housing counselors across the country. For more information, please visit DownPaymentResource.com. About​ ​Down​ ​Payment​ ​Resource's​ ​Homeownership​ ​Program​ ​Index The Homeownership Program Index (HPI) measures the availability and characteristics of down payment programs administered by state and local Housing Finance Agencies (HFAs), nonprofits and other housing organizations. It analyzed state, local and national programs available in the DOWN PAYMENT RESOURCE® registry as of August 4, 2017.
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CoreLogic Reports May 2017 Delinquency Rate Lowest in Nearly a Decade
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Number of Equity Rich U.S. Properties Increases to 14 Million in Q2 2017 — One in Four U.S. Properties With a Mortgage
Highest Share of Equity Rich in San Jose, San Francisco, Los Angeles, Honolulu, Portland; 5.4 Million Seriously Underwater Properties in Q2 2017, Down 1.2 Million From a Year Ago IRVINE, Calif. — Aug. 17, 2017 — ATTOM Data Solutions, curator of the nation's largest multi-sourced property database, today released its Q2 2017 U.S. Home Equity & Underwater Report, which shows that at the end of the second quarter of 2017 there were more than 14 million (14,038,372) U.S. properties that were equity rich — where the combined loan amount secured by the property was 50 percent or less of the estimated market value of the property — up by nearly 320,000 properties from the previous quarter and up by more than 1.6 million properties from a year ago. The 14 million equity rich U.S. properties represented 24.6 percent of all U.S. properties with a mortgage, up from 24.3 percent in the previous quarter and up from 22.1 percent in Q2 2016. The report is based on publicly recorded mortgage and deed of trust data collected and licensed by ATTOM Data Solutions nationwide along with an industry standard automated valuation model (AVM) updated monthly in the ATTOM Data Warehouse of more than 150 million U.S. properties (see full methodology below). The report also shows that more than 5.4 million (5,433,684) U.S. properties were still seriously underwater — where the combined loan amount secured by the property was at least 25 percent higher than the property's estimated market value — at the end of Q2 2017, down by more than 64,000 properties from the previous quarter and down by more than 1.2 million from a year ago. The 5.4 million seriously underwater properties represented 9.5 percent of all properties with a mortgage, down from 9.7 percent in the previous quarter and down from 11.9 percent in Q2 2016. "An increasing number of U.S. homeowners are amassing impressive stockpiles of home equity wealth, enjoying the benefits of rapidly rising home prices while staying conservative when it comes to cashing out on their equity — homeowners are staying in their homes nearly twice as long before selling as they were prior to the Great Recession, and the volume of home equity lines of credit are running about one-third of the level they were at during the last housing boom," said Daren Blomquist, senior vice president at ATTOM Data Solutions. "However, this home equity wealth is unevenly distributed across different geographies, value ranges, occupancy statuses and lengths of ownership, with a disproportionately high equity rich share among high-end properties, investor-owned properties and properties owned for more than 20 years." Highest share of equity rich in San Jose, San Francisco, LA, Honolulu, Portland States with the highest share of equity rich properties at the end of Q2 2017 were Hawaii (38.3 percent); California (36.6 percent); New York (34.2 percent); Vermont (33.5 percent); and Oregon (32.2 percent). Among 91 metropolitan statistical areas with a population of 500,000 or more, those with the highest share of equity rich properties were San Jose, California (52.0 percent); San Francisco, California (47.0 percent); Los Angeles, California (40.0 percent); Honolulu, Hawaii (40.0 percent); and Portland, Oregon (35.0 percent). Among 7,192 U.S. zip codes with at least 2,500 people, those with the highest share of equity rich properties were 15201 in Pittsburgh, Pennsylvania (74.4 percent); 11220 in Brooklyn, New York (74.2 percent); 11228 in Brooklyn, New York (71.6 percent); 78207 in San Antonio, Texas (71.3 percent); and 11355 in Flushing, New York (71.1 percent). Profile of equity rich properties Some characteristics of the 14 million equity rich U.S. properties as of the end of Q2 2017: 44.0 percent of properties with an estimated market value over $750,000 were equity rich, compared to an equity rich rate of 29.6 percent for properties valued between $300,000 and $750,000; 21.0 percent for properties valued between $100,000 and $300,000; and 15.5 percent for properties valued up to $100,000. 45.7 percent of properties owned more than 20 years were equity rich, while only 10 percent of properties owned less than a year were equity rich. 27.1 percent of non-owner occupied (investment) properties with a mortgage were equity rich as of the end of Q2 2017 compared to 23.8 percent of owner-occupied properties. Highest share of seriously underwater in Cleveland, Baton Rouge, Akron, Las Vegas, Toledo States with the highest share of seriously underwater properties as of the end of Q2 2017 were Nevada (17.4 percent), Louisiana (17.1 percent); Illinois (16.8 percent); Ohio (16.5 percent); and Indiana (16.4 percent). Among 91 metropolitan statistical areas with a population of 500,000 or more, those with the highest share of seriously underwater properties were Cleveland, Ohio (21.8 percent); Baton Rouge, Louisiana (21.0 percent); Akron, Ohio (20.5 percent); Las Vegas, Nevada (20.2 percent); and Toledo, Ohio (20.2 percent). "Ohio housing has been increasing in value quarter over quarter, and the report shows the number of homes with negative equity has decreased substantially in 2017, with a decrease of nearly 100,000 properties statewide compared to a year ago," said Matthew Watercutter, senior regional vice president and broker of record for HER Realtors, covering the Dayton, Columbus and Cincinnati markets in Ohio. "A shortage of inventory and increase in overall cost for new construction has caused the value of existing homes to increase at an accelerated rate in 201, lowering the overall number of homes underwater." Among 7,192 U.S. zip codes with at least 2,500 properties with mortgages, those with the highest share of seriously underwater properties were 89109 in Las Vegas, Nevada (69.9 percent); 48235 in Detroit, Michigan (69.1 percent); 60466 in Park Forest, Illinois (68.4 percent); 08611 in Trenton, New Jersey (68.0 percent); and 48228 in Detroit, Michigan (67.5 percent). Profile of seriously underwater properties Some characteristics of the 5.4 million seriously underwater U.S. properties as of the end of Q2 2017: 30.4 percent of properties with an estimated market value of $100,000 or less were seriously underwater compared to a seriously underwater rate of 9.1 percent for properties valued between $100,000 and $300,000; 4.9 percent for properties valued between $300,000 and $750,000; and 4.7 percent of properties valued above $750,000. 11.7 percent of properties owned between 10 and 15 years were seriously underwater, the highest share of any five-year period up to 20 years. Only 7.2 percent of properties owned more than 20 years are seriously underwater. 19.2 percent of non-owner occupied (investment) properties with a mortgage were underwater as of the end of Q2 2017 compared to only 6.8 percent of owner-occupied properties. Report methodology The ATTOM Data Solutions U.S. Home Equity & Underwater report provides counts of residential properties based on several categories of equity — or loan to value (LTV) — at the state, metro, county and zip code level, along with the percentage of total residential properties with a mortgage that each equity category represents. The equity/LTV calculation is derived from a combination of record-level open loan data and record-level estimated property value data. Definitions Seriously underwater: Loan to value ratio of 125 percent or above, meaning the homeowner owed at least 25 percent more than the estimated market value of the property. Equity rich: Loan to value ratio of 50 percent or lower, meaning the homeowner had at least 50 percent equity. About ATTOM Data Solutions ATTOM Data Solutions is the curator of the ATTOM Data Warehouse, a multi-sourced national property database that blends property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, health hazards, neighborhood characteristics and other property characteristic data for more than 150 million U.S. residential and commercial properties. The ATTOM Data Warehouse delivers actionable data to businesses, consumers, government agencies, universities, policymakers and the media in multiple ways, including bulk file licenses, APIs and customized reports. ATTOM Data Solutions also powers consumer websites designed to promote real estate transparency: RealtyTrac.com is a property search and research portal for foreclosures and other off-market properties; Homefacts.com is a neighborhood research portal providing hyperlocal risks and amenities information; HomeDisclosure.com produces detailed property pre-diligence reports. ATTOM Data and its associated brands are cited by thousands of media outlets each month, including frequent mentions on CBS Evening News, The Today Show, CNBC, CNN, FOX News, PBS NewsHour and in The New York Times, Wall Street Journal, Washington Post, and USA TODAY.
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Chase, Google Track Down Where Buyers Start Their House Hunt
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CoreLogic Reports Mortgage Performance Continues Steady Improvement in April 2017
July 11, 2017, Irvine, Calif. – CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report which shows that, nationally, 4.8 percent of mortgages were in some stage of delinquency (30 days or more past due including those in foreclosure) in April 2017. This represents a 0.5 percentage point decline in the overall delinquency rate compared with April 2016 when it was 5.3 percent. As of April 2017, the foreclosure inventory rate, which measures the share of mortgages in some stage of the foreclosure process, was 0.7 percent compared with 1 percent in April 2016. The serious delinquency rate, defined as 90 days or more past due including loans in foreclosure, was 2 percent, down from 2.6 percent in April 2016. Measuring early-stage delinquency rates is important for analyzing the health of the mortgage market. To comprehensively monitor mortgage performance, 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. Early-stage delinquencies, defined as 30-59 days past due, increased to 2.2 percent in April 2017 from 2 percent in April 2016. The share of mortgages that were 60-89 days past due in April 2017 was 0.63 percent, down slightly from 0.64 percent in April 2016. "Most major indicators of mortgage performance improved in April, showing that the market continues to benefit from improved economic growth and home price increases," said Dr. Frank Nothaft, chief economist for CoreLogic. "Regionally, with the exception of several energy industry intensive states – Alaska and North Dakota – the rest of the U.S. continues to see improvements in mortgage performance. While overall performance is improving, it reflects the older legacy pipeline of loans that continue to heal, especially in judicial states which typically take longer to clear out." 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 1.2 percent in April 2017 compared with 1 percent in April 2016, a 0.2 percentage point increase year over year. By comparison, in January 2007, just before the start of the financial crisis, the current-to-30-day transition rate was 1.2 percent and it peaked in November 2008 at 2 percent. "Delinquency rates are down virtually across the board as the rebound in the U.S. housing market continues to gather steam. It appears likely that delinquency rates will continue to fall for some time, but at a moderating pace," said Frank Martell, president and CEO of CoreLogic. "As we look forward, improved fundamentals provide us with a firm foundation and we must now increase our attention to carefully expand the supply of affordable housing stock and ensure that mortgage lending policies help to prudently promote first-time homeownership." For ongoing housing trends and data, visit the CoreLogic®. Methodology The data in this report represents foreclosure and delinquency activity reported through April 2017. The data in this report accounts for only first liens against a property and does not include secondary liens. The delinquency, transition and foreclosure rates are measured only against homes that have an outstanding mortgage. Homes without mortgage liens are not typically subject to foreclosure and are, therefore, excluded from the analysis. Approximately one-third of homes nationally are owned outright and do not have a mortgage. CoreLogic has approximately 85 percent coverage of U.S. foreclosure data. 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.
