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

Agent | Broker     Reset Filters to Default
CoreLogic Reports U.S. Overall Delinquency Rate Lowest for a July in at Least 20 Years, but Four States Post Annual Gains
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, 3.8% of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in July 2019, representing a 0.3 percentage point decline in the overall delinquency rate compared with July 2018, when it was 4.1%. As of July 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 July 2018. The July 2019 foreclosure inventory rate tied the prior eight months as the lowest for any month since at least January 1999. Measuring early-stage delinquency rates is important for analyzing the health of the mortgage market. To monitor mortgage performance comprehensively, CoreLogic examines all stages of delinquency, as well as transition rates, which indicate the percentage of mortgages moving from one stage of delinquency to the next. The rate for early-stage delinquencies – defined as 30 to 59 days past due – was 1.8% in July 2019, down from 1.9% in July 2018. The share of mortgages 60 to 89 days past due in July 2019 was 0.6%, unchanged from July 2018. The serious delinquency rate – defined as 90 days or more past due, including loans in foreclosure – was 1.3% in July 2019, down from 1.6% in July 2018. This July's serious delinquency rate of 1.3% was the lowest for the month of July since 2005 when it was also 1.3%; it tied the April, May and June 2019 rates as the lowest for any month since it was also 1.3% in August 2005. 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 July 2019, unchanged from July 2018. By comparison, in January 2007, just before the start of the financial crisis, the current-to-30-day transition rate was 1.2%, while it peaked at 2% in November 2008. "Homeowners have seen a big rise in home equity, which lowers foreclosure risk because owners have more ‘skin in the game,'" said Dr. Frank Nothaft, chief economist at CoreLogic. "Our latest Home Equity report found that between the first quarter of 2011 and the second quarter of 2019, average equity per borrower increased from $75,000 to $176,000 and rose $5,000 in the past year alone." The nation's overall delinquency remains near the lowest level since at least 1999. However, four states posted small annual increases in overall delinquency rates in July: Vermont (0.5 percentage points), New Hampshire (0.2 percentage points), Iowa (0.1 percentage points) and Minnesota (0.1 percentage points). Five states, including three of the four listed above, posted small annual gains in the share of mortgages that transitioned from current-to-30-days past due in July: Vermont (0.3 percentage points), New Hampshire (0.1 percentage points), Iowa (0.1 percentage points), Wisconsin (0.1 percentage points) and Florida (0.1 percentage points). In July 2019, 37 metropolitan areas recorded small increases in overall delinquency rates. Some of the highest gains were in the Midwest and Southeast. Metros with the largest increases were Dubuque, Iowa (2.5 percentage points), Davenport-Moline-Rock Island, Iowa-Illinois (1.5 percentage points) and Pine Bluff, Arkansas (1.1 percentage points). Panama City, Florida, and Goldsboro, North Carolina, both experienced increases of 0.5 percentage points. "The fundamentals of the housing market remain very solid with foreclosure rates hitting lows not seen in over 20 years," said Frank Martell, president and CEO of CoreLogic. "We expect foreclosure rates may very well drift even lower in the months ahead as wage growth and lower mortgage rates provide support for homeownership." The next CoreLogic Loan Performance Insights Report will be released on November 12, 2019, featuring data for August 2019. For ongoing housing trends and data, visit the CoreLogic Insights Blog. About CoreLogic CoreLogic (NYSE: CLGX), the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, acquire and protect their homes. For more information, please visit www.corelogic.com.
MORE >
CoreLogic Reports the Negative Equity Share Fell to 3.8% in the Second Quarter of 2019
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the Home Equity Report for the second quarter of 2019. The report shows that U.S. homeowners with mortgages (which account for roughly 63% of all properties) have seen their equity increase by 4.8% year over year, representing a gain of nearly $428 billion since the second quarter of 2018. The average homeowner gained $4,900 in home equity between the second quarter of 2018 and the second quarter of 2019. States that saw the largest gains include Idaho, where homeowners gained an average of $22,100; Wyoming, where homeowners gained an average of $20,400; and Nevada, where homeowners gained an average of $16,800 (Figure 1). From the first quarter of 2019 to the second quarter of 2019, the total number of mortgaged homes in negative equity decreased by 7% to 2 million homes or 3.8% of all mortgaged properties. The number of mortgaged properties in negative equity during the second quarter of 2019 fell by 9%, or 151,000 homes, compared with the second quarter of 2018 when 2.2 million homes, or 4.3% of all mortgaged properties, were in negative equity. "Borrower equity rose to an all-time high in the first half of 2019 and has more than doubled since the housing recovery started," said Dr. Frank Nothaft, chief economist for CoreLogic. "Combined with low mortgage rates, this rise in home equity supports spending on home improvements and may help improve balance sheets of households who could take out home equity loans to consolidate their debt." Negative equity, often referred to as being underwater or upside down, applies to borrowers who owe more on their mortgages than their homes are worth. Negative equity can occur because of a decline in a home's value, an increase in mortgage debt or both. Negative equity peaked at 26% of mortgaged residential properties in the fourth quarter of 2009, based on the CoreLogic equity data analysis, which began in the third quarter of 2009. The national aggregate value of negative equity was approximately $302.7 billion at the end of the second quarter of 2019. This is down quarter over quarter by approximately $2.6 billion, or 0.8%, from $305.3 billion in the first quarter of 2019 and up year over year by approximately $21 billion, or 7.5%, from $281.7 billion in the second quarter of 2018. "Home values have continued to rise in most parts of the country this year and we are seeing the benefit in higher home equity levels. The western half of the U.S. has experienced particularly strong gains in home equity recently," said Frank Martell, president and CEO of CoreLogic. "In July 2019, South Dakota and Connecticut were the only two states to post annual home price declines. These losses mirror the states' home equity performances during the second quarter as both reported negative home equity gains per borrower." For ongoing housing trends and data, visit the CoreLogic Insights Blog. About CoreLogic CoreLogic (NYSE: CLGX), the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, acquire and protect their homes. For more information, please visit www.corelogic.com.
MORE >
CoreLogic Reports an 11.4% Year-Over-Year Decrease in Mortgage Fraud Risk in the Second Quarter of 2019
MORE >
CoreLogic Reports Stark Contrast Between Rising Mortgage Delinquencies in Eight States while National Rate Remains at 20-Year Low
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report. The report shows that nationally 4% of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in June 2019, representing a 0.3 percentage point decline in the overall delinquency rate compared with June 2018, when it was 4.3%. As of June 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 June 2018. The June 2019 foreclosure inventory rate tied the prior seven months as the lowest for any month since at least January 1999. Measuring early-stage delinquency rates is important for analyzing the health of the mortgage market. To monitor mortgage performance comprehensively, CoreLogic examines all stages of delinquency, as well as transition rates, which indicate the percentage of mortgages moving from one stage of delinquency to the next. The rate for early-stage delinquencies – defined as 30 to 59 days past due – was 2.1% in June 2019, up from 2% in June 2018. The share of mortgages 60 to 89 days past due in June 2019 was 0.6%, unchanged from June 2018. The serious delinquency rate – defined as 90 days or more past due, including loans in foreclosure – was 1.3% in June 2019, down from 1.7% in June 2018. June's serious delinquency rate of 1.3% was the lowest for the month of June since 2005 when it was also 1.3%; it tied the April and May 2019 rates as the lowest for any month since it was also 1.3% in August 2005. 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 1.1% in June 2019, up from 0.9% in June 2018. By comparison, in January 2007, just before the start of the financial crisis, the current-to-30-day transition rate was 1.2% and peaked at 2% in November 2008. "A strong economy and eight-plus years of home price growth have made mortgage foreclosure an infrequent event," said Dr. Frank Nothaft, chief economist at CoreLogic. "This backdrop will help the mortgage market limit delinquencies in most of the country whenever a downturn should start." The nation's overall delinquency remains near the lowest level since at least 1999. However, several states and metropolitan areas posted small annual increases in June. The highest gains were in Vermont (+0.7%), New Hampshire (+0.3%), Nebraska (+0.2%) and Minnesota (0.2%), while the other four states – Michigan, Iowa, Wisconsin and Connecticut – experienced a nominal gain of just 0.1%. Some metropolitan areas also recorded small increases in overall delinquency rates. Metros with the largest increases were Janesville-Beloit, Wisconsin (+2.5 percentage points) and Pine Bluff, Arkansas (+1.6 percentage points). Panama City, Florida; Altoona, Pennsylvania; and Kokomo, Indiana all experienced increases of 0.6 percentage points. "While the nation continues to post near-record-low mortgage delinquency rates, we are seeing signs of emerging stress in some states," said Frank Martell, president and CEO of CoreLogic. "We saw rates jump in states such as Vermont, New Hampshire, Nebraska and Minnesota that weren't tied to a natural disaster." The next CoreLogic Loan Performance Insights Report will be released on October 8, 2019, featuring data for July 2019. For ongoing housing trends and data, visit the CoreLogic Insights Blog: www.corelogic.com/insights. About CoreLogic CoreLogic (NYSE: CLGX), the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, acquire and protect their homes. For more information, please visit www.corelogic.com.
MORE >
House Poor, No More
MORE >
CoreLogic Reports U.S. Overall Delinquency Rate Remains Steady at 20-Year Low in May
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report. The report shows that nationally 3.6% of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in May 2019, representing a 0.6 percentage point decline in the overall delinquency rate compared with May 2018, when it was 4.2%. This marks the second consecutive month the rate has been at its lowest point in more than 20 years. As of May 2019, the foreclosure inventory rate – which measures the share of mortgages in some stage of the foreclosure process – was 0.4%, down 0.1 percentage points from May 2018. The May 2019 foreclosure inventory rate tied the prior six months as the lowest for any month since at least January 1999. Measuring early-stage delinquency rates is important for analyzing the health of the mortgage market. To monitor mortgage performance comprehensively, CoreLogic examines all stages of delinquency, as well as transition rates, which indicate the percentage of mortgages moving from one stage of delinquency to the next. The rate for early-stage delinquencies – defined as 30 to 59 days past due – was 1.7% in May 2019, down from 1.8% in May 2018. The share of mortgages 60 to 89 days past due in May 2019 was 0.6%, unchanged from May 2018. The serious delinquency rate – defined as 90 days or more past due, including loans in foreclosure – was 1.3% in May 2019, down from 1.8% in May 2018. May's serious delinquency rate of 1.3% tied the April 2019 rate as the lowest for any month since August 2005 when it was also 1.3%. Since early-stage delinquencies can be volatile, CoreLogic also analyzes transition rates. The share of mortgages that transitioned from current to 30 days past due was 0.8% in May 2019, unchanged from May 2018. By comparison, in January 2007, just before the start of the financial crisis, the current-to-30-day transition rate was 1.2%, while it peaked in November 2008 at 2%. "Growth in family income and home prices continues to support low delinquency rates," said Dr. Frank Nothaft, chief economist at CoreLogic. "Communities that experienced a rise in delinquencies are generally those that also suffered from natural disasters. Last year's hurricanes and wildfires, and this spring's severe flooding from heavy rainstorms and snowmelt have pushed delinquency rates higher in these impacted communities." The nation's overall delinquency rate has fallen on a year-over-year basis for the past 17 consecutive months. In May 2019, 20 of the country's metropolitan areas posted at least a small annual increase in overall delinquency, with some of the highest gains occurring in the Midwest and parts of the Southeast. Specifically, areas impacted by flooding this spring in Kentucky, Ohio, Illinois and Indiana have experienced an increase in delinquency rates. "While the rest of the country experienced record-low mortgage delinquency rates again in May, the Midwest and parts of the Southeast are still experiencing higher rates as they recover from extreme weather," said Frank Martell, president and CEO of CoreLogic. "Areas in Kentucky and Ohio, which were hit particularly hard this spring with historic flooding, experienced some of the largest annual gains in the country." The next CoreLogic Loan Performance Insights Report will be released on September 10, 2019, featuring data for June 2019. For ongoing housing trends and data, visit the CoreLogic Insights Blog. About CoreLogic CoreLogic (NYSE: CLGX), the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, acquire and protect their homes. For more information, please visit www.corelogic.com.
MORE >
296,458 U.S. Properties with Foreclosure Filings in First Six Months of 2019, Down 18 Percent from a Year Ago
MORE >
Industry data shows use of down payment assistance doubled in four years
Homeownership Program Index Reports Program Funding Down Nearly 3% While Down Payment Assistance Use Increases Atlanta, GA, July 25, 2019 – Atlanta-based Down Payment Resource, the nationwide database for homebuyer programs, today released its First and Second Quarter 2019 Homeownership Program Index (HPI). The number of total programs decreased to 2,516, down just 8 programs from the fourth quarter of 2018. Nearly 83 percent (82.9%) of programs currently have funds available for eligible homebuyers, down 2.9 percent from the previous index. Down Payment Resource (DPR) communicates with 1,248 program administrators to track and update the country's wide range of homeownership programs, including down payment and closing cost programs, Mortgage Credit Certificates, affordable first mortgages and more. HPI key facts 41% 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.) 72.5% of programs are available in a specific local area, such as a city, county or neighborhood. 27.5% of programs are available statewide through state housing finance agencies. 22% of programs allow buyers to purchase a multi-family property as long as the buyer occupies one of the units. 8% of programs are available for community service workers, including educators, police officers, firefighters and healthcare workers. More than 6% (6.3%) 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. 72% 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. Increase in share of programs without first-time homebuyer requirement A common myth about homeownership programs is that they are only available to first-time homebuyers. Since the last HPI, the share of programs without a first-time homebuyer requirement increased to 41%, up 2% from the previous HPI. This means more homeownership programs can serve repeat and move-up buyers. Most programs use HUD's definition of a first-time homebuyer — someone who has not owned a home in the past three years. Funded programs decreased, but more buyers accessed down payment help The HPI reports the share of funded programs decreased by nearly 3% since the Fourth Quarter 2018 report, primarily due to the sunsetting of many Neighborhood Stabilization Programs (NSP) designed to positively impact areas hardest hit by foreclosures. In addition, federal funds for government programs are issued later in the summer so some funds are not currently active. There are new signs that more homebuyers are accessing down payment assistance funds. Data from National Survey of Mortgage Originations and Freddie Mac found that buyers using down payment assistance as a source for the down payment doubled in four years, between 2013 – 2016. With new buyers coming to market who don't have proceeds from a home sale to fund their down payment, down payment program use may be poised for continued growth. In addition, FHA reports that more than 13% of borrowers who used an FHA loan so far in 2019 received government help with the down payment. Source: Freddie Mac Research "It's encouraging to see more homebuyers accessing the down payment help they need to make homeownership more affordable," said Rob Chrane, CEO of Down Payment Resource. "We track a wide range of eligibility criteria and benefit details about today's programs, including whether or not a program has funds available for buyers. It's information that helps housing professionals and homebuyers easily identify opportunities that will work for their situation." View state-by-state data. 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 2,500 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 July 3, 2019.
MORE >
CoreLogic Reports Lowest Overall Delinquency Rate in More than 20 Years This April
MORE >
CoreLogic Reports the Negative Equity Share Fell to 4.1% in the First Quarter of 2019
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the Home Equity Report for the first quarter of 2019. The report shows that U.S. homeowners with mortgages (which account for roughly 63% of all properties) have seen their equity increase by 5.6% year over year, representing a gain of nearly $485.7 billion since the first quarter of 2018. The average homeowner gained $6,400 in home equity between the first quarter of 2018 and the first quarter of 2019. Some states saw much larger gains. In Nevada, homeowners gained an average of approximately $21,000. In Idaho, homeowners gained an average of approximately $20,700 and Wyoming homeowners gained an average of $20,300 (Figure 1). From the fourth quarter of 2018 to the first quarter of 2019, the total number of mortgaged homes in negative equity decreased 1% to 2.2 million homes or 4.1% of all mortgaged properties. The number of mortgaged properties in negative equity during the first quarter 2019 fell 11%, or by 268,000 homes, from 2.5 million homes, or 4.7% of all mortgaged properties, from the first quarter 2018. "A moderation in home-price growth has reduced the gains in home-equity wealth and will likely slow the growth in home-improvement spending in the coming year," said Dr. Frank Nothaft, chief economist for CoreLogic. "For larger remodeling projects, homeowners often choose to cash-out some of their home equity through a first-lien refinance or placement of a second lien." Negative equity, often referred to as being underwater or upside down, applies to borrowers who owe more on their mortgages than their homes are worth. Negative equity can occur because of a decline in a home's value, an increase in mortgage debt or both. Negative equity peaked at 26% of mortgaged residential properties in the fourth quarter of 2009, based on the CoreLogic equity data analysis, which began in the third quarter of 2009. The national aggregate value of negative equity was approximately $304.4 billion at the end of the first quarter of 2019. This is up approximately $2.5 billion from $301.9 billion in the fourth quarter of 2018 and up year over year by approximately $18 billion from $286.4 billion in the first quarter of 2018. "The country continues to experience record economic expansion as illustrated by these increases in home equity," said Frank Martell, president and CEO of CoreLogic. "We expect home equity to continue increasing nationally in 2019, albeit at a slower pace than in recent years." For ongoing housing trends and data, visit the CoreLogic Insights Blog: www.corelogic.com/insights-index.aspx. About CoreLogic CoreLogic (NYSE: CLGX), the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, acquire and protect their homes. For more information, please visit www.corelogic.com.
MORE >
U.S. Completed Foreclosures Decrease 50 Percent from a Year Ago
MORE >
CoreLogic Reports Lowest U.S. Foreclosure Rate for a March in at Least 20 Years; Overall and Serious Delinquency Rates for a March at 13 Year Lows
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report. The report shows that nationally 4% of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in March 2019, representing a 0.3-percentage-point decline in the overall delinquency rate compared with March 2018, when it was 4.3%. This was the lowest for the month of March in 13 years. As of March 2019, the foreclosure inventory rate – which measures the share of mortgages in some stage of the foreclosure process – was 0.4%, down 0.2 percentage points from March 2018. March 2019 marked the fifth consecutive month that the foreclosure inventory rate remained at 0.4% and was the lowest for any month since at least January 1999. Measuring early-stage delinquency rates is important for analyzing the health of the mortgage market. To monitor mortgage performance comprehensively, CoreLogic examines all stages of delinquency, as well as transition rates, which indicate the percentage of mortgages moving from one stage of delinquency to the next. The rate for early-stage delinquencies – defined as 30 to 59 days past due – was 2% in March 2019, up from 1.8% in March 2018. The share of mortgages 60 to 89 days past due in March 2019 was 0.6%, unchanged from March 2018. The serious delinquency rate – defined as 90 days or more past due, including loans in foreclosure – was 1.4% in March 2019, down from 1.9% in March 2018. The serious delinquency rate of 1.4% this March was the lowest for that month since 2006 when it was also 1.4%. Since early-stage delinquencies can be volatile, CoreLogic also analyzes transition rates. The share of mortgages that transitioned from current to 30 days past due was 0.9% in March 2019, up from 0.7% in March 2018. By comparison, in January 2007, just before the start of the financial crisis, the current-to-30-day transition rate was 1.2%, while it peaked in November 2008 at 2%. The nation's overall delinquency rate has fallen on a year-over-year basis for the past 15 consecutive months. However, 21 states did experience a slight increase in the overall delinquency rate in March 2019. Mississippi had the nation's highest overall delinquency rate at 8.2%, a 0.5-percentage-point gain from March 2018, while Alabama's gain was 0.3 percentage points. The other 19 states experienced annual gains of 0.1 or 0.2 percentage points. "The increase in the overall delinquency rate in 42% of states most likely indicates many Americans were caught off guard by their expenses in early 2019," said Dr. Frank Nothaft, chief economist at CoreLogic. "A strong economy, labor market and record levels of home equity should limit delinquencies from progressing to later stages." In March 2019, 166 U.S. metropolitan areas posted at least a small annual increase in the overall delinquency rate. Some of the highest gains were in several hurricane-ravaged parts of the Southeast (in Florida, Georgia and North Carolina), and in Northern California's Chico metropolitan area, home of last year's devastating "Camp Fire." "Delinquency rates and foreclosures continue to drop through March and should decline further in the months ahead barring any serious dislocations from recent flooding in the mid-west or a severe Atlantic hurricane and/or wildfire season on the coasts," said Frank Martell, president and CEO of CoreLogic. The next CoreLogic Loan Performance Insights Report will be released on July 9, 2019, featuring data for April 2019. For ongoing housing trends and data, visit the CoreLogic Insights Blog. About CoreLogic CoreLogic (NYSE: CLGX), the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, acquire and protect their homes. For more information, please visit www.corelogic.com.
MORE >
U.S. Foreclosure Activity Decreases 13 Percent in April 2019
MORE >
CoreLogic Reports U.S. Overall Delinquency Rate Lowest for a February in Nearly Two Decades
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report. The report shows, nationally, 4% of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in February 2019, representing a 0.8 percentage point decline in the overall delinquency rate compared with February 2018, when it was 4.8%. This was the lowest for the month of February in at least 19 years. As of February 2019, the foreclosure inventory rate – which measures the share of mortgages in some stage of the foreclosure process – was 0.4%, down 0.2 percentage points from February 2018. The February 2019 foreclosure inventory rate tied the November and December 2018 and January 2019 rates as the lowest for any month since at least January 1999. Measuring early-stage delinquency rates is important for analyzing the health of the mortgage market. To monitor mortgage performance comprehensively, CoreLogic examines all stages of delinquency, as well as transition rates, which indicate the percentage of mortgages moving from one stage of delinquency to the next. The rate for early-stage delinquencies – defined as 30 to 59 days past due – was 2% in February 2019, down from 2.1% in February 2018. The share of mortgages 60 to 89 days past due in February 2019 was 0.6%, down from 0.7% in February 2018. The serious delinquency rate – defined as 90 days or more past due, including loans in foreclosure – was 1.4% in February 2019, down from 2.1% in February 2018. The serious delinquency rate of 1.4% this February was the lowest for that month since 2001 when it was also 1.4%. Since early-stage delinquencies can be volatile, CoreLogic also analyzes transition rates. The share of mortgages that transitioned from current to 30 days past due was 1% in February 2019, unchanged from February 2018. By comparison, in January 2007, just before the start of the financial crisis, the current-to-30-day transition rate was 1.2%, while it peaked in November 2008 at 2%. "The persistently impressive economic expansion continues to drive down housing market distress, with delinquencies and foreclosures hitting near two-decade lows," said Dr. Ralph McLaughlin, deputy chief economist at CoreLogic. "Furthermore, with unemployment at a 50-year low, wage growth nearing double inflation and a positive demographic structure that will drive housing demand upwards, the future of U.S. housing and mortgage markets look bright even if short term indicators suggest cooling." The nation's overall delinquency rate has fallen on a year-over-year basis for the past 14 consecutive months. Fewer delinquencies attribute to the strength of loan vintages in the years since the residential lending market has recovered following the housing crisis. In February, 11 metropolitan areas experienced annual gains – mostly very small – in their serious delinquency rates. The largest gains were in four Southeast metros affected by natural disasters in 2018. "We are on track to test generational lows as delinquency rates hit their lowest point in almost two decades. Given the economic outlook, we are likely to see more declines over the balance of this year," said Frank Martell, president and CEO of CoreLogic. "Reflective of the drop in delinquency rates, no state experienced a year-over-year increase in its foreclosure inventory rate so far in 2019." The next CoreLogic Loan Performance Insights Report will be released on June 11, 2019, featuring data for March 2019. For ongoing housing trends and data, visit the CoreLogic Insights Blog. About CoreLogic CoreLogic (NYSE: CLGX), the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, acquire and protect their homes. For more information, please visit www.corelogic.com.