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Mortgage Rates Jump
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CoreLogic Reports Mortgage Delinquencies Dropped to a 10-Year Low in March 2017
June 13, 2017, Irvine, Calif. – CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report which shows that, nationally, 4.4 percent of mortgages were in some stage of delinquency (30 days or more past due including those in foreclosure) in March 2017. This represents a 0.8 percentage point decline in the overall delinquency rate compared with March 2016 when it was 5.2 percent. As of March 2017, the foreclosure inventory rate, which measures the share of mortgages in some stage of the foreclosure process, was 0.8 percent compared with 1 percent in March 2016. The serious delinquency rate, defined as 90 days or more past due including loans in foreclosure, was 2.1 percent, down from 2.7 percent in March 2016. Measuring early-stage delinquency rates is important for analyzing the health of the mortgage market. To comprehensively monitor mortgage performance, 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. Early-stage delinquencies, defined as 30-59 days past due, fell to 1.7 percent in March 2017, down from 1.9 percent in March 2016 and the lowest level since January 2000. The share of mortgages that were 60-89 days past due in March 2017 was 0.59 percent, down slightly from 0.63 percent in March 2016. "Early-stage mortgage performance continues to improve at a steady pace, especially for 30-59-day delinquencies which fell to 1.7 percent, the lowest rate for any month since January 2000," said Dr. Frank Nothaft, chief economist for CoreLogic. "Late-stage serious delinquency rates continue to decline, falling to their lowest levels since November 2007." 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 0.6 percent in March 2017, down from 0.7 percent in March 2016 and the lowest for any month since January 2000. By comparison, in January 2007, just before the start of the financial crisis, the current-to-30-day transition rate was 1.2 percent and it peaked in November 2008 at 2 percent. "Dropping delinquency and foreclosure rates reflect the beneficial impact of stringent post-crisis underwriting standards as well as better fundamentals such as higher employment, household formation and home price gains," said Frank Martell, president and CEO of CoreLogic. "Looking ahead, we expect these positive trends to continue as the industry shifts its focus toward solving supply shortages and looming affordability crises in an increasing number of markets." For ongoing housing trends and data, visit the CoreLogic Insights Blog. Methodology The data in this report represents foreclosure and delinquency activity reported through March 2017. The data in this report accounts for only first liens against a property and does not include secondary liens. The delinquency, transition, and foreclosure rates are measured only against homes that have an outstanding mortgage. Generally, homes with no mortgage liens are not subject to foreclosure and are, therefore, excluded from the analysis. Approximately one-third of homes nationally are owned outright and do not have a mortgage. CoreLogic has approximately 85 percent coverage of U.S. foreclosure data. 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.
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CoreLogic Reports Nearly 9 Million Borrowers Have Regained Equity Since the Height of the Crisis in 2011
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ReferralExchange Powers Agent Search On DownPaymentResource.com
Collaboration delivers agent-matching support for popular real estate resource SAN FRANCISCO--Real estate referral leader ReferralExchange announces today that it now powers agent-matching functionality for DownPaymentResource.com, the leader in providing homebuyers with information on down payment assistance programs. The partnership has already resulted in over 600 referrals being made, and the first successful transactions are complete. Saving for a down payment can be one of the most challenging parts of planning to buy a home. According to the 2016 National Association of Realtors® Profile of Home Buyers and Sellers, home buyers reported the most difficult task in the home buying process was saving for a down payment. Down Payment Resource has discovered that 87% of U.S. homes are eligible for one or more homeownership programs and makes it easy for buyers and owners to access this information through one location. A study by Down Payment Resource released in July 2016, showed that buyers who use down payment assistance programs are saving an average of $17,766 over the life of the loan. Today's homebuyers are also doing more research online. That includes searching for information on homeownership programs. As traffic to DownPaymentResource.com grew organically, the company noticed more homebuyers were asking to get connected to an agent. "In our survey of 750 future homebuyers, we found that more than anything else, homebuyers wanted information about down payment and closing cost help," said Rob Chrane, CEO of Down Payment Resource. "As a former Realtor myself, I wanted to make sure buyers seeking information had the best possible home buying experience and that the agents we referred them to were well-vetted. We needed a partner who we trusted to oversee the process from beginning to end. We found that in ReferralExchange." When homebuyers on the site ask to be matched to an agent, DownPaymentResource.com provides them with a selection of agents, matched to their needs and qualifications, using ReferralExchange's advanced data science and predictive analytics. "We are passionate about making the home buying experience easier for people," added Scott Olsen, ReferralExchange CEO. "People who want to buy a home and have difficulty pulling together a down payment are often unaware of programs that can help. DownPaymentResource.com closes that gap, making it possible for buyers to achieve their dream of home ownership. By partnering with the DownPaymentResource.com team, we are able to connect buyers with a trusted agent who can expertly guide them through the process of purchasing real estate." To learn more, please visit DownPaymentResource.com. About Down Payment Resource Down Payment Resource (DPR) creates opportunity for homebuyers, REALTORS® and lenders by uncovering programs that get people into homes. The company tracks more than 2,400 homebuyer programs through its housing finance agency partners. DPR has been recognized by Inman News as "Most Innovative New Technology" and the HousingWire Tech100™. DPR is licensed to Multiple Listing Services, Realtor Associations, lenders and housing counselors across the country. For more information, please visit DownPaymentResource.com. About ReferralExchange ReferralExchange, the nation's top real estate referral company, is dedicated to creating great real estate experiences between real estate professionals and customers. Founded in 2005, ReferralExchange has built an invite-only network of over 20,000 top-performing Realtors. In 2016, the network created over 120,000 agent-to-consumer matches.
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Latest CoreLogic Analysis Shows US Mortgage Loan Performance Health Continues to Strengthen
  May 09, 2017, Irvine, Calif. – CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report which shows that, nationally, 5 percent of mortgages were delinquent by 30 days or more (including those in foreclosure) in February 2017. This represents a 0.5 percentage point decline in the overall delinquency rate compared with February 2016 when it was 5.5 percent. As of February 2017, the foreclosure inventory rate, which measures the share of mortgages in some stage of the foreclosure process, was 0.8 percent compared with 1.1 percent in February 2016. The serious delinquency rate, defined as 90 days or more past due including loans in foreclosure, was 2.2 percent in February 2017, down from 2.8 percent in February 2016. Measuring early-stage delinquency rates is important for analyzing the health of the mortgage market. To more comprehensively monitor mortgage performance, CoreLogic examines all stages of delinquency as well as transition rates that indicate the percent of mortgages moving from one stage of delinquency to the next. Early-stage delinquencies, defined as 30-59 days past due, were trending slightly higher in February 2017 at 2.14 percent compared with 2.08 percent in February 2016, an increase of 0.06 percent year over year. The share of mortgages that were 60-89 days past due in February 2017 was 0.7 percent, unchanged from a year earlier. 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 percent in February 2017, up from 0.8 percent in February 2016. By comparison, in January 2007, just before the start of the financial crisis, the current to 30-day transition rate was 1.2 percent and it peaked in November 2008 at 2 percent. "Serious delinquency and foreclosure rates continue to drift lower, and are at their lowest levels since the fourth quarter of 2007," said Dr. Frank Nothaft, chief economist for CoreLogic. "Moreover, the past-due share dropped to 5 percent, the lowest since September 2007.  However, current-to-30-day past-due transition rates ticked up in February, and 30-day-to-60 day delinquency rates held mostly steady, recording only a 0.06 percent increase." "While national-level delinquency rates declined, the serious delinquency rate remained elevated in many mid-Atlantic and northeast states led by New York and New Jersey," said Frank Martell, president and CEO of CoreLogic. "February-to-February increases in both 30-day-or-more delinquency rates and in serious delinquency rates were also observed in Alaska, Louisiana and Wyoming relating to the impact of the downturn in the global oil market." For ongoing housing trends and data, visit the CoreLogic Insights Blog: www.corelogic.com/blog. Methodology The data in this report represents foreclosure and delinquency activity reported through February 2017. The data in this report accounts for only first liens against a property and does not include secondary liens. The delinquency, transition, and foreclosure rates are measured only against homes that have an outstanding mortgage.  Generally, homes with no mortgage liens are not subject to foreclosure and are, therefore, excluded from the analysis. Approximately one-third of homes nationally are owned outright and do not have a mortgage. CoreLogic has approximately 85 percent coverage of U.S. foreclosure data. 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.
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CoreLogic Analysis Shows 5.3 Percent of Homeowners Were Late With Their Mortgage Payments in January 2017
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Mortgage Rates See Another Significant Decline
MCLEAN, VA--(Mar 30, 2017) - Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average mortgage rates dropping for the second consecutive week. 30-year fixed-rate mortgage (FRM) averaged 4.14 percent with an average 0.5 point for the week ending March 30, 2017, down from last week when it averaged 4.23 percent. A year ago at this time, the 30-year FRM averaged 3.71 percent. 15-year FRM this week averaged 3.39 percent with an average 0.4 point, down from last week when it averaged 3.44 percent. A year ago at this time, the 15-year FRM averaged 2.98 percent. 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.18 percent this week with an average 0.4 point, down from last week when it averaged 3.24 percent. A year ago, the 5-year ARM averaged 2.90 percent. Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey. "The 10-year Treasury yield remained relatively flat this week," said Sean Becketti, chief economist, Freddie Mac. "The 30-year mortgage rate fell 9 basis points to 4.14 percent, another significant week-over-week decline. Despite recent mortgage rate fluctuation, new home sales far exceeded expectations in February and jumped 6.1 percent to an annualized rate of 592,000." Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we've made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders and taxpayers. Learn more at FreddieMac.com.