MORE >
RatePlug Integrates with Optimal Blue's Scenario Pricing API to Improve Purchase Loan Transparency
MORE >
U.S. Foreclosure Activity Decreases 15 Percent in Q1 2019 to Lowest Levels Since Q1 2008
Foreclosure Activity Below Pre-Recession Levels in 60 Percent of U.S. Markets; Foreclosure Starts Up Seven Percent From a Year Ago; Average Foreclosure Timeline Increases 5 Percent From Last Year IRVINE, Calif. – April 11, 2019 — ATTOM Data Solutions, curator of the nation's premier property database and first property data provider of Data-as-a-Service (DaaS), today released its Q1 2019 U.S. Foreclosure Market Report, which shows a total of 161,875 U.S. properties with a foreclosure filing during the first quarter of 2019, down 23 percent from the previous quarter and down 15 percent from a year ago to the lowest level since Q1 2008. The report also shows a total of 58,550 U.S. properties with foreclosure filings in March 2019, up 7 percent from the previous month but down 21 percent from a year ago — the ninth consecutive month with a year-over-year decrease in U.S. foreclosure activity. "While some markets saw a slight uptick in foreclosure filings, that is above pre-recession levels, the majority of the major markets are well below pre-recession levels," said Todd Teta, chief product officer at ATTOM Data Solutions. "While we did see a slight increase in U.S. foreclosure starts from last quarter, bank repossessions reached an all-time low in the first quarter of 2019, showing continuing signs of a strong housing market." Markets below pre-recession levels include San Jose, Memphis, Dallas-Fort Worth The 132 out of the 220 markets (60 percent) with a population greater than 200,000 in the first quarter foreclosure activity below pre-recession averages included San Jose (79 percent below); Memphis (77 percent below); Dallas-Fort Worth (77 percent below); Las Vegas (74 percent below); and Phoenix (68 percent below). Other major markets with first quarter foreclosure activity below pre-recession averages were San Francisco, Riverside-San Bernardino in Southern California, Chicago, Detroit and Seattle. Markets still above pre-recession levels include Baltimore, Washington D.C., Philadelphia In 88 out of the 220 markets analyzed (40 percent), first quarter foreclosure activity levels were still above pre-recession averages, including Baltimore (189 percent above); Washington D.C. (26 percent above); Philadelphia (20 percent above); New York (13 percent above); and Hartford (4 percent above). Other major markets with first quarter foreclosure activity above pre-recession averages included Richmond, Virginia; Virginia Beach, Providence, Rhode Island; and New Orleans. Foreclosure starts increase 7 percent from last quarter Lenders started the foreclosure process on 91,397 U.S. properties in Q1 2019, up 7 percent from the previous quarter but down 3 percent from a year ago — the 15th consecutive quarter with a year-over-year decrease in foreclosure starts. Counter to the national trend, 15 states posted year-over-year increases in foreclosure starts in Q1 2019, including Florida (up 65 percent); Georgia (up 30 percent); Texas (up 27 percent); Louisiana (up 20 percent); Washington (up 12 percent); and Maryland (up 11 percent). Bank repossessions down in 48 states and DC Lenders repossessed 35,787 U.S. properties through foreclosure (REO) in Q1 2019, down 21 percent from the previous quarter and down 45 percent from a year ago — the 14th consecutive quarter with a year-over-year decrease in U.S. REOs. Along with the District of Columbia, 48 states posted year-over-year decreases in REOs in the first quarter, including Arizona (down 77 percent); California (down 41 percent); Florida (down 33 percent); New Jersey (down 59 percent); and Texas (down 43 percent). Atlantic City, Lakeland, Trenton highest metro foreclosure rates in Q1 2019 Nationwide one in every 836 U.S. housing units had a foreclosure filing in the first quarter of 2019. States with the highest foreclosure rates in the first quarter were New Jersey (one in 333 housing units with a foreclosure filing); Delaware (one in 364); Maryland (one in 412); Florida (one in 487); and Illinois (one in 489). Among 220 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in Q1 2019 were Atlantic City, New Jersey (one in every 177 housing units with a foreclosure filing); Lakeland, Florida (one in 338); Trenton, New Jersey (one in 345); Columbia, South Carolina (one in 372); and Philadelphia, Pennsylvania (one in 373). Along with Philadelphia, other major metros with a population of at least 1 million and foreclosure rates in the top 25 highest nationwide included Jacksonville, Florida at No. 7, Baltimore at No.9, Cleveland at No. 13, Chicago at No. 14, Tampa at No. 17, Miami at No. 18, and Orlando at No. 21. Average foreclosure timeline increases 5 percent in first quarter Properties foreclosed in the first quarter of 2019 had been in the foreclosure process an average of 835 days, up 3 percent from an average 811 days for properties foreclosed in the fourth quarter of 2018 and up 5 percent from an average of 791 days for properties foreclosed in the first quarter of 2018. States with the longest average foreclosure timeline for properties foreclosed in Q1 2019 were Indiana (1,806 days), Hawaii (1,565 days), Arizona (1,385 days), New Jersey (1,212 days), and Florida (1,196 days). States with the shortest average time to foreclose in Q1 2019 were West Virginia (159 days), Virginia (206 days), Minnesota (251 days), Alaska (262 days), and Wyoming (269 days). March 2019 Foreclosure Activity High-Level Takeaway Nationwide in March 2019 one in every 2,312 properties had a foreclosure filing States with the highest foreclosure rates in March 2019 were Delaware (one in every 999 housing units with a foreclosure filing); New Jersey (one in every 1,021 housing units); Maryland (one in every 1,077 housing units); Florida (one in every 1,345 housing units); and South Carolina (one in every 1,379 housing units). 32,280 U.S. properties started the foreclosure process in March 2019, up 9 percent from the previous month but down 2 percent from a year ago. March 2019 marked the third consecutive month with a month-over-month increase in foreclosure starts. Lenders completed the foreclosure process on 12,167 U.S. properties in March 2019, up 7 percent from the previous month but down 53 percent from a year ago. About ATTOM Data Solutions ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 9TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, APIs, market trends, marketing lists, match & append and introducing the first property data deliver solution, a cloud-based data platform that streamlines data management – Data-as-a-Service (DaaS).
MORE >
CoreLogic Reports U.S. Overall Delinquency and Foreclosure Rates Lowest for January in at Least 20 Years
MORE >
Realtor.com Launches New 'Price Perfect' Tool to Help Buyers Find Specific Homes that Match Their Needs
First solution to help people understand their buying power by adding or subtracting home features SANTA CLARA, Calif., March 27, 2019 -- Realtor.com, the Home of Home Search, today announced a new feature that equips this spring's home buyers with a deeper understanding of their buying power by providing a tool that allows them to add or subtract the cost of specific home features. Price Perfect helps home buyers to configure their ideal home, within a desired price range, in their neighborhood of choice – the first-of-its-kind in the digital real estate industry. "Our research shows 'how much can I afford' is one of the biggest pain points for home shoppers," said Brad Sivert, general manager and head of mortgage for realtor.com.® "With Price Perfect, buyers have more insight into their spending power by showing them the impact of adding or subtracting specific home features, such as an extra bedroom, bathroom or adding a garage. It empowers them to find the right home that is both affordable and has the features that are most important to them." After entering a basic search of bedrooms, bathrooms and location, buyers are able to view how much adding or subtracting specific features would impact the price of their home and adjust their search accordingly. For example, when searching for a three-bedroom, two-bathroom home in Madison, Wis., the cost of expanding the search to include another bedroom would add $62,500 and another bathroom $24,045 to the median listing price of $369,900. But subtracting a bathroom could save a buyer $10,000 and considering a condo instead of a single family home could save another $5,000 off the median listing price. Once the buyer decides on their desired features, they are shown the monthly payment for the median-priced home broken down by mortgage, property taxes and insurance. With a quick click of the "See Homes" button, they can view all the homes on realtor.com® that meet all their specific search criteria. Price Perfect assigns costs to individual home features based on an algorithm of listing prices and characteristics of homes currently on the market in a specific neighborhood. This ensures all costs reflect market conditions in real time, making these insights incredibly relevant to buyers currently in the market. Home buyers are able to access Price Perfect on realtor.com® at https://www.realtor.com/mortgage/tools/price-perfect?iid=global_nav. To access Price Perfect from the realtor.com® homepage, simply click "Mortgage" and select "Find My Buying Power." Realtor.com®'s Price Perfect feature is available on mobile web and the realtor.com® website and will be expanding to the company's iOS and Android app. About realtor.com® Realtor.com®, The Home of Home Search℠, offers an extensive inventory of for-sale and rental listings, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today is the trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
MORE >
CoreLogic Reports U.S. Overall Delinquency and Foreclosure Rates Lowest for December Since at Least 2000
MORE >
Millennials Now Taking on More Mortgages than Any Other Generation
Millennials now represent 42 percent of all new home loans, and are buying outside major metro areas, study shows SANTA CLARA, Calif., Feb. 20, 2019 -- Realtor.com®, the Home of Home Search, today released new survey data revealing members of the millennial generation have increased their home buying purchase power and now boast the largest share of new home loans by dollar volume, larger than both Generation X and the baby boomer generation. These insights, based on a realtor.com® analysis of residential mortgage loan originations from Optimal Blue, show that while the median home buying price millennials take on is still lower than that of Generation X or baby boomers, millennials are showing interest in more affordable markets. Additionally, millennials are making lower down payments and taking on larger mortgages when compared to Gen Xers and baby boomers.   "Millennials are getting older, with better jobs and deeper pockets, allowing them to expand their collective purchase power, and hence, their footprint in the market," said Javier Vivas, director of economic research at realtor.com®. "The stereotype that millennials primarily choose to buy homes and live in large metro areas isn't the reality. Results show millennials' expansion is more heavily conditioned by affordability than in prior years, so their eyes are set on less traditional secondary markets where homes and jobs are now available and plentiful." Affordability is such a key factor for millennial home buyers that this generation is moving to places previous generations have not, like Buffalo, N.Y., the top affordable market for millennials, according to this study. Millennials Now Have More Buying Power Millennials are still primarily in the life stage that requires starter homes. Despite a lower median purchase price ($238,000) than the two generations before them, (with baby boomers and Gen Xers spending an average of $264,000 and $289,000, respectively), millennials are increasing their purchase price at a faster rate than previous generations, indicative of this generation starting to move beyond starter homes. Since early 2017, millennials have been the largest mortgage purchasers by the number of loans originated, surpassing Generation X as the leader in January 2017. As 2018 came to a close, millennials took on nearly half (45 percent) of all new mortgages, compared to 36 percent for Generation X, and 17 percent for baby boomers. In November 2018, millennials finally overtook Generation X as having the largest share of new loans by dollar volume, with a share of 42 percent in December, compared to a share of 40 percent for Generation X and 17 percent for baby boomers. This indicates millennials are willing to take on larger mortgages than any other generation to fulfill their dreams of homeownership. Millennial Home Buying is Driven by Affordability In addition to increasing their buying power and taking on larger mortgages, the data shows millennials have consistently made lower down payments than other generations since 2015. While other generations have increased their down payments in response to rising prices, millennials have not been able to increase their down payments as much as older generations. Millennial down payments averaged 8.8 percent in December 2018, compared to 11.9 percent for Generation X and 17.7 percent for the more equity-rich baby boomers. Given that the majority of millennial home buyers are searching for their first homes and do not bring equity from a previous home, it's no surprise they are putting down smaller down payments. This is likely a driver of their activity in more affordable markets, where their money goes further. Top U.S. Markets for Home Buyers Varies by Generation Within the last year, millennials have moved to affordable areas with strong job markets where they have more buying power. At the end of 2018, the median price of a mortgaged home purchased by millennials was $238,000, $26,000 less than the median price of a home mortgaged by baby boomers ($264,000) and $51,000 than Generation X ($289,000). The top five markets where millennials now generate more than 50 percent of the mortgages and their share grew by more than four percent are: Buffalo, N.Y. Pittsburgh Milwaukee Cincinnati Columbus, Ohio As members of Generation X are in their prime income-earning years, they purchased homes in strong job markets and secondary home markets, with five of the 10 markets on the list having unemployment rates higher than the national rate of 3.7 percent. The top five markets where Gen X purchased a large and/or growing share of homes are: Los Angeles Providence, R.I. Bridgeport, Conn. Jacksonville, Fla. Atlanta Many boomers are retired or rapidly approaching retirement, and therefore, showed a strong preference for buying homes in markets within primarily low-tax states or markets that are lower-cost than nearby metros, presumably to maintain wealth earned during their working years throughout their senior years. The top five markets where boomers made up a large and/or growing share of mortgaged purchases are: Knoxville, Tenn. Sacramento, Calif. Memphis, Tenn. Oklahoma City Riverside, Calif. About realtor.com® Realtor.com®, The Home of Home Search℠, offers an extensive inventory of for-sale and rental listings, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today is the trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [NASDAQ: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com®.