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CoreLogic Reports 1 Million US Borrowers Regained Equity in 2016
  March 09, 2017, Irvine, Calif. – CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released a new analysis showing that U.S. homeowners with mortgages (roughly 63 percent of all homeowners) saw their equity increase by a total of $783 billion in 2016, an increase of 11.7 percent. Additionally, just over 1 million borrowers moved out of negative equity during 2016, increasing the percentage of homeowners with positive equity to 93.8 percent of all mortgaged properties, or approximately 48 million homes. In Q4 2016, the total number of mortgaged residential properties with negative equity stood at 3.17 million, or 6.2 percent of all homes with a mortgage. This is a decrease of 2 percent quarter over quarter from 3.23 million homes, or 6.3 percent of all mortgaged properties, in Q3 2016* and a decrease of 25 percent year over year from 4.23 million homes, or 8.4 percent of all mortgaged properties, compared with Q4 2015. 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 home value, an increase in mortgage debt or both. Negative equity peaked at 26 percent of mortgaged residential properties in Q4 2009 based on CoreLogic equity data analysis, which began in Q3 2009. The national aggregate value of negative equity was approximately $283 billion at the end of Q4 2016, down quarter over quarter by approximately $700 million, or 0.3 percent, from $283.7 billion in Q3 2016; and down year over year by approximately $26 billion, or 8.4 percent, from $308.9 billion in Q4 2015. "Average home equity rose by $13,700 for U.S. homeowners during 2016," said Dr. Frank Nothaft, chief economist for CoreLogic. "The equity build-up has been supported by home-price growth and paydown of principal. The CoreLogic Home Price Index for the U.S. rose 6.3 percent over the year ending December 2016. Further, about one-fourth of all outstanding mortgages have a term of 20 years or less, which amortize more quickly than 30-year loans and contribute to faster equity accumulation." "Home equity gains were strongest in faster-appreciating and higher-priced home markets," said Frank Martell, president and CEO of CoreLogic. "The states with the largest home-price appreciation last year, according to the CoreLogic Home Price Index, were Washington and Oregon at 10.2 percent and 10.3 percent, respectively, with average homeowner equity gains of $31,000 and $27,000, respectively. This is double the pace for the U.S. as a whole. And while statewide home-price appreciation was slower in California at 5.8 percent, the high price of housing there led to California homeowners gaining an average of $26,000 in home equity wealth last year." Highlights as of Q4 2016: Texas had the highest percentage of homes with positive equity at 98.4 percent, followed by Hawaii (98.1 percent), Alaska (97.9 percent), Colorado (97.9 percent), Oregon (97.9 percent), Utah (97.9 percent) and Washington (97.9 percent). On average, homeowner equity increased about $13,700 from Q4 2015 to Q4 2016 (for mortgaged properties). Washington had an average increase of $31,000, while Deleware experienced a small decline. Nevada had the highest percentage of homes with negative equity at 13.6 percent, followed by Florida (11.6 percent), Illinois (11.1 percent), Rhode Island (10 percent) and Arizona (9.8 percent). These top five states combined account for 29.7 percent of negative equity in the U.S., but only 16.3 percent of outstanding mortgages. Of the 10 largest metropolitan areas by population, San Francisco-Redwood City-South San Francisco, CA had the highest percentage of mortgaged properties in a positive equity position at 99.4 percent, followed by Houston-The Woodlands-Sugar Land, TX (98.5 percent), Denver-Aurora-Lakewood, CO (98.5 percent), Los Angeles-Long Beach-Glendale, CA (97 percent) and Boston, MA (95.3 percent). Of the same 10 largest metropolitan areas, Miami-Miami Beach-Kendall, FL had the highest percentage of mortgaged properties with negative equity at 16.1 percent, followed by Las Vegas-Henderson-Paradise, NV (15.5 percent), Chicago-Naperville-Arlington Heights, IL (12.6 percent), Washington-Arlington-Alexandria, DC-VA-MD-WV (8.4 percent) and New York-Jersey City-White Plains, NY-NJ (5.1 percent). *Q3 2016 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. The full Equity Report with additional charts is available: CoreLogic Q4 2016 Equity Report For ongoing housing trends and data, visit the CoreLogic Insights Blog: http://www.corelogic.com/blog MethodologyThe amount of equity for each property is determined by comparing the estimated current value of the property against the mortgage debt outstanding (MDO). If the MDO is greater than the estimated value, then the property is determined to be in a negative equity position. If the estimated value is greater than the MDO, then the property is determined to be in a positive equity position. The data is first generated at the property level and aggregated to higher levels of geography. CoreLogic data includes more than 50 million properties with a mortgage, which accounts for more than 95 percent of all mortgages in the U.S. CoreLogic uses public record data as the source of the MDO, which includes both first-mortgage liens and second liens, and is adjusted for amortization and home equity utilization in order to capture the true level of MDO for each property. The calculations are not based on sampling, but rather on the full data set to avoid potential adverse selection due to sampling. The current value of the property is estimated using a suite of proprietary CoreLogic valuation techniques, including valuation models and the CoreLogic Home Price Index (HPI). In August 2016, the CoreLogic HPI was enhanced to include nearly one million additional repeat sales records from proprietary data sources that provide greater coverage in home price changes nationwide. The increased coverage is particularly useful in 14 non-disclosure states. Additionally, a new modeling methodology has been added to the HPI to weight outlier pairs, ensuring increased consistency and reducing month-over-month revisions. The use of the enhanced CoreLogic HPI was implemented with the Q2 2016 Equity report. Only data for mortgaged residential properties that have a current estimated value are included. There are several states or jurisdictions where the public record, current value or mortgage data coverage is thin and have been excluded from the analysis. These instances account for fewer than 5 percent of the total U.S. population. About CoreLogicCoreLogic (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.
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CoreLogic Introduces Property Tax Estimator
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Realogy and Guaranteed Rate Enter into Mortgage Origination Joint Venture Agreement
Madison, N.J. 02-15-2017 — Realogy Holdings Corp., the largest full-service residential real estate services company in the United States, and Guaranteed Rate, Inc., one of the largest independent retail mortgage companies in the United States, today announced that they have agreed to form a new joint venture, Guaranteed Rate Affinity LLC, which is expected to begin doing business in June 2017. Commencement of operations is subject to the closing of an asset purchase agreement under which Guaranteed Rate Affinity will acquire certain assets of the mortgage operations of PHH Home Loans LLC, the existing joint venture between Realogy and PHH Mortgage, including its four regional mortgage origination and processing centers, its relocation division and employees across the United States. Guaranteed Rate Affinity will originate and market its mortgage lending services to Realogy's real estate brokerage and relocation subsidiaries, respectively NRT and Cartus, as well as to other real estate brokerage and relocation companies across the country. Guaranteed Rate Affinity also will market its mortgage lending services to a broad consumer audience while leveraging its end-to-end online platform to drive growth in those markets. Guaranteed Rate will own a controlling 50.1% stake of Guaranteed Rate Affinity and Realogy will own 49.9%. "This is a unique opportunity for us to accelerate our growth on a national level by bringing our cutting edge technology together with Realogy, a Fortune 500 company," said Guaranteed Rate Chief Executive Officer and Founder Victor Ciardelli. "This new partnership aligns deeply with our core values, especially our commitment to 'Work with the Best of the Best.' We appreciate the hard work and commitment of the current joint venture employees during this transition period and we look forward to having them become part of the Guaranteed Rate Affinity team." "As we evaluated potential new options for our mortgage origination venture, Guaranteed Rate was clearly the right strategic partner to help our company-owned brokerage business and its affiliated sales associates offer an innovative and streamlined mortgage process built on best-in-class technology," said Richard A. Smith, Realogy's Chairman, Chief Executive Officer and President. "Mortgage financing is a service we have provided for more than 20 years. We are delighted to partner with Guaranteed Rate and are excited to embark on this new relationship that will substantially enhance our service offerings to our customers." "This joint venture is a positive development that helps to elevate NRT's overall agent value proposition," said Bruce Zipf, Chief Executive Officer and President of NRT, the Realogy subsidiary that owns and operates residential brokerage companies with approximately 800 offices and 47,500 independent sales associates across the United States. "Guaranteed Rate has built one of the market's most trusted brands through seamless technology and outstanding customer service. We look forward to working with them and allowing our independent sales associates to offer their clients access to an innovative online experience." The asset purchase agreement is subject to approval by PHH Corporation shareholders and certain other closing conditions and is expected to be completed in a series of asset sale closings. The initial closing is expected to occur in June 2017, and the final closing is expected to occur during the fourth quarter of 2017. About Realogy Holdings Corp.Realogy Holdings Corp. (NYSE: RLGY) is a global leader in residential real estate franchising and brokerage with many of the best-known industry brands including Better Homes and Gardens® Real Estate, CENTURY 21®, Coldwell Banker®, Coldwell Banker Commercial®, The Corcoran Group®, ERA®, Sotheby's International Realty® and ZipRealty®. Collectively, Realogy's franchise system members operate approximately 13,650 offices with more than 268,000 independent sales associates conducting business in 111 countries and territories around the world. NRT LLC, Realogy's company-owned real estate brokerage, is the largest residential brokerage company in the United States, operates under several of Realogy's brands and also provides related residential real estate services. Realogy also owns Cartus, a prominent worldwide provider of relocation services to corporate and affinity clients, Title Resource Group (TRG), a leading provider of title, settlement and underwriting services and ZapLabsSM, its innovation and technology development subsidiary. Realogy is headquartered in Madison, New Jersey. About Guaranteed RateGuaranteed Rate is the eighth largest retail mortgage lender in the United States. Headquartered in Chicago, the company has approximately 195 offices across the U.S. and Washington, D.C., and is licensed in all 50 states. Since its founding in 2000, Guaranteed Rate has helped hundreds of thousands of homeowners with home purchase loans and refinances and funded nearly $23 billion in loans in 2016 alone. The company has become the Home Purchase Experts® by introducing the world's first Digital Mortgage technology and offering low rate, low fee mortgages through an easy-to-understand process and unparalleled customer service. Guaranteed Rate won an American Business Award for its Digital Mortgage technology in 2016, ranked No. 1 in Scotsman Guide's Top Mortgage Lenders 2015, was chosen Top Lender 2016 by Chicago Agent magazine and made the Chicago Tribune's Top Workplaces list five of the past six years. Visit rate.com for more information.
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CoreLogic Reports 21,000 Completed Foreclosures in December 2016
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Homeownership Program Index Shows Growth in Tax Credit Programs for Homebuyers
Atlanta, GA, February 2, 2017 – Atlanta-based Down Payment Resource, the nationwide databank for homebuyer programs, today released its Fourth Quarter 2016 Homeownership Program Index (HPI). The number of total programs increased to 2,463, up 2.8 percent from the previous quarter. Approximately 87 percent (87.3%) of programs currently have funds available for eligible homebuyers, roughly unchanged from the previous quarter (87.9%). Down payment challenges remain a key concern for first-time homebuyers. As many as one out of seven first-time buyers are tapping into their retirement funds to help with down payments, according to the most recent National Association of REALTORS® Profile of Home Buyers and Sellers. In fact, 14 percent of first-timers used either loans or disbursements from their 401k or IRA accounts for down payments in 2016. Yet only 3 percent are turning to sources like down payment assistance programs. "Homeownership program availability and funding remain strong in 2017. With recent increases in the mortgage interest rate and no reduction of the FHA mortgage insurance premium, entry level homebuyers will need access to important down payment programs that can help them save," said Rob Chrane, CEO of Down Payment Resource. Mortgage Credit Certificates While the total number of programs remained consistent, the HPI saw an increase in Mortgage Credit Certificates (MCCs) across the country, representing more than 8 percent of all programs. Between 2010 and 2015, state housing finance agencies increased MCC issuances to homebuyers by more than 400 percent, according to preliminary data from National Council of State Housing Agencies (NCSHA). The MCC is a tax credit program that allows eligible homebuyers to claim a percentage of the mortgage interest they paid as a tax credit on their federal income tax return. The percentage of mortgage credit allowed varies depending on the state or local housing agency that issues the certificates, but the credit itself is capped at a maximum of $2,000 per year by the IRS. The buyer may continue to receive an annual tax credit for as long as they live in the home and retain the original mortgage. "The mortgage interest rate tax deduction has long been a core homebuyer benefit, but most homebuyers are unaware of Mortgage Credit Certificates. This credit directly impacts a homebuyer's bottom line by reducing their annual tax bill," said Chrane. "We see more lenders adding MCCs to their product offerings." Qualifying homebuyers are permitted to use the MCC alongside another type of down payment assistance program, such as a grant or forgivable loan. These benefits can help secure the borrower's ability to repay and lower their tax bill each year. Mortgage Credit Certificates availability Across the U.S., there are 200 different MCCs available, up from 190 in the previous quarter. 93 of the MCCs are available state-wide and 107 are available in a defined local market. 37 states have either a state-wide MCC or some type of local MCC available. Texas, California and Florida are home to the greatest number of MCCs. 47 percent of MCCs require the buyer to be a first-time homebuyer. Data highlights about all types of homebuyer programs 63% of homeownership programs have a first-time homebuyer requirement. This is defined by HUD as someone who has not owned a home in three years. 76% of programs are available in a defined area, such as a city, county or neighborhood. 24% of programs are available state-wide through state housing finance agencies. 7.5% of programs are available for community service workers, including educators, police officers, firefighters and healthcare workers. 5.8% of programs have benefits for veterans, members of the military and surviving spouses. These programs can also be layered with zero down payment VA loans. Nearly 70% of programs in the database are down payment or closing cost assistance. 9% of programs are first mortgages and 8% of programs are Mortgage Credit Certificates (MCCs). States with the greatest number of down payment programs remains consistent—California, Florida and Texas are the top three. View a complete list of state-by-state program data. More than 50 percent of programs accept online homeownership education. About Down Payment Resource Down Payment Resource (DPR) creates opportunity for homebuyers, Realtors and lenders by uncovering programs that get people into homes. The company tracks nearly 2,400 homebuyer programs through its housing finance agency partners. Winner of the 2011 Inman News Innovator "Most Innovative New Technology" award, DPR is licensed to Multiple Listing Services, Realtor Associations, lenders and housing counselors across the country. For more information, please visit www.DownPaymentResource.com. About Down Payment Resource's Homeownership Program Index The Homeownership Program Index (HPI) measures the availability and characteristics of down payment programs administered by state and local Housing Finance Agencies (HFAs), nonprofits and other housing organizations. It analyzed state, local and national programs available in the DOWN PAYMENT RESOURCE® registry as of January 27, 2017.
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Redfin Launches Mortgage Business
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California REALTORS® call on HUD to reinstate FHA insurance cut
LOS ANGELES (Jan. 20) –  The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) today issued the following statement in response to the announcement by the U.S. Department of Housing and Urban Development (HUD) that the Federal Housing Administration (FHA) will indefinitely suspend a recently announced cut in its annual mortgage insurance premium. "We hope HUD and the Trump administration will make it a priority to quickly review the reduction in the FHA mortgage insurance premium," said C.A.R. President Geoff McIntosh. "Homebuyers in California, who would have saved an average of $860 a year, will be negatively impacted more than any other state by the decision to not reduce the FHA premium. "FHA's single-family home portfolio is financially sound as it has ever been, and we hope that once the new Administration has thoroughly reviewed the merits of the premium reduction the suspension will immediately be lifted," said McIntosh. C.A.R. and the NATIONAL ASSOCIATION OF REALTORS® (NAR) both have long advocated for lower FHA mortgage insurance premiums and will continue to make the case to reinstate the cut. Leading the way...® in California real estate for more than 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® is one of the largest state trade organizations in the United States, with more than 185,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
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Among Top Home Buyer Challenges for 2017, Rising Mortgage Rates Are Dampening First-Time Buyer Plans for Spring
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FHA to Reduce Annual Insurance Premiums on Most Mortgages
WASHINGTON – As the nation's housing market continues to improve, U.S. Housing and Urban Development Secretary Julián Castro today announced the Federal Housing Administration (FHA) will reduce the annual premiums most borrowers will pay by a quarter of a percent. FHA's new premium rates are projected to save new FHA-insured homeowners an average of $500 this year. FHA is reducing its annual mortgage insurance premium (MIP) by 25 basis points for most new mortgages with a closing/disbursement date on or after January 27, 2017. For a full schedule of the new premium rates announced today, read FHA's mortgagee letter. Today's action reflects the fourth straight year of improved economic health of FHA's Mutual Mortgage Insurance Fund (MMIF), which gained $44 billion in value since 2012. Last year alone, an independent actuarial analysis found the MMI Fund's capital ratio grew by $3.8 billion and now stands at 2.32 percent of all insurance in force—the second consecutive year since 2008 that FHA's reserve ratio exceeded the statutorily required two percent threshold. Secretary Castro said FHA's action reflects today's risk environment and comes at the right time for consumers who are facing higher credit costs as mortgage interest rates are increasing. "After four straight years of growth and with sufficient reserves on hand to meet future claims, it's time for FHA to pass along some modest savings to working families," said Secretary Castro. "This is a fiscally responsible measure to price our mortgage insurance in a way that protects our insurance fund while preserving the dream of homeownership for credit-qualified borrowers." Ed Golding, Principal Deputy Assistant Secretary for HUD's Office of Housing added, "We've carefully weighed the risks associated with lower premiums with our historic mission to provide safe and sustainable mortgage financing to responsible homebuyers. Homeownership is the way most middle class Americans build wealth and achieve financial security for themselves and their families. This conservative reduction in our premium rates is an appropriate measure to support them on their path to the American dream." Since 2009, the Obama Administration took bold steps to reduce risks in the mortgage market and to protect consumers. In the wake of the nation's housing crisis, FHA increased its premium prices numerous times to help stabilize the health of its MMI Fund. Since 2010, FHA had raised annual premiums 150 percent which helped to restore capital reserves but significantly increased the cost of credit to qualified borrowers. Today's step restores the annual premium to close to its pre-housing-crisis level. In addition, the Obama Administration took dramatic steps to safeguard consumers in the mortgage market to ensure responsible borrowers continued to have access to mortgage capital as many private lending sources tightened their lending standards. Today's reduction will significantly expand access to mortgage credit for these families and is expected to lower the cost of housing for the approximately 1 million households who are expected to purchase a home or refinance their mortgages using FHA-insured financing in the coming year. HUD's mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. More information about HUD and its programs is available on the Internet at www.hud.gov and http://espanol.hud.gov.
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CoreLogic Reports 26,000 Completed Foreclosures in November 2016
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FHA Mortgage Insurance Premium Reduction a Fresh Start, Says NAR President Brown
  WASHINGTON (January 9, 2017) – Lower costs are coming for homebuyers seeking a Federal Housing Administration -insured mortgage. FHA announced today that they are cutting annual premiums for mortgage insurance from 0.85 percent to 0.60 percent, a move the National Association of Realtors® said breathes new life into the program. "FHA mortgage products exist to serve an important mission: providing homeownership opportunities to creditworthy borrowers who are overlooked by conventional lenders," said NAR President William E. Brown, a Realtor® from Alamo, California and founder of Investment Properties. "The high cost of mortgage insurance has unfortunately put those opportunities out of reach for many young, first-time- and lower-income borrowers. Now, we have a real opportunity to get back on track." Following the Great Recession, FHA increased its monthly mortgage insurance premium from 55 basis points to 90 basis points, then by April 2013 to a full 1.35 percent. The move reflected post-recession concerns over credit risk and the need to strengthen FHA's Mutual Mortgage Insurance Fund. NAR research at the time, however, showed that the 80 basis point increase over that period priced between 1.45 million and 1.65 million renters out of the market. Since then, the MMIF has shown continued good health, including achieving a much-watched capital reserve ratio of over 2 percent for two years in a row. In light of that strength, NAR applauded FHA's move in January 2015 to reduce premiums to 85 basis points, and since then has advocated for a further reduction. FHA mortgages are important for low- and moderate-income buyers in particular because a lower down payment is required than with many conventional mortgage options. Buyers with lower credit scores may find more favorable treatment with an FHA loan than a conventional product as well. Reducing the MIP from 0.85 percent to 0.60 percent as was announced today, Brown said, means FHA will represent a viable option for more borrowers. "This is a question of simple math," Brown said. "Every time we cut the cost of mortgage insurance it means more borrowers meet the debt-to-income ratio required to purchase a home. It follows that dropping mortgage insurance premiums today will mean a whole lot more responsible borrowers are suddenly eligible to purchase a home through FHA. That puts more money in the fund to protect taxpayers, and it puts more families in homes so they can live out the American dream." Brown thanked the leadership at FHA and the Department of Housing and Urban Development, but added that additional steps are required to better achieve FHA's mission of serving creditworthy families. This includes eliminating FHA's "life of loan" mortgage insurance requirement, which forces borrowers to maintain mortgage insurance on an FHA-insured property regardless of their equity position. Borrowers with traditional mortgage insurance can typically extinguish their mortgage insurance once they reach 20 percent equity in the property. "HUD and FHA leaders are to be commended for recognizing the need we have before us," Brown said. "Our work continues, but we're encouraged by today's announcement." The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.
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Black Knight's Mortgage Monitor: 2.2 Million Homeowners in Negative Equity, Fewest Since Early 2007; $4.6 Trillion in Tappable Equity is Within Six Percent of Peak
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Mortgage Rates Start the Year Lower
MCLEAN, VA--(Jan 5, 2017) - Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates moving lower for the first time in ten weeks. 30-year fixed-rate mortgage (FRM) averaged 4.20 percent with an average 0.5 point for the week ending January 5, 2017, down from last week when it averaged 4.32 percent. A year ago at this time, the 30-year FRM averaged 3.97 percent. 15-year FRM this week averaged 3.44 percent with an average 0.5 point, down from last week when it averaged 3.55 percent. A year ago at this time, the 15-year FRM averaged 3.26 percent. 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.33 percent this week with an average 0.4 point, up from last week when it averaged 3.30 percent. A year ago, the 5-year ARM averaged 3.09 percent. Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey. "The 30-year mortgage rate fell this week for the first time since the presidential election, dropping 12 basis points to 4.20 percent," said Sean Becketti, chief economist, Freddie Mac. "This marks the first time since 2014 that mortgage rates opened the year above 4 percent. Despite this week's breather, the 66-basis point increase in the mortgage rate since November 3 is taking its toll -- the MBA's refinance index plunged 22 percent this week." Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four home borrowers and is the largest source of financing for multifamily housing. Additional information is available at FreddieMac.com.
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Fixed Mortgage Rates Move Higher
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Challenges and Opportunities for Homeownership Take Center Stage at NAR, S&P Global Joint Event
  WASHINGTON (December 6, 2016) — The homeownership rate in America continues to hover around a 50-year low, but experts gathered for an event in the Washington, D.C. offices of the National Association of Realtors® said today that there are real-world opportunities to turn that trend around. "It's tough out there right now for buyers, especially in many of the red-hot markets around the country where competition is the fiercest," said National Association of Realtors® President William E. Brown, a Realtor® from Alamo, California and founder of Investment Properties. "Thankfully, we know there are ways to help consumers. Addressing the growing student loan burden, widening the credit box for strong buyers, building more homes that meet the demand of lower and middle-income buyers – these are among the many steps we can take to clear the pathway to homeownership." The event on housing and homeownership was headlined by Nobel Prize Winning economist Dr. Robert Shiller, who offered his take on the housing market's history and possible future. He looked at trends in oil prices, building costs, and other factors that play a role in driving demand, but told the packed audience that public sentiment clearly plays its own role in driving the housing market. Looking at the recovery since the Great Recession, Shiller said "it's kind of obvious that home prices have been rising at a good clip... But it's not because of building costs, population trends, or interests rates." Instead, Shiller said "it's the changing narrative and the stories that go along with it." To make his point, Dr. Shiller showed data on the expected average annual increase of recent homebuyers, from 2002 to 2016. He noted that in the run-up to the Great Recession, homebuyers expected an average annual increase in home values as high as 13 percent. Since then that expectation has fallen, changing the narrative of the housing market. "That's why I don't think we're in a bubble now," Shiller said. "It's not as it was in 2004." Following Dr. Shiller's remarks, CNBC real estate correspondent Diana Olick moderated a panel of experts including NAR's Chief Economist Lawrence Yun; Dr. Beth Ann Bovino, chief U.S. economist at S&P Global; Dr. Susan Wachter, Albert Sussman Professor of Real Estate, Wharton School of Business; and Dr. John Weicher, Director, Center for Housing and Financial Markets, Hudson Institute. The noted economists honed in on the homeownership rate and its importance to the broader economy. Yun in particular talked about challenges to homeownership including rising rents and student debt loads, noting that the difficulty in purchasing a home has led to a growing wealth inequality between generations. "There is a tremendous wealth buildup among people who are 65 and older," Yun said. "They have essentially paid off their mortgages." For the younger generation, including those under 35 years of age, Yun said "they feel that they are being left out." Yun added that while the pendulum swung too far towards loose underwriting before the Great Recession, it has since swung in the other direction, leading to what he described as "overly strict underwriting standards" that can put homeownership out of reach for even strong buyers in some circumstances. On the question of whether the homeownership rate will rise, Bovino likewise noted that "we do expect to see some improvement, but it's going to take some time. Rents are increasing and interest rates are low, so there is an interest in getting back into homeownership." NAR reported in November that the median existing-home price for all housing types in October was up 6.0 percent from the previous year, marking the 56th consecutive month of year-over-year gains. This finding coincided with a 4.3 percent year-over-year decline in inventory levels, a consistent challenge for buyers looking to purchase a home, particularly in competitive markets. The audience also had the opportunity to hear from Congressmen Frank Lucas (R-Okla.) and Brad Sherman (D-Calif.), both Members of the House Financial Services Committee. In a panel moderated by Politico financial services reporter Lorraine Woellert, the Congressmen discussed the likelihood that significant reforms to tax policy may come before Congress in 2017, agreeing that eliminating the mortgage interest deduction would likely meet strong public opposition. Brown thanked participants for their expertise, adding that as President of NAR he is committed to keeping housing at the front of the agenda. "I'm pleased we could highlight these issues with today's event and reiterate the importance of protecting and defending incentives for homeownership and real estate investment," said Brown. "I look forward to continuing this good work throughout my tenure as president of NAR." The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries. S&P Global is a leading provider of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide. The Company's divisions include S&P Global Ratings, S&P Global Market Intelligence, S&P Dow Jones Indices and S&P Global Platts. S&P Global has approximately 20,000 employees in 31 countries. For more information, visit www.spglobal.com.