MORE >
CoreLogic Reports U.S. Overall Delinquency and Foreclosure Rates Are Lowest for November Since at Least 2000
MORE >
Equity Rich U.S. Properties Increase to New High in 2018
Equity Rich Properties Represent 25.6 Percent of U.S. Properties; Share of Seriously Underwater Properties Drops to 8.8 Percent; Report Includes Home Equity Breakdown by Zip Code IRVINE, Calif. — Feb. 7, 2019 — ATTOM Data Solutions, curator of the nation's premier property database, today released its Year-End 2018 U.S. Home Equity & Underwater Report, which shows that in the fourth quarter of 2018, over 14.5 million U.S. properties were equity rich — where the combined estimated amount of loans secured by the property was 50 percent or less of the property's estimated market value — up by more than 834,000 from a year ago to a new high as far back as data is available, Q4 2013. The 14.5 million equity rich properties in Q4 2018 represented 25.6 percent of all properties with a mortgage, down slightly from 25.7 percent in the previous quarter but up from 25.4 percent in Q4 2017. The report also shows more than 5 million U.S. properties were seriously underwater — where the combined estimated balance of loans secured by the property was at least 25 percent higher than the property's estimated market value, representing 8.8 percent of all U.S. properties with a mortgage. That 8.8 percent share of seriously underwater homes remained unchanged from the previous quarter and down from 9.3 percent in Q4 2017. "With homeowners staying put longer, homeownership equity will most likely continue to strengthen. Those that are seriously underwater may find themselves coming up for air as they continue to pay off excessive legacy mortgages or sell," said Todd Teta, chief product officer with ATTOM Data Solutions. "This report helps to showcase a story of the West coast markets having the highest share of equity rich homeowners versus the South and Midwest markets, who continue to have stubbornly high rates of seriously underwater homeowners." Historical U.S. Underwater & Equity Rich Trends Highest seriously underwater share in Louisiana, Mississippi, Arkansas, Illinois, Iowa States with the highest share of mortgages that were seriously underwater included; Louisiana (20.8 percent); Mississippi (16.9 percent); Arkansas (15.9 percent); Illinois (15.6 percent); and Iowa (15.2 percent). Among 98 metropolitan statistical areas analyzed in the report, those with the highest share of mortgages that were seriously underwater included; Baton Rouge, Louisiana (20.7 percent); Youngstown, Ohio (19.0 percent); New Orleans, Louisiana (19.0 percent); Toledo, Ohio (18.0 percent); and Scranton, Pennsylvania (17.7 percent). 27 zip codes where more than half of all properties are seriously underwater Among 7,590 U.S. zip codes with at least 2,500 properties with mortgages, there were 27 zip codes where more than half of all properties with a mortgage were seriously underwater, including zip codes in the Chicago, Cleveland, Saint Louis, Atlantic City, Detroit and Virginia Beach metropolitan statistical areas. The top five zip codes with the highest share of seriously underwater properties were 08611 in Trenton, New Jersey (70.3 percent seriously underwater); 63137 in Saint Louis, Missouri (64.8 percent); 60426 in Harvey, Illinois (62.3 percent); 38106 in Memphis, Tennessee (60.5 percent); and 61104 in Rockford, Illinois (59.6 percent). Q4 2018 Underwater Properties Heat Map by ZIP Highest equity rich share in California, Hawaii, New York, Washington, Oregon States with the highest share of equity rich properties were California (43.6 percent); Hawaii (39.3 percent); New York (34.2 percent); Washington (34.2 percent); and Oregon (32.9 percent). Among 98 metropolitan statistical areas analyzed in the report, those with the highest share of equity rich properties were San Jose, California (72.0 percent); San Francisco, California (60.7 percent); Los Angeles, California (48.5 percent); Honolulu, Hawaii (40.2 percent); and Oxnard, California (39.2 percent). 7 Out of the top 10 equity rich counties resided in California Among the 1,479 counties with at least 2,500 properties with mortgages, those top 10 counties with the highest percent of equity rich properties resided mainly in California counties. The top five counties with the highest share of equity rich properties were San Mateo, California (75.9 percent); Santa Clara, California (73.0 percent); San Francisco, California (71.4 percent); Pasquotank, North Carolina (65.7 percent); and Alameda, California (62.7 percent). 427 zip codes where more than half of all properties are equity rich Among 7,590 U.S. zip codes with at least 2,500 properties with mortgages, there were 427 zip codes where more than half of all properties with a mortgage were equity rich. The top five zip codes with the highest share of equity rich properties were all in the California Bay area: 94116 in San Francisco (85.0 percent); 94087 in Sunnyvale (84.6 percent equity rich); 94040 in Mountain View (83.5 percent equity rich); 94043 in Mountain View (83.0 percent equity rich); and 95051 in Santa Clara (82.7 percent equity rich). Q4 2018 Equity Rich Properties Heat Map by ZIP 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.
MORE >
CoreLogic Loan Performance Insights Find Delinquency Rates in October Dropped to the Lowest Level in at Least 18 Years
MORE >
Residential Mortgage Originations Drop 21 Percent in Q3 2018
Dollar Volume of Refinance Originations Falls to 4.5-Year Low; Purchase Originations Down 2 Percent, HELOC Originations Down 11 Percent; Median Down Payment Percent Increases to Nearly 15-Year High IRVINE, Calif. — ATTOM Data Solutions, curator of the nation's premier property database, today released its Q3 2018 U.S. Residential Property Mortgage Origination Report, which shows that 681,455 refinance mortgages secured by residential property (1 to 4 units) were originated in the third quarter, down 15 percent from the previous quarter and down 21 percent from a year ago to the lowest level as far back as data is available — Q1 2000. The refinance mortgages originated in Q3 2018 represented an estimated $175.1 billion in total dollar volume, down 14 percent from the previous quarter and down 21 percent from a year ago to the lowest level since Q1 2014 — a 4.5-year low. "Rising mortgage rates continued to dampen demand for mortgages in the third quarter, particularly refinance mortgages," said Daren Blomquist, senior vice president at ATTOM Data Solutions. "There were some notable exceptions to that trend, primarily in markets affected by the hurricanes in the third quarter of 2017." Refinance originations increase in Houston, Miami, Tampa Residential refinance mortgage originations decreased from a year ago in 197 of the 225 metropolitan statistical areas analyzed in the report (88 percent), including Los Angeles (down 31 percent); New York (down 11 percent); Dallas-Fort Worth (down 5 percent); Phoenix (down 14 percent); and Atlanta (down 33 percent). Counter to the national trend, residential refinance mortgage originations increased from a year ago in 28 of the 225 metro areas analyzed in the report (12 percent), including Houston (up 69 percent); Miami (up 29 percent); Tampa-St. Petersburg (up 33 percent); San Antonio (up 3 percent); and Orlando (up 30 percent). Purchase mortgage originations down 2 percent from year ago Lenders originated 892,760 residential purchase mortgages in Q3 2018, down 5 percent from the previous quarter and down 2 percent from a year ago. Residential purchase mortgage originations decreased from a year ago in 121 of the 225 metropolitan statistical areas analyzed in the report (54 percent), including New York (down 6 percent); Dallas-Fort Worth (down 5 percent); Chicago (down 14 percent); Phoenix (down 2 percent); and Los Angeles (down 14 percent). Counter to the national trend, residential purchase mortgage originations increased from a year ago in 104 of the 225 metro areas analyzed in the report (46 percent), including Atlanta (up 12 percent); Houston (up 3 percent); Miami (up 2 percent); Tampa-St. Petersburg (up 3 percent); and Nashville (up 1 percent). HELOC originations down 11 percent from year ago A total of 313,744 Home Equity Lines of Credit (HELOCs) were originated on residential properties in Q3 2018, down 14 percent from the previous quarter and down 11 percent from a year ago. Residential HELOC mortgage originations decreased from a year ago in 150 of the 225 metropolitan statistical areas analyzed in the report (67 percent), including New York (down 14 percent); Los Angeles (down 18 percent); Seattle (down 3 percent); Chicago (down 27 percent); and Philadelphia (down 16 percent). Counter to the national trend, residential HELOC mortgage originations increased from a year ago in 73 of the 225 metro areas analyzed in the report (32 percent), including Miami (up 4 percent); Tampa-St. Petersburg (up 22 percent); Kansas City (up 20 percent); Orlando (up 3 percent); and Omaha (up 11 percent). Median down payment percentage at nearly 15-year high The median down payment on single family homes and condos purchased with financing in Q3 2018 was $20,250, up 7 percent from the previous quarter and up 16 percent from a year ago to a record high as far back as data is available, Q1 2000. The median down payment as a percentage of the median home sales price in Q3 2018 was 7.6 percent, up from 7.2 percent in the previous quarter and up from 6.8 percent in Q3 2017 to the highest since Q4 2003 — a nearly 15-year high. Among 96 metropolitan statistical areas analyzed in the report for down payments, those with the highest median down payment as a percentage of median home sales price in Q3 2018 were San Jose, California (24.7 percent); San Francisco, California (23.3 percent); Los Angeles, California (20.6 percent); Oxnard-Thousand Oaks-Ventura, California (19.0 percent); and Fort Collins, Colorado (18.6 percent). FHA loan share increases from more than 10-year low in previous quarter Residential loans backed by the Federal Housing Administration (FHA) accounted for 10.5 percent of all residential property loans originated in Q3 2018, up from a more than 10-year low of 10.2 percent in the previous quarter but still down from 12.5 percent a year ago. Residential loans backed by the U.S. Department of Veterans Affairs (VA) accounted for 5.5 percent of all residential property loans originated in Q3 2018, up from 5.4 percent in the previous quarter but still down from 6.6 percent a year ago. About ATTOM Data Solutions ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 9TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, APIs, market trends, marketing lists, match & append and more.
MORE >
CoreLogic Reports Homeowners with Negative Equity Declines by Only 81,000 in the Third Quarter of 2018
MORE >
Bureau of Consumer Financial Protection and Federal Housing Finance Agency Release National Survey of Mortgage Originations Dataset for Public Use
Details Borrowers' Experiences Obtaining a Mortgage WASHINGTON, D.C. — The Bureau of Consumer Financial Protection (BCFP) and the Federal Housing Finance Agency (FHFA) today released for public use a new loan-level dataset collected through the National Survey of Mortgage Originations (NSMO) that provides insights into borrowers' experiences in getting a residential mortgage. The NSMO is a component of the National Mortgage Database (NMDB®), the first comprehensive repository of detailed mortgage loan information designed to support policymaking and research efforts and to help regulators better understand emerging mortgage and housing market trends. The NMDB was launched by FHFA and the BCFP in 2012. In each quarter since 2014, FHFA and the BCFP sent surveys to borrowers who had recently obtained mortgages to gather feedback on their experiences during the process of getting a mortgage, their perception of the mortgage market, and their future expectations. FHFA and the BCFP have been compiling the NSMO survey data and this dataset is the first public release. "The NSMO data should be very helpful to policymakers, the mortgage industry and researchers in understanding consumer behavior and borrowers' experiences obtaining a mortgage," said FHFA Deputy Director Sandra Thompson. "The goal of the survey is to obtain information to help improve lending practices and the mortgage process for future borrowers." "These data will allow greater transparency, accountability, and effectiveness around borrowers' mortgage experiences. This is yet another example of greater cooperation within the federal family on behalf of smarter policy for the American people," said BCFP Acting Director Mick Mulvaney. The NMDB is designed to fulfill the requirements of the Housing and Economic Recovery Act (HERA) and the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). HERA mandated that FHFA conduct a monthly mortgage survey of all residential mortgages, including those not eligible for purchase by Fannie Mae and Freddie Mac. The Dodd-Frank Act mandated that the BCFP monitor the primary mortgage market, in part through the use of the survey data. The NSMO public use file can be found at: https://www.fhfa.gov/nsmodata
MORE >
DocuSign Delivers on Digital Closing Vision with Rooms for Mortgage Offering
MORE >
Q3 2018 Foreclosure Activity Down 8 Percent From Year Ago to Lowest Level Since Q4 2005
Average Time to Foreclose Drops to Two-Year Low; Foreclosure Starts Up From Year Ago in 36 Percent of Local Markets; FHA Foreclosure Rates for 2014 and 2015 Vintages Above Long-Term Average IRVINE, Calif. – Oct. 11, 2018 — ATTOM Data Solutions, curator of the nation's premier property database, today released its Q3 2018 U.S. Foreclosure Market Report™, which shows a total of 177,146 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — in the third quarter, down 6 percent from the previous quarter and down 8 percent from a year ago to the lowest level since Q4 2005 — a nearly 13-year low. U.S. foreclosure activity in Q3 2018 was 36 percent below the pre-recession average of 278,912 properties with foreclosure filings per quarter between Q1 2006 and Q3 2007 — the eighth consecutive quarter where U.S. foreclosure activity has registered below the pre-recession average. "A decade after poorly underwritten mortgages triggered a housing market crash, it's clear that the foreclosure risk associated with those problem mortgages has faded — average foreclosure timelines have dropped to a two-year low, and the share of foreclosures tied to 2004-to-2008 loans has dropped well below 50 percent," said Daren Blomquist, senior vice president at ATTOM Data Solutions. "The biggest foreclosure risk in today's housing market comes from natural disaster events such as the twin hurricanes of a year ago. Foreclosure starts spiked in the third quarter in many local markets impacted by those hurricanes. Secondarily, we are seeing relatively modest — but more widespread — foreclosure risk associated with FHA loans originated in 2014 and 2015." Foreclosure starts down nationwide, up in 36 percent of local markets Lenders started the foreclosure process on 91,849 U.S. properties in Q3 2018, down 6 percent from the previous quarter and down 3 percent from a year ago — the 13th consecutive quarter with a year-over-year decrease in foreclosure starts. Counter to the national trend, 15 states posted year-over-year increases in foreclosure starts in Q3 2018, including Florida (up 25 percent); Texas (up 3 percent); Maryland (up 13 percent); Michigan (up 32 percent); and Missouri (up 10 percent). Also counter to the national trend, 79 of 219 metropolitan statistical areas analyzed in the report (36 percent) posted a year-over-year increase in foreclosure starts in Q3 2018, including Los Angeles, California (up 2 percent); Houston, Texas (up 51 percent); Washington, D.C. (up 2 percent); Miami, Florida (up 29 percent); and Detroit, Michigan (up 65 percent). Other markets with at least 1 million people and a year-over-year increase of at least 15 percent in foreclosure starts in Q3 2018 were Minneapolis-St. Paul, Minnesota; Tampa-St. Petersburg, Florida; St. Louis, Missouri; Orlando, Florida; Las Vegas, Nevada; Austin, Texas, Milwaukee, Wisconsin; Jacksonville, Florida; and Grand Rapids, Wyoming. FHA foreclosure rates for 2014 and 2015 vintages above long-term average FHA foreclosure rates for 2014 and 2015 loan vintages registered above the long-term average foreclosure rate for FHA loans, the only two post-recession vintages (2010 and later) above the long-term average. FHA loans originated in 2014 had the highest foreclosure rate of any post-recession loan vintage nationwide, as well as in 31 states and in 63 of 115 metropolitan statistical areas analyzed (55 percent), including New York, Chicago, Dallas-Fort Worth, Philadelphia and Houston. FHA loans originated in 2015 had the highest foreclosure rate of any post-recession loan vintage in 10 states and in 21 of 115 metropolitan statistical areas analyzed (18 percent), including Atlanta, Miami, San Antonio, Oklahoma City and Memphis. Highest foreclosure rates in New Jersey, Delaware, Maryland Nationwide one in every 757 properties had a foreclosure filing in Q3 2018. States with the highest foreclosure rates in Q3 2018 were New Jersey (one in every 267 housing units with a foreclosure filing); Delaware (one in every 315); Maryland (one in every 379); Florida (one in every 449); and Nevada (one in every 472). Among 219 metropolitan statistical areas analyzed in the report, those with the highest foreclosure rates in Q3 2018 were Atlantic City, New Jersey (one in every 152 housing units with a foreclosure filing); Trenton, New Jersey (one in every 236); Fayetteville, North Carolina (one in every 253); Peoria, Illinois (one in every 299); and Philadelphia, Pennsylvania (one in every 326). Bank repossessions drop to record low nationwide, up in 17 states Lenders repossessed 51,459 U.S. properties through foreclosure (REO) in Q3 2018, down 24 percent from the previous quarter and down 8 percent from a year ago to the lowest level since ATTOM began tracking in Q2 2005. Counter to the national trend, the District of Columbia and 17 states posted year-over-year increases in REO activity in Q3 2018, including New Jersey (up 4 percent); Texas (up 21 percent); New York (up 3 percent); Georgia (up 56 percent); and Missouri (up 27 percent). Average time to foreclose drops to two-year low Properties foreclosed in Q3 2018 had been in the foreclosure process an average of 713 days, down from 720 days in the previous quarter and down from 899 days in Q3 2017 to the lowest level since Q2 2016 — a two-year low. States with the longest average foreclosure timelines for homes foreclosed in Q3 2018 were Hawaii (1,491 days); Indiana (1,295 days); Florida (1,177 days); Utah (1,170 days); New Jersey (1,137 days); and New York (1,092 days). States with the shortest average foreclosure timelines for homes foreclosed in Q3 2018 were Virginia (179 days); Mississippi (209 days); New Hampshire (216 days); Alaska (237 days); and Nebraska (240 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.
MORE >
CoreLogic Loan Performance Insights Find Overall U.S. Mortgage Delinquency and Foreclosure Rates Lowest for June in 12 Years
MORE >
We Have Liftoff: In-House Realty Rebrands Operations as 'Rocket Homes' to Better Align with Sister Companies
Along with a complete rebranding, the company also launched a new home search site to compliment one of the nation's largest real estate agent referral networks DETROIT, September 10, 2018 – In-House Realty, a Detroit-based subsidiary of Rock Holdings Inc., the nation's leader in FinTech real estate services, today announced it has rebranded as Rocket Homes. With its new name, Rocket Homes draws from its heritage and builds on the legacy of its affiliated companies including: Quicken Loans, the nation's largest mortgage lender and home of the revolutionary Rocket Mortgage; and Rocket Loans, a completely-online personal lender with same-day funding. "For more than a decade, we've worked tirelessly to build one of the country's largest real estate referral networks. Rebranding to Rocket Homes highlights our growth and evolution, as we are continuing to invest in a FinTech-driven future," said Doug Seabolt, CEO of Rocket Homes. "Not only is Rocket Homes infusing technology into the home buying and selling process, we are also partnering with Rocket Mortgage to create a more seamless, streamlined experience for our clients." As part of the rebranding, Rocket Homes also unveiled a new website that now features powerful home search functionality. The company conducted extensive consumer research to make sure it is providing home buyers and sellers with the information they want most. Along with traditional data like the number of rooms, square footage and price, Rocket Homes also provides neighborhood information including market trends, housing supply and the level of demand for housing in the specific areas consumers are looking to buy or sell in. The home search feature is currently available to consumers in the company's home state of Michigan. Rocket Homes search will be available in 10 additional states by the end of 2018, and will be rolled out nationwide by mid-2019. For more than 10 years, In-House Realty's core business has been matching home buyers and sellers with qualified, vetted real estate agents in all 50 states and 3,100 counties in America. The company's partner agent network is one of the largest in the nation, with more than 25,000 agents in virtually every neighborhood throughout the country. "We started with the simple idea of connecting consumers with the best real estate agents in the business," said Sam Vida, Founder and President of Rocket Homes. "As we grew and received feedback from our clients, we learned how complex and fragmented the real estate process was for them. So we made it our mission to create a simpler, seamless home buying and selling experience by combining: online home search, getting a mortgage and working with a trusted real estate advisor. That's what Rocket Homes is all about." This is the latest in a string of tech announcements for Rocket Homes parent company Rock Holdings, which has made four FinTech-driven acquisitions in the last two years. Rocket Homes completed the purchase of Toronto-based OpenHouse Realty's technology group and its proprietary technology platform in the first quarter of 2017. In addition, Rock Holdings acquired Los Angeles-based LowerMyBills and ClassesUSA, two of the nation's leading online marketing service providers, in the third quarter of 2017. Most recently, Rocket Homes acquired ForSaleByOwner.com – the country's largest online marketplace focused exclusively on the DIY seller - in May 2018 Rocket Homes is located in the epicenter of Detroit's growing technology landscape, which attracts and supports tech leaders from Silicon Valley and around the world – in addition to local organic startups. This growing list of notable companies includes Microsoft, LinkedIn, Amazon, WeWork, Google, Pinterest, Snapchat, Twitter, Uber and StockX, all of which have recently opened offices in downtown Detroit. About Rocket Homes Rocket Homes, formerly known as In-House Realty, manages a Partner Network of more than 25,000 premier real estate agents and has assisted over 500,000 consumers with their home buying and selling needs. All of its Partner Agents are prescreened and demonstrate exceptional client service, knowledge and experience in their local communities. In September 2018, Rocket Homes launched its new website that allows consumers to search for homes, connect with a real estate professional and obtain mortgage approval - creating a seamless, fully integrated home buying and selling experience for consumers. For more information, please visit RocketHomes.com.
MORE >
Foreclosure Starts Increase in 44 Percent of U.S. Markets in July 2018
MORE >
Homeownership Program Index Highlights Programs for Community Heroes
Nearly 13 percent of programs offer special incentives for law enforcement, first responders, educators and military The Down Payment Resource (DPR) Second Quarter 2018 Homeownership Program Index (HPI) shows that the number of total programs increased to 2,527, up 24 programs from the previous quarter. Eighty-six (86) percent of programs currently have funds available for eligible homebuyers, down just a half a percent from the previous quarter. As home prices increase, especially among starter homes, more states, cities and municipalities are considering down payment assistance and incentive programs to help address homeownership affordability challenges for its community servants. This quarter, nearly 7 percent (6.8%) of programs are available for workers who provide some of the most important services to a community, including teachers, first responders, law enforcement, firefighters and healthcare workers. Plus, more than 6 percent (6.1%) 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. "All markets value our first responders, military, educators and other community service roles. More cities — especially higher cost markets — are beginning to look for creative ways to recruit and retain these workers, including ways to make homeownership possible," said Rob Chrane, CEO of Down Payment Resource. Special incentives for heroes Homebuyer programs with special incentives for community servants have been available in markets across the country for decades. They may be separate programs, or they might offer an additional benefit or more flexible eligibility requirements for homebuyers in that profession. To qualify for a homeownership program, both the buyer and the property must meet certain criteria, which vary by program. Municipalities may structure these programs to help encourage homeownership in a revitalization area, help community heroes to live close to where they work and help recruit and retain key service personnel. Program examples On August 6, 2018, the Golden State Finance Authority announced a new Platinum "Select" Feature, an addition to its GSFA Platinum Program. It provides a down payment assistance grant, instead of a second mortgage, of up to 5% of the first mortgage loan amount to eligible law enforcement, first responders and educators in the state of California. In June 2018, the City of Mobile, Alabama launched the Public Safety Down Payment Assistance Program to help to help police officers and firefighters become first time homeowners. The program provides up to $20,000 for down payment and closing costs and up to $40,000 in certain target areas. In October 2017, Washington D.C.'s Department of Housing and Community Development EAH First Responder program was expanded to include a grant of up to $10,000, plus a matching funds grant of up to $15,000. This is in addition to the EAH deferred loan that they are eligible to receive as District employees. Available since 1998, the Mississippi Home Corporation Housing Assistance for Teachers (HAT) Program is available in 40 of the 82 counties in the state. It provides a forgivable loan of up to $6,000 for teachers who agree to a 3 year teaching contract in an eligible county. Some programs offer an additional benefit to community heroes. For example, the Georgia Dream Program offers $5,000 in down payment assistance to qualified buyers and an additional $2,500 to eligible public protector, education, healthcare provider or active military. In Arizona, the Home In 5 Advantage Program provides 3% down payment for buyers and an additional 1% to teachers, first responders and veterans. HUD's Good Neighbor Next Door program helps law enforcement officers, firefighters, EMTs and teachers get 50 percent off the list price of a HUD foreclosure home. Eligible homes can be found via HUD's look-up tool. Numerous states and municipalities offer similar programs to our nation's core service providers, enabling them to live where they work. In addition, community heroes may benefit from special savings and rebates from Homes for Heroes when they buy, sell or refinance a home. 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. 19% of programs allow buyers to purchase a multi-family property as long as the buyer occupies one of the units. Nearly 7% (6.8%) of programs are available for community service workers, including educators, police officers, firefighters and healthcare workers. More than 6% (6.1%) 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. View state-by-state data. 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 2,500 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 July 3, 2018.
MORE >
362,275 U.S. Properties with Foreclosure Filings in First Six Months of 2018, Down 15 Percent From a Year Ago
MORE >
CoreLogic Loan Performance Insights Finds Declining Mortgage Delinquency Rates for April as States Impacted by 2017 Hurricanes Continue to Recover
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, 4.2 percent of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in April 2018, representing a 0.6 percentage point decline in the overall delinquency rate compared with April 2017, when it was 4.8 percent. As of April 2018, the foreclosure inventory rate – which measures the share of mortgages in some stage of the foreclosure process – was 0.6 percent, down 0.1 percentage points from 0.7 percent in April 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 April 2018 foreclosure inventory rate was the lowest for that month in 11 years; it was also 0.6 percent in April 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 1.8 percent in April 2018, down from 2.2 in April 2017. The share of mortgages that were 60 to 89 days past due in April 2018 was 0.6 percent, unchanged from April 2017. The serious delinquency rate – defined as 90 days or more past due, including loans in foreclosure – was 1.9 percent in April 2018, down from 2.0 percent in April 2017. The April 2018 serious delinquency rate was the lowest for that month since 2007 when it was 1.6 percent. "Job growth, home-price appreciation, and full-doc underwriting have pushed delinquency and foreclosure rates to the lowest point in more than a decade," said Dr. Frank Nothaft, chief economist for CoreLogic. "The latest CoreLogic Home Price Index report revealed the annual national home price growth was 7.1 percent in May, the fastest annual growth in four years. U.S. employers have also continued to employ more individuals, as employment rose by 2.4 million throughout the last 12 months with 213,000 jobs added last month alone. Together, this heightened financial stability is pushing delinquency and foreclosure rates to record lows." 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 April 2018, down from 1.2 percent in April 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 a result of the 2017 hurricane season, Florida and Texas are the only states showing significant gains in 90-day delinquency rates. According to the CoreLogic Storm Surge Report, Florida has the most densely populated and longest coastal area and thus the most exposure to storm surge flooding (compared to the 19 states analyzed in the report) with more than 2.7 million at-risk homes across five risk categories (Category 1 – Category 5 storms). Louisiana ranks second with more than 817,000 at-risk homes, while Texas ranks third with more than 543,000 at-risk homes. A major storm did not strike Louisiana in 2017, but Florida and Texas are still recovering from Hurricanes Irma and Harvey, respectively. "Delinquency rates are nearing historic lows, except in areas impacted by extreme weather over the past 18 months, reflecting a long period of strict underwriting practices and improved economic conditions," said Frank Martell, president and CEO of CoreLogic. "Last year's hurricanes and wildfires continue to affect today's default rates. The percent of loans 90 days or more delinquent or in foreclosure are more than double what they were before last autumn's hurricanes in Houston, Texas and Naples, Florida. The 90-day-plus delinquent or in-foreclosure rate has 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.