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Black Knight Financial Services' First Look at November 2016 Mortgage Data: Foreclosure Starts Up from October, But Still Near 10-Year Lows
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CoreLogic Introduces Housing Credit Index to Track Mortgage Credit Risk Trends
  December 20, 2016, Irvine, Calif. – CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released a new quarterly report featuring the CoreLogic Housing Credit Index (HCI™) that measures variations in home mortgage credit risk attributes over time—including borrower credit score, debt-to-income ratio (DTI) and loan-to-value ratio (LTV). A rising HCI indicates that new single-family loans have more credit risk than during the prior period, and a declining HCI means that new originations have less credit risk. The current HCI shows mortgage loans originated in Q3 2016 continued to exhibit low credit risk versus the previous quarter and Q3 2015. In terms of credit risk, Q3 2016 loans are among the highest-quality home loans originated since the year 2001. "Mortgage originations over the past 15 years have exhibited a huge swing in credit tolerance, as shown in our Housing Credit Index. The index incorporates six risk attributes, including the three C's of underwriting—credit, collateral, and capacity. Using 2001 originations as a base year, the HCI shows the significant loosening of credit running up to 2006. This was followed by a dramatic tightening of credit in response to the real estate crash and a decline in high-credit-risk applicants beginning with the Great Recession," said Dr. Frank Nothaft, chief economist of CoreLogic. "While low downpayment and high payment-to-income products are available today, borrowers generally need good credit scores to qualify. This may be a factor that has led to the drop-off in applications from those with lower credit scores during the last few years." Nothaft also observed that one of the consequences of this prolonged trend is that many potential homebuyers appear to believe that they cannot get a mortgage. "When we compare applications to closed loans, what we find is that lenders are originating the bulk of the applications that they are receiving, but the applications that are coming in tend to be from relatively high quality, low-risk applicants." HCI Highlights as of Q3 2016: Credit Score: The average credit score for homebuyers increased 5 points year over year between Q3 2015 and Q3 2016, rising from 734 to 739. In Q3 2016, the share of homebuyers with credit scores under 640 had dropped by more than three-quarters compared with 2001. Debt-to-Income: The average DTI for homebuyers fell slightly between Q3 2015 and Q3 2016, falling from 35.7 percent to 35.4 percent. In Q3 2016, the share of homebuyers with DTIs greater than or equal to 43 percent was about the same compared with 2001. Loan-to-Value: The LTV for homebuyers decreased about 1 percentage point between Q3 2015 and Q3 2016, declining from 86.8 percent to 85.6 percent. In Q3 2016, the share of homebuyers with an LTV greater than or equal to 95 percent had increased by more than one-fourth compared with 2001. For ongoing housing trends and data, visit the CoreLogic Insights Blog. Methodology The CoreLogic Housing Credit Index (HCI) measures the variation in mortgage credit risk attributes and uses loan attributes from mortgage loan servicing data that are combined in a principal component analysis (PCA) model. PCA can be used to reduce a complex data set (e.g., mortgage loan characteristics) to a lower dimension to reveal properties that underlie the data set. The HCI combines six mortgage credit risk attributes, including borrower credit score, loan-to-value (LTV) ratio, debt-to-income (DTI) ratio, documentation level (full documentation of a borrower's economic conditions or incomplete levels of documentation, including no documentation), occupancy (owner-occupied primary residence, second home, or non-owner-occupied investment), and property type (whether property is a condominium or co-op). It spans more than 15 years, covers all loan products in both the prime and subprime lending segments and includes all 50 states and the District of Columbia, permitting peak-to-peak and trough-to-trough business cycle comparisons across the U.S. The CoreLogic prime and subprime servicing data include loan-level information, both current and historical, from servicers on active first-lien mortgages in the U.S. In addition, Inside Mortgage Finance (IMF) survey data and CoreLogic public records data for the origination share by loan type (conventional, government, jumbo, subprime) were used to adjust the servicing data to assure that it reflects primary market shares. These changes across different dimensions are reflected in the HCI. A rising HCI indicates increasing credit risk and a declining HCI indicates decreasing credit risk. About CoreLogicCoreLogic (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.
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Freddie Mac Announces Holiday Eviction Moratorium Dec. 19, 2016 to Jan. 3, 2017
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CoreLogic Reports 30,000 Completed Foreclosures in October 2016
  December 13, 2016, Irvine, Calif. – CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released its  October 2016 National Foreclosure Report which shows the foreclosure inventory declined by 31.5 percent and completed foreclosures declined by 24.9 percent compared with October 2015. The number of completed foreclosures nationwide decreased year over year from 40,000 in October 2015 to 30,000 in October 2016, representing a decrease of 74.7 percent from the peak of 118,287 in September 2010. The foreclosure inventory represents the number of homes at some stage of the foreclosure process and completed foreclosures reflect the total number of homes lost to foreclosure. Since the financial crisis began in September 2008, there have been approximately 6.5 million completed foreclosures nationally, and since homeownership rates peaked in the second quarter of 2004, there have been approximately 8.5 million homes lost to foreclosure. As of October 2016, the national foreclosure inventory included approximately 328,000, or 0.8 percent, of all homes with a mortgage, compared with 479,000 homes, or 1.2 percent, in October 2015. CoreLogic also reports that the number of mortgages in serious delinquency (defined as 90 days or more past due including loans in foreclosure or REO) declined by 24.8 percent from October 2015 to October 2016, with 1 million mortgages, or 2.5 percent, in serious delinquency, the lowest level since August 2007. The decline was geographically broad with decreases in serious delinquency in 47 states and the District of Columbia. "Loan performance varies by the health of the local economy and housing market. Alaska, North Dakota and Wyoming, three states with energy-related job loss, experienced a rise in serious delinquency rates while all other states had a decline," said Dr. Frank Nothaft, chief economist for CoreLogic. "Although there were large declines in foreclosure rates in New York and New Jersey, both states experienced the highest serious delinquency rates in the nation, reflecting lagging home values in most neighborhoods and an unemployment rate above the national average." "Housing and labor markets improved over the past year, setting the stage for further declines in foreclosure rates across much of the nation," said Anand Nallathambi, president and CEO of CoreLogic. "Home values posted an annual gain of 5.8 percent through September in the CoreLogic Home Price Index, and payroll employment rose 2.4 million for the year through October." Additional October 2016 highlights: On a month-over-month basis, completed foreclosures declined by 27.5 percent to 30,000 in October 2016 from the 41,000 reported for September 2016.* As a basis of comparison, before the decline in the housing market in 2007, completed foreclosures averaged 22,000 per month nationwide between 2000 and 2006. On a month-over-month basis, the October 2016 foreclosure inventory was down 3.6 percent compared with September 2016. The five states with the highest number of completed foreclosures in the 12 months ending in October 2016 were Florida (51,000), Michigan (29,000), Texas (26,000), Ohio (23,000) and Georgia (20,000). These five states accounted for 36 percent of completed foreclosures nationally. Four states and the District of Columbia had the lowest number of completed foreclosures in the 12 months ending in October 2016: the District of Columbia (212), North Dakota (278), West Virginia (407), Alaska (622), and Montana (660). Four states and the District of Columbia had the highest foreclosure inventory rate in October 2016: New Jersey (2.8 percent), New York (2.7 percent), Maine (1.7 percent), Hawaii (1.7 percent) and the District of Columbia (1.6 percent). The five states with the lowest foreclosure inventory rate in October 2016 were Colorado (0.3 percent), Minnesota (0.3 percent), Arizona (0.3 percent), Utah (0.3 percent) and Michigan (0.3 percent). *September 2016 data was revised. Revisions are standard, and to ensure accuracy CoreLogic incorporates newly released data to provide updated results. For ongoing housing trends and data, visit the CoreLogic Insights Blog. Methodology The data in this report represents foreclosure activity reported through October 2016. This report separates state data into judicial versus non-judicial foreclosure state categories. In judicial foreclosure states, lenders must provide evidence to the courts of delinquency in order to move a borrower into foreclosure. In non-judicial foreclosure states, lenders can issue notices of default directly to the borrower without court intervention. This is an important distinction since judicial states, as a rule, have longer foreclosure timelines, thus affecting foreclosure statistics. A completed foreclosure occurs when a property is auctioned and results in the purchase of the home at auction by either a third party, such as an investor, or by the lender. If the home is purchased by the lender, it is moved into the lender's real estate-owned (REO) inventory. In "foreclosure by advertisement" states, a redemption period begins after the auction and runs for a statutory period, e.g., six months. During that period, the borrower may regain the foreclosed home by paying all amounts due as calculated under the statute. For purposes of this Foreclosure Report, because so few homes are actually redeemed following an auction, it is assumed that the foreclosure process ends in "foreclosure by advertisement" states at the completion of the auction. The foreclosure inventory represents the number and share of mortgaged homes that have been placed into the process of foreclosure by the mortgage servicer. Mortgage servicers start the foreclosure process when the mortgage reaches a specific level of serious delinquency as dictated by the investor for the mortgage loan. Once a foreclosure is "started," and absent the borrower paying all amounts necessary to halt the foreclosure, the home remains in foreclosure until the completed foreclosure results in the sale to a third party at auction or the home enters the lender's REO inventory. The data in this report accounts for only first liens against a property and does not include secondary liens. The foreclosure inventory is measured only against homes that have an outstanding mortgage. Generally, homes with no mortgage liens are not subject to foreclosure and are, therefore, excluded from the analysis. Approximately one-third of homes nationally are owned outright and do not have a mortgage. CoreLogic has approximately 85 percent coverage of U.S. foreclosure data. 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.