MORE >
Redfin Survey: Homebuyers Face Rising Mortgage Rates Head On
MORE >
Redfin Survey: 36% of Millennial Homebuyers Took a Second Job to Save for Down Payment; 10% Sold Cryptocurrency
Millennial Homebuyer Survey Shows Struggle for Affordability SEATTLE, June 28, 2018 -- The top concern among first-time millennial homebuyers is having enough money for a down payment, according to Redfin, the next-generation real estate brokerage. In March, Redfin commissioned a survey of 2,000 U.S. residents who planned to buy or sell a primary residence in the next 12 months. Redfin's latest analysis focuses on the more than 500 respondents between the agents of 24 and 38 who said they planned to buy their first home in the coming year. Fifty percent cited having enough money for a down payment as their top concern about buying a home, followed by affording a home in their preferred location (45%) and rising home prices (41%). Aside from the 69 percent who saved directly from paychecks, millennials used several tactics and sources to accumulate the money needed for a down payment on their first home. Thirty-six percent used earnings from a second job, 13 percent pulled money out of retirement funds early and 10 percent sold cryptocurrency. Some were lucky enough to have received a cash gift from their family (24%) or an inheritance (12%). When broken down by household income levels, there were some notable differences in how millennials achieved a down payment. Millennials in households earning more than $100,000 per year were less likely than those earning less to have saved directly from paychecks, with 60 percent of high-earners having done so, compared with 75 percent of those who earn less than $100,000. Millennial households earning more than $100,000 were more than three times more likely than their less-well-off peers to have sold cryptocurrency investments and twice as likely to have sold stock investments. They were also more likely to have received an inheritance or cash gift from family or to have dipped into their retirement savings. "For millennials who have launched their careers while working to pay off student loans in the last decade, having enough to set aside toward a down payment would have been a significant accomplishment," said Sheharyar Bokhari, senior economist at Redfin. "These results reveal some of the inequalities that have been exacerbated in the years following the recession, with the well-off having more flexibility and thereby ability to become homeowners and build more wealth, through advantages like financial support from family and the opportunity to invest in the stock market." To afford a mortgage, 65 percent of millennials who intend to buy their first home this year plan to take some action, aside from just paying from their regular paychecks: 32% plan to pursue additional employment 19% intend to rent out a room to someone they know 15% say they will drive for a ride-sharing service 14% plan to split ownership of the home with friends or roommates Again, there were some surprises in the responses when broken down by income. Lower-income millennials were more likely than those earning more than $100,000 per year to say they planned to pursue additional employment to cover their mortgage. Those with higher incomes were more than three times as likely to get a roommate they don't know. High-earners were also more likely to say they will split ownership with friends or drive for a ride-sharing service. To read the full report, complete with charts showing more data breakdowns, please click here. 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.
MORE >
CoreLogic March Loan Performance Insights Finds Lowest Delinquency Rates in 11 Years
MORE >
CoreLogic Reports Home Equity Gains Topped $1 Trillion in the First Quarter of 2018
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the Home Equity Report for the first quarter of 2018, which shows that U.S. homeowners with mortgages (which account for roughly 63 percent of all properties) have seen their equity increase 13.3 percent year over year, representing a gain of $1.01 trillion since the first quarter of 2017. Additionally, the average homeowner gained $16,300 in home equity between the first quarter of 2017 and the first quarter of 2018. While home equity grew nationwide, western states experienced the largest increase. Washington homeowners gained an average of approximately $44,000 in home equity, and California homeowners gained an average of approximately $51,000 in home equity (Figure 1). From the fourth quarter of 2017 to the first quarter of 2018, the total number of mortgaged homes in negative equity decreased 3 percent to just under 2.5 million homes or 4.7 percent of all mortgaged properties. Negative equity decreased 21 percent year over year from 3.1 million homes – or 6.1 percent of all mortgaged properties – in the first quarter of 2017. "Home-price growth has accelerated in recent months, helping to build home-equity wealth and lift underwater homeowners back into positive equity the primary driver of home equity wealth creation," said Dr. Frank Nothaft, chief economist for CoreLogic. "The CoreLogic Home Price Index grew 6.7 percent during the year ending March 2018, the largest 12-month increase in four years. Likewise, the average growth in home equity was more than $15,000 during 2017, the most in four years. Washington led all states with 12.8 percent appreciation, and its homeowners also had much larger home-equity gains than the national average." 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 $284.8 billion at the end of the first quarter of 2018. This is up quarter over quarter by approximately $100 million, from $284.7 billion in the fourth quarter of 2017. "Home equity balances continue to grow across the nation," said Frank Martell, president and CEO of CoreLogic. "In the far Western states, equity gains are fueled by a long run in home price escalation. With strong economic growth and higher purchase demand, we expect these trends to continue for the foreseeable future." For ongoing housing trends and data, visit the CoreLogic Insights Blog: https://www.corelogic.com/insights-index.aspx. About CoreLogic CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
MORE >
CoreLogic Reports Declining Foreclosure Rates in February, Signaling a Strong Economy
MORE >
Bank of America Transforms Home Buying with New Digital Mortgage Experience
Report Finds Homebuyers Ready and Waiting for "NextGen" Tools; More Comfortable With a Digital Mortgage Than Online Dating Bank of America's Digital Mortgage Experience™, launched this week, seamlessly guides clients through the mortgage process via the bank's award-winning mobile banking and online platforms. With advanced application prefill capabilities, clients can apply for a mortgage through the mobile banking app or online at bankofamerica.com and immediately have many aspects of their mortgage application auto-populated, significantly reducing time and effort (see how it works here). In many cases, clients will receive a conditional approval that very same day. "Everything we do starts and ends with clients, and the Digital Mortgage Experience is designed to make their lives simpler," said D. Steve Boland, head of consumer lending at Bank of America. "Our new end-to-end experience empowers clients with complete convenience and control, while also offering unique access to lending experts every step of the way." The new experience responds to the growing demand and increasing comfort consumers have with using digital tools in every aspect of their lives – from managing finances to dating. In fact, a recent survey by Bank of America shows that consumers are actually more comfortable applying for a mortgage digitally than dating online. The introduction of the Digital Mortgage Experience is the latest of the bank's digital lending offerings, which include the recent broad availability of its mobile car shopping tool that enables clients to search 1 million cars in inventory from more than 2,400 auto dealers nationwide. In addition, Bank of America small business clients can apply for a Business Advantage Term Loan or Business Advantage Credit Line from the Bank of America mobile banking app and bankofamerica.com, which offer a loan product tool that helps small business clients find the right loan for their needs, and a monthly loan payment calculator. To complement these high-tech capabilities, clients can receive guidance and advice about their lending needs from the bank's approximately 5,200 home, auto, personal and business loan officers. "The new Digital Mortgage Experience is about making things easy, intuitive, simple and fast," said Michelle Moore, head of digital banking at Bank of America. "It's the latest example of our high-tech, high-touch approach to serving clients – we designed the Digital Mortgage Experience by listening to our customers, understanding their needs, and delivering the full experience to them right in our award-winning mobile app." Inside the experience Beyond the flexibility to apply for a mortgage whenever, wherever and however consumers want, the Digital Mortgage Experience provides full customization throughout the process to best fit users' unique needs, including: Access to lending specialists – With just one click or a phone call, clients can consult a professional lending specialist every step of the way. Lending specialists can even pick up an in-progress application and assist the client in completing it. Personalized loan terms – Users can consider a variety of loan options and combinations and select the features that matter most to them, including flexible monthly payments, closing costs and loan terms. Ability to lock interest rates – Users can lock their rate or leave it open to lock later. Flexible application process – Clients have the ability to save an in-progress application and return to it at a later time. Seamless integration with Home Loan Navigator® – Once submitted, users integrate with Home Loan Navigator to track their loan, view action items, upload documents, and review and acknowledge disclosures, all from their mobile device. NextGen homebuying The new Bank of America Homebuyer Insights Report shows consumers have been longing for more digital solutions in the mortgage space, as more Americans would be comfortable applying for a mortgage digitally (32 percent) than dating online (20 percent). Furthermore, 52 percent of respondents would apply or have already applied for a mortgage via mobile or online. In its third year, the report finds technology and homebuying are becoming inseparable. Nearly all first-time buyers feel technology will play a role during every stage of homebuying, including researching (98 percent), getting a mortgage (94 percent), and negotiating and buying (92 percent). Perhaps this is because Americans are most likely to seek a homebuying experience that is efficient (64 percent), simple (59 percent) and personalized (51 percent). The adoption of these technologies appears to be a thing of today, not tomorrow. Many consumers report they are already comfortable using emerging technologies throughout the homebuying process, specifically using a real estate app (78 percent), taking a video tour of a home (48 percent) and attending an open house using virtual reality (36 percent). Looking ahead to the next 10 years, Americans believe: Smart home and energy-efficient features will be standard in new construction (67 percent). Mortgage applications will be entirely paperless (55 percent). Open houses will only be through virtual reality (24 percent). All appraisals will be done via drones (6 percent). To learn more about the Digital Mortgage Experience and download multimedia, visit bankofamerica.com. For additional information about the Bank of America Homebuyer Insights Report, click here.
MORE >
CoreLogic Reports Early-Stage Delinquencies Declined in January as Impact from 2017 Hurricanes and Wildfires Fades
MORE >
Millennial Buyers Feel the Brunt of Rate and Price Hikes
Debt and smaller down payments leave millennials vulnerable to an already challenging market SANTA CLARA, Calif., April 4, 2018 -- As interest rates and home prices continue to rise, millennial home buyers are more likely than older buyers to adjust what they are shopping for, according to a new survey released today from realtor.com®, a leading online real estate destination. Two factors contributing to this market sensitivity are millennials' likelihood to carry more student loan and other debt and put less down than other buyers. According to the online survey of more than 1,000 active buyers conducted in March by Toluna Research, 79 percent and 83 percent of respondents of all ages, respectively, said rising interest rates and home prices will impact their home search. That rises to 92 and 93 percent for buyers ages 18 to 34 years old. Only 17 percent and 21 percent of all buyers indicated prices and rates would have no impact. "Existing debt and lower down payments leave younger shoppers more exposed than others to the impact of rising mortgage rates and record-high home prices," said Danielle Hale, chief economist for realtor.com®. "These obstacles won't prevent millennials from finding and buying homes, but most will have to adapt to these challenging market conditions by adjusting their home search." Rising prices and interest rates impact the majority of buyers When asked how their search would be impacted by rising prices, 41 percent indicated they have to buy a smaller home, 35 percent need to look for a less expensive home, 34 percent have to look in a different neighborhood, 33 percent need to put down a larger down payment, and 31 percent have to increase their monthly mortgage budget. Survey data also shows rising rates have a greater impact on millennials than on buyers 55 years or older. As a result of rising rates, 37 percent of millennials said that they have to look for a less expensive home, compared to 24 percent of buyers 55 and older. Thirty-five percent of millennials have to look in a different neighborhood, compared to 18 percent of those 55+. Thirty-three percent of millennials have to look for a smaller home, compared to 23 percent of boomers. Millennial buyers carry more debt than others Millennial buyers are also more likely to report carrying each of the seven categories of debt realtor.com® inquired about – often by a significant margin. Of those between the ages of 18 and 34 years old, 78 percent have credit card debt, 68 percent have a car loan, 62 percent have a personal loan, 62 percent have mortgage debt, 57 percent have home equity loans, and 61 percent have student loans. This is notably higher than 35-54 years old who reported: 72 percent credit card debt, 59 percent car loan, 55 percent have a personal loan, 60 percent mortgage debt, 49 percent home equity loan, and 49 percent student loans. Or those 55+ who indicated: 45 percent credit card debt, 30 percent car loan, 12 percent personal loan, 32 percent mortgage debt, 11 percent home equity loans and 9 percent student loans. Millennials put the least amount down When all respondents were asked how much cash they are planning to put down on their purchase, 32 percent indicated they are putting down less than 10 percent of their purchase price. Seventeen percent said 16 to 20 percent of the price and 15 percent indicated 11 to 15 percent of the purchase price. A down payment of less than 10 percent was most common for the millennial generation with 37 percent of buyers aged 18-34 reporting this. They were followed by 34 percent of 35-54 year-olds and 20 percent of those 55 years or older. Millennials were also the least likely to put more than 20 percent of their purchase price down with roughly one in four among 18 to 34 year-olds putting more than 20 percent down, followed by one in three among 35 to 54 year-olds, and one in two among 55+ buyers. Full results are available here. Realtor.com® also recently surveyed house hunters about what they are looking for in a home. It also surveyed buyers about the hotly competitive spring buying season. 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®.