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Interest Rates Are on the Minds of Consumers in Berkshire Hathaway HomeServices’ Latest Homeowner Sentiment Survey
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CoreLogic Reports Home Equity Increased $726 Billion in the Third Quarter Compared With a Year Ago
  December 08, 2016, Irvine, Calif. – CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released a new analysis showing that U.S. homeowners with mortgages (roughly 63 percent of all homeowners) saw their equity increase by a total of $227 billion in Q3 2016 compared with the previous quarter, an increase of 3.1 percent. Additionally, 384,000 borrowers moved out of negative equity, increasing the percentage of homes with positive equity to 93.7 percent of all mortgaged properties, or approximately 47.9 million homes. Year over year, home equity grew by $726 billion, representing an increase of 10.8 percent in Q3 2016 compared with Q3 2015. In Q3 2016, the total number of mortgaged residential properties with negative equity stood at 3.2 million, or 6.3 percent of all homes with a mortgage. This is a decrease of 10.7 percent quarter over quarter from 3.6 million homes, or 7.1 percent of mortgaged properties, in Q2 2016 and a decrease of 24.1 percent year over year from 4.2 million homes, or 8.4 percent of mortgaged properties, in Q3 2015. Negative equity, often referred to as "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 home value, an increase in mortgage debt or a combination of both. Negative equity peaked at 26 percent of mortgaged residential properties in Q4 2009, based on CoreLogic negative equity data, which goes back to Q3 2009. The national aggregate value of negative equity was about $282 billion at the end of Q3 2016, decreasing approximately $2.1 billion, or 0.8 percent, from $284 billion in Q2 2016, and decreasing year over year about $25 billion, or 8.2 percent, from nearly $307 billion in Q3 2015. "Home equity rose by $12,500 for the average homeowner over the last four quarters," said Dr. Frank Nothaft, chief economist for CoreLogic. "There was wide geographic variation with homeowners in California, Oregon and Washington gaining an average of at least $25,000 in home equity wealth, while owners in Alaska, North Dakota and Connecticut had small declines, on average." "Price appreciation is the main ingredient for home equity wealth creation, and home prices rose 5.8 percent in the year ending September 2016 according to the CoreLogic Home Price Index," said Anand Nallathambi, president and CEO of CoreLogic. "Paydown of principal is the second key component of equity building. Many homeowners have refinanced into shorter-term loans, such as a 15-year loan, and  by doing so, they have significantly fewer mortgage payments and are able to build equity wealth faster." Highlights as of Q3 2016: Texas had the highest percentage of homes with positive equity at 98.4 percent, followed by Alaska (98.1 percent), Colorado (97.9 percent), Utah (97.9 percent) and Washington (97.9 percent). On average, homeowner equity increased about $13,000, from Q3 2015 to Q3 2016 (for mortgaged properties). California, Oregon and Washington had increases of $25,000 to $30,000, while Alaska, Connecticut, and North Dakota experienced small declines. Nevada had the highest percentage of mortgaged properties in negative equity at 14.2 percent, followed by Florida (12.5 percent), Illinois (10.6 percent), Arizona (10.6 percent) and Rhode Island (10 percent). These top five states combined accounted for 30.6 percent of negative equity mortgages in the U.S., but only 16.3 percent of outstanding mortgages. Of the 10 largest metropolitan areas by population, San Francisco-Redwood City-South San Francisco, CA had the highest percentage of mortgaged properties in a positive equity position at 99.4 percent, followed by Houston-The Woodlands-Sugar Land, TX (98.5 percent), Denver-Aurora-Lakewood, CO (98.4 percent), Los Angeles-Long Beach-Glendale, CA (96.9 percent) and Boston, MA (95.3 percent). Of the same 10 largest metropolitan areas, Miami-Miami Beach-Kendall, FL had the highest percentage of mortgaged properties in negative equity at 17 percent, followed by Las Vegas-Henderson-Paradise, NV (16.2 percent), Chicago-Naperville-Arlington Heights, IL (12.2 percent), Washington-Arlington-Alexandria, DC-VA-MD-WV (8.7 percent) and New York-Jersey City-White Plains, NY-NJ (5.1 percent). The bulk of home equity for mortgaged properties is concentrated at the high end of the housing market. For example, 96 percent of homes valued at greater than $200,000 have equity compared with 90 percent of homes valued at less than $200,000. *Q2 2016 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. The full Equity Report with additional charts is available: CoreLogic Q3 2016 Equity Report For ongoing housing trends and data, visit the CoreLogic Insights Blog: http://www.corelogic.com/blog. MethodologyThe amount of equity for each property is determined by comparing the estimated current value of the property against the mortgage debt outstanding (MDO). If the MDO is greater than the estimated value, then the property is determined to be in a negative equity position. If the estimated value is greater than the MDO, then the property is determined to be in a positive equity position. The data is first generated at the property level and aggregated to higher levels of geography. CoreLogic data includes more than 50 million properties with a mortgage, which accounts for more than 95 percent of all mortgages in the U.S. CoreLogic uses public record data as the source of the MDO, which includes both first-mortgage liens and second liens, and is adjusted for amortization and home equity utilization in order to capture the true level of MDO for each property. The calculations are not based on sampling, but rather on the full data set to avoid potential adverse selection due to sampling. The current value of the property is estimated using a suite of proprietary CoreLogic valuation techniques, including valuation models and the CoreLogic Home Price Index (HPI). In August 2016, the CoreLogic HPI was enhanced to include nearly one million additional repeat sales records from proprietary data sources that provide greater coverage in home price changes nationwide. The increased coverage is particularly useful in 14 non-disclosure states. Additionally, a new modeling methodology has been added to the HPI to weight outlier pairs, ensuring increased consistency and reducing month-over-month revisions. The use of the enhanced CoreLogic HPI was implemented with the Q2 2016 Equity report. Only data for mortgaged residential properties that have a current estimated value are included. There are several states or jurisdictions where the public record, current value or mortgage data coverage is thin and have been excluded from the analysis. These instances account for fewer than 5 percent of the total U.S. population. About CoreLogicCoreLogic (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.
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Realtor.com Forecasts Post-Election Economy to Result in Higher Mortgage Rates While Housing Delivers Slower Gains in 2017
  SANTA CLARA, Calif., Nov. 30, 2016 -- The 2017 housing market will be a year of slowing, yet moderate growth, set against the backdrop of a changing composition of home buyers and a post-election interest rate jump that could potentially price some first-timers out of the market, according to the realtor.com® 2017 housing forecast released today. The report also predicts the top five housing trends of 2017, as well as home prices and sales for the 100 largest metros in the U.S. Realtor.com® is a leading online real estate destination operated by News Corp subsidiary Move, Inc. 2017 national housing forecast The 2017 national real estate market is predicted to slow compared to the last two years, across the majority of economic indicators. Home prices are anticipated to increase 3.9 percent and existing home sales are forecasted to increase 1.9 percent to 5.46 million homes. Interest rates are expected to reach 4.5 percent due to higher expectations for inflationary pressure in the year ahead. Realtor.com® is forecasting the homeownership rate will stabilize at 63.5 percent after bottoming at 62.9 percent in 2016. New home sales are expected to grow 10 percent, while new home starts are expected to increase 3 percent. The forecast is based on GDP growth of 2.1 percent, a 2.5 percent increase in the consumer price index and unemployment declining to 4.7 percent by the end of the year. Prior to this month's election, demographics and an improving economy were laying the foundation for a substantial increase in first-time buyers in 2017, but due to mortgage rate increases over the last few weeks realtor.com® predicts first timers will face new hurdles as they navigate the qualification and buying process. These higher rates are associated with anticipation of stronger economic and wage growth next year, both of which favor buyers. However, higher rates will make qualifying for a mortgage and finding affordable inventory more challenging. "We don't expect the outcome of the election to have a direct impact on the health of the housing market or economy as we close out 2016. However, the 40 basis points increase in rates in the days following the election has caused us to increase our interest rate prediction for next year," said Jonathan Smoke, chief economist for realtor.com®. "With more than 95 percent of first-time home buyers dependent on financing their home purchase, and a majority of first-time buyers reporting one or more financial challenges, the uptick we've already seen may price some first-timers out of the market." Top Housing Trends for 2017 Next year's predicted slowing price and sales growth, increasing interest rates and changing buyer demographics are setting the stage for five key housing trends: Millennials and boomers will dominate the market –– Next year, the housing market will be in the middle of two massive demographic waves, millennials and baby boomers – that will power demand for at least the next 10 years. Although increasing interest rates have prompted realtor.com® to lower its prediction of millennial market share to 33 percent of the buyer pool; millennials and baby boomers will still comprise the majority of the market. Baby boomers are expected to make up 30 percent of buyers in 2017 and given they're less dependent on financing, they are anticipated to be more successful when it comes to closing. Midwestern cities will continue to be hotbeds for millennials – Midwestern cities are anticipated to continue to beat the national average in millennial purchase market share in 2017 with Madison, Wis.; Columbus, Ohio; Omaha, Neb.; Des Moines, Iowa; and Minneapolis, leading the pack. This year, average millennial market share in these markets is 42 percent, far higher than the U.S. average of 38 percent. With strong affordability in 15 of the 19 largest Midwestern markets, realtor.com® expects this trend to continue in 2017 even as interest rates increase. Slowing price appreciation – Nationally, home prices are forecast to slow to 3.9 percent growth year over year, from an estimated 4.9 percent in 2016. Of the top 100 largest metros in the country, 26 markets are expected to see price acceleration of 1 percent point or more with Greensboro-High Point, N.C.; Akron, Ohio; and Baltimore-Columbia-Towson, Md., experiencing the largest gains.  Likewise, 46 markets are expected to see a slowdown in price growth of 1 percent or more with Lakeland-Winter Haven, Fla., Durham-Chapel Hill, N.C.; and Jackson, Miss., undergoing the biggest shift to slower price appreciation. Fewer homes on the market and fast moving markets – Inventory is currently down an average of 11 percent in the top 100 metros in the U.S. The conditions that are limiting home supply are not expected to change in 2017. Median age of inventory is currently 68 days in the top 100 metros, which is 14 percent – or 11 days – faster than U.S. overall. Western cities will continue to lead the nation in prices and sales – Western metros in the U.S. are forecast to see a price increase of 5.8 percent and sales increase of 4.7 percent, much higher than the U.S. overall. These markets also dominate the ranking of the realtor.com® 2017 top housing markets, making up five of the top 10 markets on the list (Los Angeles, Sacramento and Riverside, Calif., Tucson, Ariz., and Portland, Ore.) and 11 of the top 25 (Colorado Springs, Colo.; San Diego; Salt Lake City; Provo-Orem, Utah; Seattle. and Oxnard-Thousand Oaks-Ventura, Calif.) Top 2017 housing markets Despite a more moderate housing market overall in 2017, strong local economies and population growth will continue to fuel the nation's top markets. The realtor.com® 2017 top 10 housing markets based on price and sales gains are: 1. Phoenix-Mesa-Scottsdale, Ariz.; 2. Los Angeles-Long Beach-Anaheim, Calif.; 3. Boston-Cambridge-Newton, Mass.-N.H.; 4. Sacramento--Roseville--Arden-Arcade, Calif.; 5. Riverside-San Bernardino-Ontario, Calif.; 6. Jacksonville, Fla.; 7. Orlando-Kissimmee-Sanford, Fla.; 8. Raleigh, N.C.; 9. Tucson, Ariz.; and 10. Portland-Vancouver-Hillsboro, Ore.-Wash. These top 10 markets are forecast to see average price gains of 5.8 percent and sales growth of 6.3 percent, exceeding next year's anticipated national growth of 3.9 percent and 1.9 percent, respectively. But when compared to last year, prices in eight of the top 10 markets are expected to decelerate with only Los Angeles and Tucson, Ariz. showing stronger growth than last year. Other commonalities among the top 10 housing markets include: relatively affordable rental prices, low unemployment, large populations of millennials and baby boomers, as well as a high number of listing views on realtor.com®. About realtor.com® Realtor.com® is the trusted resource for home buyers, sellers and dreamers, offering the most comprehensive source of for-sale properties, among competing national sites, and the information, tools and professional expertise to help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today helps make 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.
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CoreLogic Reports 36,000 Completed Foreclosures in September 2016
  November 08, 2016, Irvine, Calif. – CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released its September 2016 National Foreclosure Report which shows the foreclosure inventory declined by 31.1 percent and completed foreclosures declined by 7.0 percent compared with September 2015. The number of completed foreclosures nationwide decreased year over year from 39,000 in September 2015 to 36,000 in September 2016, representing a decrease of 69.7 percent from the peak of 118,222 in September 2010. The foreclosure inventory represents the number of homes at some stage of the foreclosure process and completed foreclosures reflect the total number of homes lost to foreclosure. Since the financial crisis began in September 2008, there have been approximately 6.4 million completed foreclosures nationally, and since homeownership rates peaked in the second quarter of 2004, there have been approximately 8.5 million homes lost to foreclosure. As of September 2016, the national foreclosure inventory included approximately 340,000, or 0.9 percent, of all homes with a mortgage, compared with 493,000 homes, or 1.3 percent, in September 2015. CoreLogic also reports that the number of mortgages in serious delinquency (defined as 90 days or more past due including loans in foreclosure or REO) declined by 24.8 percent from September 2015 to September 2016, with 1 million mortgages, or 2.6 percent, in serious delinquency, the lowest level since August 2007. The decline was geographically broad with decreases in serious delinquency in 48 states and the District of Columbia. "September's serious delinquency rate dropped by 25 percent compared to a year earlier, the third consecutive monthly acceleration in the rate of decline," said Dr. Frank Nothaft, chief economist for CoreLogic. "This improvement is continued evidence of the recovery in the housing market, especially given that the decreases were fairly uniform in most cities across the country." "Completed foreclosures have fallen by a total of more than 100,000 homes during the 12 months prior to September 2016," said Anand Nallathambi, president and CEO of CoreLogic. "The decline in foreclosures is one of the drivers in the drop in vacancies, which is positive for homeowners and communities. Heading into 2017 we see that prices, performance and production – the three most important drivers of the real estate market – are all improving." Additional September 2016 highlights: On a month-over-month basis, completed foreclosures increased by 5.2 percent to 36,000 in September 2016 from the 34,000 reported for August 2016.* As a basis of comparison, before the decline in the housing market in 2007, completed foreclosures averaged 21,000 per month nationwide between 2000 and 2006. On a month-over-month basis, the September 2016 foreclosure inventory was down 3.1 percent compared with August 2016.The five states with the highest number of completed foreclosures in the 12 months ending in September 2016 were Florida (53,000), Texas (27,000), Michigan (24,000), Ohio (23,000) and Georgia (21,000). These five states accounted for 36 percent of completed foreclosures nationally. Four states and the District of Columbia had the lowest number of completed foreclosures in the 12 months ending in September 2016: the District of Columbia (186), North Dakota (338), West Virginia (447), Alaska (643) and Montana (701). Four states and the District of Columbia had the highest foreclosure inventory rate in September 2016: New Jersey (3.0 percent), New York (2.7 percent), Maine (1.8 percent), Hawaii (1.8 percent) and the District of Columbia (1.6 percent). The five states with the lowest foreclosure inventory rate in September 2016 were Colorado (0.3 percent), Minnesota (0.3 percent), Arizona (0.3 percent), Michigan (0.3 percent) and Utah (0.3). *August 2016 data was revised. Revisions are standard, and to ensure accuracy CoreLogic incorporates newly released data to provide updated results. For ongoing housing trends and data, visit the CoreLogic Insights Blog: www.corelogic.com/blog. Methodology The data in this report represents foreclosure activity reported through September 2016. This report separates state data into judicial versus non-judicial foreclosure state categories. In judicial foreclosure states, lenders must provide evidence to the courts of delinquency in order to move a borrower into foreclosure. In non-judicial foreclosure states, lenders can issue notices of default directly to the borrower without court intervention. This is an important distinction since judicial states, as a rule, have longer foreclosure timelines, thus affecting foreclosure statistics. A completed foreclosure occurs when a property is auctioned and results in the purchase of the home at auction by either a third party, such as an investor, or by the lender. If the home is purchased by the lender, it is moved into the lender's real estate-owned (REO) inventory. In "foreclosure by advertisement" states, a redemption period begins after the auction and runs for a statutory period, e.g., six months. During that period, the borrower may regain the foreclosed home by paying all amounts due as calculated under the statute. For purposes of this Foreclosure Report, because so few homes are actually redeemed following an auction, it is assumed that the foreclosure process ends in "foreclosure by advertisement" states at the completion of the auction. The foreclosure inventory represents the number and share of mortgaged homes that have been placed into the process of foreclosure by the mortgage servicer. Mortgage servicers start the foreclosure process when the mortgage reaches a specific level of serious delinquency as dictated by the investor for the mortgage loan. Once a foreclosure is "started," and absent the borrower paying all amounts necessary to halt the foreclosure, the home remains in foreclosure until the completed foreclosure results in the sale to a third party at auction or the home enters the lender's REO inventory. The data in this report accounts for only first liens against a property and does not include secondary liens. The foreclosure inventory is measured only against homes that have an outstanding mortgage. Generally, homes with no mortgage liens are not subject to foreclosure and are, therefore, excluded from the analysis. Approximately one-third of homes nationally are owned outright and do not have a mortgage. CoreLogic has approximately 85 percent coverage of U.S. foreclosure data. 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.
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Post-'Brexit' Prepay Activity Remains Strong; Foreclosure Rate Falls to Nine-Year Low
JACKSONVILLE, Fla., Oct. 25, 2016 -- The Data & Analytics division of Black Knight Financial Services, Inc. reports the following "first look" atSeptember 2016 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market. Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 4.27%Month-over-month change: 0.74%Year-over-year change: -12.24% Total U.S. foreclosure pre-sale inventory rate: 1.00%Month-over-month change: -3.38%Year-over-year change: -31.23% Total U.S. foreclosure starts: 61,700Month-over-month change: -10.32%Year-over-year change: -22.78% Monthly Prepayment Rate (SMM): 1.54%Month-over-month change: -7.59%Year-over-year change: 43.22% Foreclosure Sales as % of 90+: 2.03%Month-over-month change: -5.82%Year-over-year change: 2.47% Number of properties that are 30 or more days past due, but not in foreclosure: 2,165,000Month-over-month change: 14,000Year-over-year change: -292,000 Number of properties that are 90 or more days past due, but not in foreclosure: 668,000Month-over-month change: -1,000Year-over-year change: -149,000 Number of properties in foreclosure pre-sale inventory: 509,000Month-over-month change: -18,000Year-over-year change: -228,000 Number of properties that are 30 or more days past due or in foreclosure: 2,674,000Month-over-month change: -4,000Year-over-year change: -520,000 Top 5 States by Non-Current* Percentage Mississippi: 11.16% Louisiana: 10.32% New Jersey: 8.13% Alabama: 7.85% West Virginia: 7.72% Bottom 5 States by Non-Current* Percentage South Dakota: 2.95% Montana: 2.88% Minnesota: 2.75% Colorado: 2.44% North Dakota: 2.23% Top 5 States by 90+ Days Delinquent Percentage Mississippi: 3.43% Louisiana: 2.80% Alabama: 2.33% Arkansas: 2.01% Tennessee: 1.94% Top 5 States by 6-Month Improvement in Non-Current* Percentage Hawaii: -12.72% Nevada: -11.64% Oregon: -11.47% New Jersey: -10.46% Washington: -9.32% Top 5 States by 6-Month Deterioration in Non-Current* Percentage Alaska: 20.37% Wyoming: 18.91% Louisiana: 16.10% North Dakota: 10.67% Michigan: 8.49% *Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state. Notes: Totals are extrapolated based on Black Knight Financial Services' loan-level database of mortgage assets. All whole numbers are rounded to the nearest thousand. For a more detailed view of this month's "first look" data, please visit the Black Knight newsroom at http://www.blackknightcompanies.com/CorporateInformation/NewsRoom/Pages/20161025.aspx The company will provide a more in-depth review of this data in its monthly Mortgage Monitor report, which includes an analysis of data supplemented by detailed charts and graphs that reflect trend and point-in-time observations. The Mortgage Monitor report will be available online at http://www.bkfs.com/CorporateInformation/NewsRoom/Pages/Mortgage-Monitor.aspx by November 7, 2016. About Black Knight Financial Services, Inc.Black Knight Financial Services, Inc. (NYSE: BKFS), a Fidelity National Financial (NYSE:FNF) company, is a leading provider of integrated technology, data and analytics solutions that facilitate and automate many of the business processes across the mortgage lifecycle. Black Knight Financial Services is committed to being a premier business partner that lenders and servicers rely on to achieve their strategic goals, realize greater success and better serve their customers by delivering best-in-class technology, services and insight with a relentless commitment to excellence, innovation, integrity and leadership. For more information on Black Knight Financial Services, please visit www.bkfs.com.
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CoreLogic Reports a 3.9 Percent YOY Increase in Mortgage Fraud Risk in the Second Quarter of 2016
  September 22, 2016, Irvine, Calif. – CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released its latest Mortgage Fraud Report. As of the end of the second quarter of 2016, the report shows a 3.9 percent year-over-year increase in fraud risk, as measured by the CoreLogic Mortgage Application Fraud Risk Index. The analysis found that during the second quarter of 2016, an estimated 12,718 mortgage applications, or 0.70 percent of all mortgage applications, contained indications of fraud, as compared with the reported 12,814, or 0.67 percent in the second quarter of 2015. The CoreLogic Mortgage Fraud Report analyzes the collective level of loan application fraud risk the mortgage industry is experiencing each quarter. CoreLogic develops the index based on residential mortgage loan applications processed by CoreLogic LoanSafe Fraud Manager™, a predictive scoring technology. The report includes detailed data for six fraud type indicators that complement the national index: identity, income, occupancy, property, transaction, and undisclosed real estate debt. "Mortgage application fraud risk will likely rise over the next few years if current trends of higher LTV purchases and increased credit availability continue," said Bridget Berg, senior director, Fraud Solutions Strategy for CoreLogic. "Because post-fund quality control findings are biased to specific types of fraud that are easy to detect shortly after closing, lenders should not rely only on those results to measure fraud risk." Among the highlights of the report: Florida continues to be the riskiest state for mortgage application fraud. However, Florida also has the largest year-over-year decline in application fraud risk at 19 percent. States with the greatest year-over-year growth in risk include Kansas, Maine, Wisconsin, Nebraska and Arkansas. Although they have the highest growth in risk, their overall rankings are all below the top 15. Risk appears to be less geographically concentrated than shown in our last annual report. High-LTV purchase loans are the segment showing the greatest fraud risk increase by loan type. Income, Transaction and Occupancy fraud types showed increases year-over-year, with the greatest increase in Income fraud risk at 12.5 percent. National Mortgage Origination Fraud Index (Q3 2010 – Q2 2016) To view the full CoreLogic Mortgage Fraud Report, visit corelogic.com/mortgagefraudreport. Methodology Our comprehensive fraud risk analysis is based on the industry's largest lender-driven mortgage fraud consortium and leading predictive-scoring technology. The CoreLogic Mortgage Application Fraud Risk Index represents the collective level of fraud risk the mortgage industry is experiencing in each time period, based on the share of loan applications with a high risk of fraud. The index is standardized to a baseline of 100 for the share of high-risk loan applications nationally in the third quarter of 2010. Each 1-point change in the index represents a 1 percent change in the share of mortgage applications having a high risk of fraud. The estimated number of fraudulent applications is derived by applying the current risk level of CoreLogic Mortgage Fraud Consortium applications to industry volumes. The Fraud Type Indicators are based on specific CoreLogic LoanSafe Fraud Manager alerts.  These alerts are compiled consistently for all CoreLogic Mortgage Fraud Consortium members. Indicator levels are based on the prevalence and predictiveness of the relevant alerts. An increase in the indicator correlates with increased risk of the corresponding fraud type. 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.