MORE >
Stewart Announces Agreement to be Acquired by Fidelity National Financial
MORE >
Capsilon Taps Ginger Wilcox as Senior Vice President of Marketing
Startup Veteran and Industry Innovator to Elevate Brand Awareness and Accelerate Growth in 2018 SAN FRANCISCO, February 14, 2018--Capsilon, the leading partner for delivering a cloud-based end-to-end digital mortgage solution, announced today that it has tapped Ginger Wilcox as SVP Marketing, where she will be responsible for leading marketing, brand positioning and growth for all Capsilon products. A startup veteran and recognized leader in the mortgage, real estate and technology industries, Wilcox was most recently part of the team that launched digital mortgage startup Sindeo. As CMO and Chief Industry Officer, Wilcox led brand marketing, customer acquisition, communications and strategic partnerships. "Ginger is a proven marketing and growth leader with a track record of success in top-performing mortgage, real estate and software companies and is one of the most-connected people in the housing industry," said Sanjeev Malaney, Founder and CEO, Capsilon. "Her expertise in building strong brands and strategic partnerships in high growth environments will be a tremendous asset as we accelerate our growth in 2018." Joining Capsilon presents a very exciting opportunity for Wilcox to build brand awareness for a FinTech company that already has built a platform to deliver a true end-to-end digital mortgage. Using Capsilon, the company's customers, which include the industry's leading retail, wholesale and correspondent lenders, as well as mortgage servicers, are able to close loans up to five times faster and reduce labor costs by as much as 50%. While there are a number of vendors offering borrower-friendly digital loan applications, Capsilon is the first to bring to market a truly innovative mortgage process that improves the borrower and loan officer experience from application to closing and reduces the massive staffing costs that lenders ultimately have to pass on to the borrower. Wilcox joins a seasoned and successful management team with significant mortgage, SaaS and FinTech industry expertise, including top executives from Oracle, IBM, iTradeNetwork, and Quantros. Capsilon continues to grow quickly with over 450 team members around the world. Read why Ginger joined Capsilon, in her own words. About Capsilon Headquartered in San Francisco, Capsilon is a leading provider of enterprise SaaS products, Capsilon serves more than 150 of the mortgage industry's most innovative companies, including three of the 10 largest residential mortgage lenders in the United States. For more information, visit www.capsilon.com.
MORE >
Redfin Survey: Just 6% of Homebuyers Would Cancel Plans to Buy if Mortgage Rates Surpassed 5%
MORE >
CoreLogic Reports Early-Stage Mortgage Delinquencies Increased Following Active Hurricane Season
January 09, 2018, 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, 5.1 percent of mortgages were in some stage of delinquency (30 days or more past due including those in foreclosure) in October 2017. This represents a 0.1 percentage point year-over-year decline in the overall delinquency rate compared with October 2016 when it was 5.2 percent. As of October 2017, 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 October 2016. The foreclosure inventory rate has held steady at 0.6 percent since August 2017, the lowest level since June 2007 when it was also at 0.6 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 30-59 days past due, was 2.3 percent in October 2017, down 0.1 percentage points from 2.4 percent in September 2017 and up 0.1 percentage points from 2.2 percent in October 2016. The share of mortgages that were 60-89 days past due in October 2017 was 0.9 percent, up 0.2 percentage points from 0.7 percent in both September 2017 and October 2016. The serious delinquency rate, reflecting loans 90 days or more past due, in October 2017 was 1.9 percent, unchanged from September 2017 and down 0.4 percentage points from 2.3 percent in October 2016. The 1.9 percent serious delinquency rate in June, July, August, September and October of this year marks the lowest level for any month since it was also 1.9 percent in October 2007. "After rising in September, early-stage delinquencies declined by 0.1 percentage points month over month in October. The temporary rise in September's early-stage delinquencies reflected the impact of the hurricanes in Texas, Florida and Puerto Rico, but now the impact from the hurricanes is fading from a national perspective," said Dr. Frank Nothaft, chief economist for CoreLogic. "While the national impact is waning, the local impact remains. Some Florida markets continue to see increases in early-stage delinquency transition rates in October, reaching 5 percent, on average, in Miami, Orlando, Tampa, Naples and Cape Coral. Texas markets such as Houston, Beaumont, Victoria and Corpus Christie peaked at over 7 percent in September, but are on the mend and improving in October." 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 1.1 percent in October 2017, down from 1.3 percent in September 2017 and up from 1 percent in October 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. "While the national impact of the recent hurricanes will soon fade, the human impact will remain for years. For example, the displacement and rebuilding in New Orleans after Hurricane Katrina extended for several years and altered the character of the city, an impact that still remains today," said Frank Martell, president and CEO of CoreLogic. "The reconstruction of the housing stock and infrastructure impacted by the storms should provide a small stimulus to local economies. This rebuilding will occur against a backdrop of wage growth, consumer confidence and spending in the national economy which should continue to provide a solid foundation for real estate demand in the storm-impacted areas and beyond." 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 September 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.
MORE >
Median Down Payment for U.S. Homes Purchased in Q3 2017 Increases to a New High of $20,000
MORE >
CoreLogic Analysis Shows Mortgage Credit Risk Increased from Q3 2016 to Q3 2017
Credit Risk for New Loans in 2017 Similar to Loans Issued in Early 2000s December 19, 2017, Irvine, Calif. – CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released its Q3 2017 CoreLogic Housing Credit Index (HCI™) which measures trends in six home mortgage credit risk attributes. The HCI indicates the relative increase or decrease in credit risk for new home loan originations compared to prior periods. The six attributes include borrower credit score, debt-to-income ratio (DTI), loan-to-value ratio (LTV), investor-owned status, condo/co-op share and documentation level. In Q3 2017, the HCI increased to 111.1, up 18 points from 93.1 in Q3 2016. Even with this increase, credit risk in Q3 2017 is still within the benchmark range of the HCI. The benchmark range of 90 to 121 is measured as within one standard deviation of the average HCI value for 2001-2003, considered to be the normal baseline for credit risk. The increase in the credit risk, as measured by the HCI during the past year, was partly due to a shift in the purchase-loan mix to more investor loans and to a shift in the refinance-loan mix to borrowers with lower credit scores and higher DTI. This trend for refinance loans may reflect the rise in the FHA-to-conventional share of refinance activity. "The CoreLogic Housing Credit Index is up compared to a year ago, in part reflecting a shift in the mix of loans to the purchase market, which typically exhibit higher risk," said Dr. Frank Nothaft, chief economist for CoreLogic. "Further, the Index shows higher risk attributes for both purchase and refinance loans, although the risk levels still remain similar to the early 2000s. When looking at the two most recent quarters in which the mix of purchase and refinance loans were similar, the CoreLogic Housing Credit Index for each segment remained stable. Looking forward to 2018, with continuing economic and home price growth, we expect credit-risk metrics to rise modestly." HCI highlights for the six Index attributes for Q3 2017: Credit Score: The average credit score for homebuyers increased 7 points year over year between Q3 2016 and Q3 2017, rising from 739 to 746. In Q3 2017, the share of homebuyers with credit scores under 640 was 2 percent compared with 25 percent in 2001. In other words, the Q3 2017 share was less than one-tenth of the share in 2001. Debt-to-Income: The average DTI for homebuyers in Q3 2017 was unchanged from Q3 2016 at 36. In Q3 2017, the share of homebuyers with DTIs greater than or equal to 43 percent was 22 percent, down slightly from 24 percent in Q3 2016, but up from 18 percent in 2001. Loan-to-Value: The LTV for homebuyers dropped by almost 2 percentage points year over year, down from 86.4 percent in Q3 2016 to 84.9 percent in Q3 2017. In Q3 2017, the share of homebuyers with an LTV greater than or equal to 95 percent had increased by almost one-third compared with 2001. Investor Share: The investor share of home-purchase loans increased slightly from 4 percent in Q3 2016 to 4.4 percent in Q3 2017. Condo/Co-op Share: The share of home-purchase loans secured by a condominium or co-op building increased from 10 percent in Q3 2016 to 11.5 percent in Q3 2017. Documentation Type: Low- or no-documentation loans remained a small part of the mortgage market in Q3 2017, increasing from 1.5 percent to 2.2 percent of home-purchase loans during the past year. 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), status of investor-owned (whether property is a non-owner-occupied investment or owner-occupied primary residence and second home) and property type (whether property is a condominium or co-op). It spans more than 15 years and 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 Loan-Level Market Analytics data includes loan-level information, both current and historical, from servicers on active first-lien mortgages in the U.S., and the Non-Agency Residential Mortgage Backed Securities (RMBS) data includes loan-level information from the securitizers. In addition, CoreLogic public records data for the origination share by loan type (conventional conforming, government, jumbo) were used to adjust the combined servicing and securities 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, while a declining HCI indicates decreasing credit risk. About CoreLogic CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
MORE >
HUD Announces New FHA Loan Limits for 2018
MORE >
CoreLogic Reports September Mortgage Delinquency Rates Lowest in More Than a Decade
December 12, 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 in some stage of delinquency (30 days or more past due including those in foreclosure) in September 2017. This represents a 0.2 percentage point year-over-year decline in the overall delinquency rate compared with September 2016 when it was 5.2 percent. As of September 2017, the foreclosure inventory rate, which measures the share of mortgages in some stage of the foreclosure process, was 0.6 percent, down from 0.8 percent in September 2016. Both August and September of this year experienced the lowest foreclosure inventory rate since June 2007 when it was also 0.6 percent, and the September foreclosure inventory rate was the lowest for the month of September in 11 years when it was 0.5 percent in September 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 30-59 days past due, was 2.4 percent in September 2017, up 0.3 percentage points from 2.1 percent in September 2016. The share of mortgages that were 60-89 days past due in September 2017 was 0.7 percent, unchanged from September 2016. The serious delinquency rate, those that are 90 days or more past due, declined 0.4 percentage points year over year from 2.3 percent in September 2016 to 1.9 percent in September 2017. The 1.9 percent serious delinquency rate in June, July, August and September of this year marks the lowest level for any month since October 2007 when it was also 1.9 percent, and is also the lowest for the month of September since 2007 when the serious delinquency rate was 1.8 percent. "September's early-stage delinquency rate increased by 0.3 percent from a year ago, the largest increase since June 2009. This does not reflect a deterioration in credit, but rather the impact of the hurricanes in Texas, Florida and Puerto Rico," said Dr. Frank Nothaft, chief economist for CoreLogic. "September's early-stage delinquency transition rate rose to 2.6 percent in Texas and it rose to 3.2 percent in Florida, which is higher than the 1 percent that's typical for both states. Texas and Florida's early-stage delinquency transition rates in September are much lower than New Orleans in September 2005 when the transition rate reached 17.4 percent as a result of Hurricane Katrina." 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 1.3 percent in September 2017, up from 0.9 percent in September 2016. The September rate was the highest for any month in nearly three years, since November 2014 when it was 1.4 percent. 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. "While natural hazard risk was elevated in 2017, the economic fundamentals that drive mortgage credit performance are the best in two decades," said Frank Martell, president and CEO of CoreLogic. "The combination of strong job growth, low unemployment rates, steady economic performance and prudent underwriting has led to continued improvement in mortgage performance heading into next year." 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.
MORE >
Down Payment Program Data Grows in Size and Scope
MORE >
CoreLogic Reports Mortgage Delinquency Rates Lowest in More Than a Decade
November 14, 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, 4.6 percent of mortgages were in some stage of delinquency (30 days or more past due including those in foreclosure) in August 2017. This represents a 0.6 percentage point year-over-year decline in the overall delinquency rate compared with August 2016 when it was 5.2 percent. As of August 2017, the foreclosure inventory rate, which measures the share of mortgages in some stage of the foreclosure process, was 0.6 percent, down from 0.9 percent in August 2016. This was the lowest foreclosure inventory rate for the month of August in 11 years since August 2006 when it 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 30-59 days past due, was 2 percent in August 2017, down slightly from 2.1 percent in August 2016. The share of mortgages that were 60-89 days past due in August 2017 was 0.7 percent, unchanged from August 2016. The serious delinquency rate (90 days or more past due) declined 0.5 percentage points year over year from 2.4 percent in August 2016 to 1.9 percent in August 2017. The 1.9 percent serious delinquency rate in June, July and August of this year marks the lowest level for any month since October 2007 when it was also 1.9 percent, and is also the lowest for the month of August since 2007 when the serious delinquency rate was 1.7 percent. Alaska was the only state to experience a year-over-year increase in its serious delinquency rate in August 2017. "The effect of the drop in crude oil prices since 2014 has taken a toll on mortgage loan performance in some markets," said Dr. Frank Nothaft, chief economist for CoreLogic. "Crude oil prices this August were less than half their level three years ago. This has led to oil-related layoffs and an increase in loan delinquency rates in states like Alaska and in oil-centric metro areas like Houston." 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 August 2017, unchanged from August 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 are at their lowest levels in more than a decade, signaling the final stages of recovery in the U.S. housing market," said Frank Martell, president and CEO of CoreLogic. "As the construction and mortgage industries move forward, there needs to be not only a ramp up in homebuilding, but also a focus on maintaining prudent underwriting practices to avoid repeating past mistakes." For ongoing housing trends and data, visit the CoreLogic Insights Blog. Methodology The data in this report represents foreclosure and delinquency activity reported through August 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.