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CoreLogic Reports 548,000 US Homeowners Regained Equity in the Second Quarter of 2016
  September 15, 2016, Irvine, Calif. – CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released a new analysis showing 548,000 U.S. homeowners regained equity in Q2 2016 compared with the previous quarter, increasing the percentage of homes with positive equity to 92.9 percent of all mortgaged properties, or approximately 47.2 million homes. Nationwide, home equity grew year over year by $646 billion, representing an increase of 9.9 percent in Q2 2016 compared with Q2 2015. In Q2 2016, the total number of mortgaged residential properties with negative equity stood at 3.6 million, or 7.1 percent of all homes with a mortgage. This is a decrease of 13.2 percent quarter over quarter from 4.2 million homes, or 8.2 percent, in Q1 2016 and a decrease of 19 percent year over year from 4.5 million homes, or 8.9 percent, compared with Q2 2015. Negative equity, often referred to as "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 home value, an increase in mortgage debt or a combination of both. For homes in negative equity status, the national aggregate value of negative equity was $284 billion at the end of Q2 2016, decreasing approximately $20.4 billion, or 6.7 percent, from $305 billion in Q1 2016. On a year-over-year basis, the value of negative equity declined overall from $314 billion in Q2 2015, representing a decrease of 9.5 percent in 12 months. Of the more than 50 million homes with a mortgage, approximately 8.6 million, or 17 percent, have less than 20 percent equity (referred to as under-equitied) and approximately 965,000, or 1.9 percent, have less than 5 percent equity (referred to as near-negative equity). Borrowers who are under-equitied may have a difficult time refinancing their existing homes or obtaining new financing to sell and buy another home due to underwriting constraints. Borrowers with near-negative equity are considered at risk of shifting into negative equity if home prices fall. "Home-value gains have played a large part in restoring home equity," said Dr. Frank Nothaft, chief economist for CoreLogic. "The CoreLogic Home Price Index for the U.S. recorded 5.2 percent growth in the year through June, an important reason that the number of owners with negative equity fell by 850,000 in the second quarter from a year earlier." "We see home prices rising another 5 percent in the coming year based on the latest projected national CoreLogic Home Price Index," said Anand Nallathambi, president and CEO of CoreLogic. "Assuming this growth is uniform across the U.S., that should release an additional 700,000 homeowners from the scourge of negative equity." Highlights as of Q2 2016:   Nevada had the highest percentage of mortgaged properties in negative equity at 15.3 percent, followed by Florida (14 percent), Maryland (11.8 percent), Illinois (11.7 percent) and Arizona (11.6 percent). These top five states combined accounted for 33.7 percent of negative equity in the U.S., but only 18.6 percent of outstanding mortgages. Texas had the highest percentage of homes with positive equity at 98.3 percent, followed by Alaska (98 percent), Colorado (97.8 percent), Hawaii (97.7 percent) and Utah (97.6 percent). Of the 10 largest metropolitan areas by population, Miami-Miami Beach-Kendall, FL had the highest percentage of mortgaged properties in negative equity at 18.4 percent, followed by Las Vegas-Henderson-Paradise, NV (17.6 percent), Chicago-Naperville-Arlington Heights, IL (13.4 percent), Washington-Arlington-Alexandria, DC-VA-MD-WV (9.9 percent) and New York-Jersey City-White Plains, NY-NJ (5.9 percent). Of the same 10 largest metropolitan areas, San Francisco-Redwood City-South San Francisco, CA had the highest percentage of mortgaged properties in a positive equity position at 99.4 percent, followed by Denver-Aurora-Lakewood, CO (98.5 percent), Houston-The Woodlands-Sugar Land, TX (98.4 percent), Los Angeles-Long Beach-Glendale, CA (96.7 percent) and Boston, MA (95 percent). Of the total $284 billion in negative equity, first liens without home equity loans accounted for $159 billion aggregate negative equity, while first liens with home equity loans accounted for $125 billion.Among underwater borrowers, approximately 2.2 million hold first liens without home equity loans. The average mortgage balance for this group of borrowers is $252,000, and the average underwater amount is $73,000. Approximately 1.4 million of all underwater borrowers hold both first and second liens. The average mortgage balance for this group of borrowers is $314,000, and the average underwater amount is $88,000. The bulk of positive equity for mortgaged residential properties is concentrated at the high end of the housing market. For example, 96 percent of homes valued at $200,000 or more have equity compared with 89 percent of homes valued at less than $200,000.   *Q1 2016 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. For ongoing housing trends and data, visit the CoreLogic Insights Blog: http://www.corelogic.com/blog. MethodologyThe amount of equity for each property is determined by comparing the estimated current value of the property against the mortgage debt outstanding (MDO). If the MDO is greater than the estimated value, then the property is determined to be in a negative equity position. If the estimated value is greater than the MDO, then the property is determined to be in a positive equity position. The data is first generated at the property level and aggregated to higher levels of geography. CoreLogic data includes more than 50 million properties with a mortgage, which accounts for more than 95 percent of all mortgages in the U.S. CoreLogic uses public record data as the source of the MDO, which includes both first-mortgage liens and second liens, and is adjusted for amortization and home equity utilization in order to capture the true level of MDO for each property. The calculations are not based on sampling, but rather on the full data set to avoid potential adverse selection due to sampling. The current value of the property is estimated using a suite of proprietary CoreLogic valuation techniques, including valuation models and the CoreLogic Home Price Index (HPI). In August 2016, the CoreLogic HPI was enhanced to include nearly one million additional repeat sales records from proprietary data sources that provide greater coverage in home price changes nationwide. The increased coverage is particularly useful in 14 non-disclosure states. Additionally, a new modeling methodology has been added to the HPI to weight outlier pairs, ensuring increased consistency and reducing month-over-month revisions. The use of the enhanced CoreLogic HPI was implemented with the Q2 2016 Equity report. Only data for mortgaged residential properties that have a current estimated value are included. There are several states or jurisdictions where the public record, current value or mortgage data coverage is thin and have been excluded from the analysis. These instances account for fewer than 5 percent of the total U.S. population. 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.
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Serving those who Served: The Patriot Program propels Realtors® into the untapped Veteran real estate market
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Black Knight's Mortgage Monitor: Q2 Originations Hit 3-Year High; Purchase Lending Highest Since 2007, Refinance Volume Still Lags 2015
JACKSONVILLE, Fla., Sept. 6, 2016 -- Today, the Data & Analytics division of Black Knight Financial Services, Inc. released its latest Mortgage Monitor Report, based on data as of the end of July 2016. This month, Black Knight looked at first-lien mortgage originations through Q2 2016. As Black Knight Data & Analytics Executive Vice President Ben Graboske explained, the data showed significant growth in origination volume; however, refinance volume was not as strong as the current low interest rate environment might suggest. "Mortgage originations posted their strongest quarter in three years in Q2 2016," said Graboske. "In total, we saw $518 billion in first-lien mortgage originations in Q2, driven by a combination of continued purchase origination growth and refinance activity spurred by low interest rates. Interestingly however, with interest rates 15 basis points lower than in Q1, and even lower than in early 2015, refinance activity wasn't nearly as strong as one might have expected. While purchase originations jumped more than 50 percent from Q1, refinances saw only an eight percent increase over that period, and were actually down from the same time last year, despite the number of potential refinance candidates outpacing 2015 by over one million in every month since March. That said, refinance lending has risen for three consecutive quarters and accounted for $221 billion in originations in Q2. "It was a particularly strong month for purchase originations, which made up 57 percent of all first-lien lending in the quarter," Graboske continued. "At $297 billion, Q2 purchase originations marked the highest level – in terms of both volume and dollar amount – seen since 2007. Although the purchase lending credit box remains tight, there is increasing participation among 'moderate' credit borrowers as well. Two-thirds of Q2 purchase loans went to borrowers with credit scores of 740 or higher – on par with what we saw during the same period last year – but there was a 13 percent year-over-year increase in lending to borrowers with credit scores between 700 and 739. This segment has seen the highest rate of growth over the last three quarters, and now makes up 19 percent of all purchase originations. On the other end of the spectrum, sub-700 score borrowers now account for only 15 percent of originations, with less than five percent going to borrowers with scores of 660 or below. Both of these mark the lowest share of low credit purchase lending seen dating back to at least 2000." Black Knight also looked at recent trends in distressed sale activity (REO and short sales), and found that such sales accounted for seven percent of all residential transactions in Q2 2016. Though this represented the lowest such share in nine years, it still remains more than twice the 'normal' market level of just over three percent. The majority of distressed sales taking place in the market today – roughly two-thirds – are REO sales. The average 21 percent discount purchasers are reaping on short sales is on the decline nationally, while the 27 percent REO discount is actually slightly deeper than it was a year ago. The trend toward deepening REO discounts is likely due to the geographic shift in transactions from areas where discounts are lower – such as Florida, with an average REO discount of 23 percent – to areas where they are steeper. The largest REO discounts over the past six months have been seen in the Northeast and Rust Belt states. Ohio leads the nation with a 44 percent average discount on an REO over a traditional sale, followed by New Hampshire and New York with 41 percent discounts. The smallest REO discounts were found in the Southwest, with Texas (14 percent) and Nevada (16 percent) seeing the lowest of all. As was reported in Black Knight's most recent First Look release, other key results include: Total U.S. loan delinquency rate: 4.51% Month-over-month change in delinquency rate: 4.78% Total U.S. foreclosure pre-sale inventory rate: 1.09% Month-over-month change in foreclosure pre-sale inventory rate: - 1.68% States with highest percentage of non-current* loans: MS, LA, NJ, WV, AL States with lowest percentage of non-current* loans: SD, MT, MN, CO, ND States with highest percentage of seriously delinquent** loans: MS, LA, AL, AR, TN *Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state. **Seriously delinquent loans are those past-due 90 days or more. Totals are extrapolated based on Black Knight Financial Services' loan-level database of mortgage assets. About the Mortgage MonitorThe Data & Analytics division of Black Knight Financial Services manages the nation's leading repository of loan-level residential mortgage data and performance information on the majority of the overall market, including tens of millions of loans across the spectrum of credit products and more than 160 million historical records. The company's research experts carefully analyze this data to produce a summary supplemented by dozens of charts and graphs that reflect trend and point-in-time observations for the monthly Mortgage Monitor Report. To review the full report, visit: http://www.BKFS.com/CorporateInformation/NewsRoom/Pages/Mortgage-Monitor.aspx About Black Knight Financial Services, Inc.Black Knight Financial Services, Inc. (NYSE: BKFS), a Fidelity National Financial (NYSE:FNF) company, is a leading provider of integrated technology, data and analytics solutions that facilitate and automate many of the business processes across the mortgage lifecycle. Black Knight Financial Services is committed to being a premier business partner that lenders and servicers rely on to achieve their strategic goals, realize greater success and better serve their customers by delivering best-in-class technology, services and insight with a relentless commitment to excellence, innovation, integrity and leadership. For more information on Black Knight Financial Services, please visit www.BKFS.com.
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