MORE >
CFPB Launches New Mortgage Performance Trends Tool for Tracking Delinquency Rates
MORE >
CoreLogic Reports Serious Delinquency Rate for Home Loans Holds Steady at a Near 10-Year Low
October 10, 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, 4.6 percent of mortgages were in some stage of delinquency (30 days or more past due including those in foreclosure) in July 2017. This represents a 0.9 percentage point year-over-year decline in the overall delinquency rate compared with July 2016 when it was 5.5 percent. As of July 2017, the foreclosure inventory rate, which measures the share of mortgages in some stage of the foreclosure process, was 0.7 percent, down from 0.9 percent in July 2016 and the lowest since the rate was also 0.7 percent in July 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 July 2017, down slightly from 2.3 percent in July 2016. The share of mortgages that were 60-89 days past due in July 2017 was 0.7 percent, unchanged from July 2016. The serious delinquency rate (90 days or more past due) declined from 2.5 percent in July 2016 to 1.9 percent in July 2017 and remains near the 10-year low of 1.7 percent reached in July 2007. Alaska was the only state to experience a year-over-year increase in its serious delinquency rate. "While the U.S. foreclosure rate remains at a 10-year low as of July, the rate across the 100 largest metro areas varies from 0.1 percent in Denver to 2.2 percent in New York," said Dr. Frank Nothaft, chief economist for CoreLogic. "Likewise, the national serious delinquency rate remains at 1.9 percent, unchanged from June, and when analyzed across the 100 largest metros, rates vary from 0.6 percent in Denver to 4.1 percent in New York." 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 July 2017, down from 1.1 percent in July 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. "Even though delinquency rates are lower in most markets compared with a year ago, there are some worrying trends," said Frank Martell, president and CEO of CoreLogic. "For example, markets affected by the decline in oil production or anemic job creation have seen an increase in defaults. We see this in markets such as Anchorage, Baton Rouge and Lafayette, Louisiana where the serious delinquency rate rose over the last year." 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.
MORE >
Infographic: NAR Debunks 4 Common Down Payment Myths
MORE >
CoreLogic Reports 2.8 Million Residential Properties with a Mortgage Still in Negative Equity
September 21, 2017, Irvine, Calif. – CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released its Q2 2017 home equity analysis which shows U.S. homeowners with mortgages (roughly 63 percent of all homeowners*) have seen their equity increase by a total of 10.6 percent year over year, representing a gain of $766 billion since Q2 2016. Additionally, homeowners gained an average of $12,987 in equity between Q2 2016 and Q2 2017. Western states led the equity increase with Washington homeowners gaining an average of approximately $40,000 in home equity and California homeowners gaining an average of approximately $30,000 in home equity (Figure 1). Home price increases in these states drove the equity gains. From Q1 2017** to Q2 2017, the total number of mortgaged residential properties with negative equity decreased 10 percent to 2.8 million homes, or 5.4 percent of all mortgaged properties.Year over year, negative equity decreased 21.9 percent from 3.6 million homes, or 7.1 percent of all mortgaged properties, from Q2 2016 to Q2 2017. "Over the last 12 months, approximately 750,000 borrowers achieved positive equity," said Dr. Frank Nothaft, chief economist for CoreLogic. "This means that mortgage risk continues to decline and, given the continued strength in home prices, CoreLogic expects home equity to rise steadily over the next year." 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 $284.4 billion at the end of Q2 2017. This is up quarter over quarter by approximately $200 million, or 0.1 percent, from $284.2 billion in Q1 2017 and down year over year by approximately $700 million, or 0.2 percent, from $285.1 billion in Q2 2016. "Homeowner equity reached $8 trillion in the second quarter of 2017, which is more than double the level just five years ago," said Frank Martell, president and CEO of CoreLogic. "The rapid rise in homeowner equity not only reduces mortgage risk, but also supports consumer spending and economic growth." **Q1 2017 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. Methodology The 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.
MORE >
Purchase Lending Hits Highest Level Since 2007 Despite Continued Headwinds from Tight Lending
MORE >
Redfin Data Reveals Single Women Build Less Home Equity Over Time Than Single Men
New Orleans Was the Only Metro Where Women Fared Better Than Men; Single Women Built 8 Percent More Home Equity Than Single Men Over Five Years SEATTLE — For every dollar of home equity single men earned over five years, single women earned just 92 cents, according to a new report by Redfin, the next-generation real estate brokerage. Redfin looked at 199,387 homes sold in 18 of the largest metros in 2012, of which 39.9 percent were purchased by single women. On those home purchases, women earned a median $171,313 of home equity over five years compared to $186,403 of equity earned by men—a difference of $15,090 or 8.1 percent. To calculate home equity, Redfin added the initial equity from the down payment and the principal paid on the mortgage to the appreciation of the home since purchase date. Appreciation was determined by subtracting the original purchase price of the home from the current Redfin Estimate. New Orleans, LA was the only metro where women actually earned more home equity than men. Over the five-year period, single women there earned $8,784 or 8 percent more home equity than single men. Omaha, NE was the next best with women earning 0.5 percent less equity than men. Portland, OR (0.8% less); Denver, CO (2.0% less); and Oakland, CA (2.0% less) rounded out the top five best places for single female home equity. Of all the metros Redfin looked at, the gender equity gap was largest in Seattle, WA, where women earned 6.3 percent or $20,983 less equity over the five-year period. Columbus, OH (6.2% less); Baltimore, MD (6.2% less); San Francisco (6.0% less); and San Diego (5.8% less) topped the list of metros where single women fare worse compared to single men. The disparity in home equity can be attributed to several different factors including the pay gap, lower down payments made by women and higher student debt among women. "Despite differences in equity appreciation, purchasing a home can help level the playing field between men and women," said Redfin chief economist Nela Richardson. "Homeownership remains the single biggest engine for middle-class workers to create wealth over the long term. In addition to setting labor standards that encourage pay equity, more can and should be done at the federal and local levels to support female homeownership through affordable housing policies like downpayment assistance." To read the full report, complete with tips for single women homebuyers, click here. 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 $50 billion in home sales.
MORE >
Shared Equity Programs Gain Popularity for Municipalities, Private Investors
MORE >
CoreLogic Reports May 2017 Delinquency Rate Lowest in Nearly a Decade
August 08, 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, 4.5 percent of mortgages were in some stage of delinquency (30 days or more past due including those in foreclosure) in May 2017. This represents a 0.8 percentage point decline in the overall delinquency rate compared with May 2016 when it was 5.3 percent. As of May 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 May 2016. The serious delinquency rate, defined as 90 days or more past due including loans in foreclosure, was 2 percent, unchanged from April 2017 and down from 2.6 percent in May 2016. The 2 percent serious delinquency rate in April and May this year was the lowest since November 2007 when it was also 2 percent. 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. The rate for early-stage delinquencies, defined as 30-59 days past due, was 1.9 percent in May 2017, down from 2 percent in May 2016. The share of mortgages that were 60-89 days past due in May 2017 was 0.63 percent, down slightly from 0.66 percent in May 2016. "Strong employment growth and home price increases have contributed to improved mortgage performance," said Dr. Frank Nothaft, chief economist for CoreLogic. "Early-stage delinquencies are hovering around 17-year lows, and the current-to-30-day past due transition rate remained low at 0.8 percent. However, the same positive economic conditions helping performance have also contributed to a lack of affordable supply, creating challenges for homebuyers." 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 May 2017 compared with 0.9 percent in May 2016, a 0.1 percentage point decrease 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. "A prolonged period of relatively tight underwriting criteria has driven delinquencies down to pre-crisis levels across many parts of the country," said Frank Martell, president and CEO of CoreLogic. "As pressure to relax underwriting standards increases, the industry needs to proceed carefully and take progressive, sensible actions that protect hard-fought improvements in mortgage performance." For ongoing housing trends and data, visit the CoreLogic Insights Blog. Methodology The data in this report represents foreclosure and delinquency activity reported through May 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.
MORE >
Number of Equity Rich U.S. Properties Increases to 14 Million in Q2 2017 — One in Four U.S. Properties With a Mortgage
MORE >
Chase, Google Track Down Where Buyers Start Their House Hunt
Affordability is the key, Chase reveals in 'Search for Home Snapshot,' as it hosts the Scott Brothers at Google's NYC HQ NEW YORK--Chase Home Lending today announced, in partnership with Google, insights that show consumers are clicking their way to finding their first home and figuring out how much they can afford. Chase Home Lending today revealed the "Search for Home Snapshot" at the Google New York City headquarters, along with TV personalities, entrepreneurs and authors, Drew and Jonathan Scott, who shared tips on homebuying and home makeovers. The Chase + Google collaboration examined how and what people are searching to find more information about homeownership. The data shows search activity for first-time homebuying mortgages are at an all-time high, and affordability continues to reign as the top priority for perspective buyers. The bank's "Search for Home Snapshot" also found Southerners are Googling mortgage information more than consumers in other regions, and fixed-rate mortgages are still the preferred product for many searchers. "We teamed up with Google to help us better understand what customers are searching for and how the home buying landscape is evolving," said Mike Weinbach, Chief Executive Officer of Chase Home Lending. "We found that millennials and first-time homebuyers are making a big splash in the market, and affordability remains top of mind." "For many people, the homebuying process is filled with research. For Millennials and first-time homebuyers, we know it's particularly complex and they often turn to Google for answers to their questions about financing, for example," Suzie Reider, Managing Director of Financial Services, Google. "There's an opportunity to make that process easier by bringing attention to the key questions and issues homebuyers have today, which is why we're thrilled to partner with Chase on its Search for Home Snapshot." "There are so many paths to homeownership, but the most important thing is to find a good financial partner to act as your trusted advisor throughout the process," said Drew and Jonathan Scott. "When you surround yourself with the right partners like Chase, you will be successful." Chase Home Lending's "Search for Home Snapshot" Buying a home remains a key life milestone, but trends have shifted significantly in the last decade. Key findings from the Chase Home Lending "Search for Home Snapshot" include: First-Timers Step Up the Pace: Searches around first-time homebuying topics keep climbing. In 2017, 44% of searches in the mortgage category are for first-time buyer mortgages, up 11% from last year. That also reflects what Chase has seen in its mortgage business. Customers under age 35 accounted for 36% of Chase's new mortgages in 2016, up 16% from a year earlier. It's All about Affordability: Homebuyers are more concerned about what they can afford and are crunching the numbers. Last year, consumers made 34% more searches around affordability than the year before. The South's On the Move: Consumers in the South checked out mortgage info more than everybody else. In the last three years, the South generated 37% of mortgage searches, compared to 26% in the West, 19% in the Northeast and 18% in the Midwest. Looking to Lock In: Florida searchers checked out fixed-rate mortgages 30% more this year than last, compared to increases of 18% in New York, 9% in Illinois and 6% in California. About Chase Home Lending Chase is the second-largest originator of U.S. mortgages, originating $30 billion in new and refinanced mortgages in the fourth quarter of 2016. It services over 5.4 million home loans, and has prevented close to 1.2 million foreclosures since 2009. The business's mission is to create lifelong relationships with customers by being the most trusted provider of mortgage services that helps individuals and families realize their homeownership goals. To learn more, click HERE.
MORE >
CoreLogic Reports Mortgage Performance Continues Steady Improvement in April 2017
MORE >
Mortgage Rates Jump
MCLEAN, VA (Jul 6, 2017) - Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year fixed-rate mortgage making its biggest jump since March 2017. 30-year fixed-rate mortgage (FRM) averaged 3.96 percent with an average 0.6 point for the week ending July 6, 2017, up from last week when it averaged 3.88 percent. A year ago at this time, the 30-year FRM averaged 3.41 percent. 15-year FRM this week averaged 3.22 percent with an average 0.5 point, up from last week when it averaged 3.17 percent. A year ago at this time, the 15-year FRM averaged 2.74 percent. 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.21 percent this week with an average 0.5 point, up from last week when it averaged 3.17 percent. A year ago at this time, the 5-year ARM averaged 2.68 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."Global interest rates turned up sharply over the last week," Sean Becketti, chief economist, Freddie Mac. "The 10-year Treasury yield was no exception, increasing 10 basis points in a holiday-shortened week. The 30-year mortgage rate followed suit, rising 8 basis points to 3.96 percent." 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.
MORE >
CoreLogic Reports Mortgage Delinquencies Dropped to a 10-Year Low in March 2017
MORE >
CoreLogic Reports Nearly 9 Million Borrowers Have Regained Equity Since the Height of the Crisis in 2011
June 08, 2017, Irvine, Calif. – CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released its Q1 2017 home equity analysis which shows U.S. homeowners with mortgages (roughly 63 percent of all homeowners) have seen their equity increase by a total of $766.4 billion since Q1 2016, an increase of 11.2 percent. Additionally, the average homeowner gained about $13,400 in equity between Q1 2016 and Q1 2017. In Q1 2017, the total number of mortgaged residential properties with negative equity decreased 3 percent from Q4 2016* to 3.1 million homes, or 6.1 percent of all mortgaged properties. Compared to Q1 2016, negative equity decreased 24 percent from 4.1 million homes, or 8.1 percent of all mortgaged properties. "One million borrowers achieved positive equity over the last year, which means mortgage risk continues to steadily decline as a result of increasing home prices," said Dr. Frank Nothaft, chief economist for CoreLogic. "Pockets of concern remain with markets such as Miami, Las Vegas and Chicago, which are the top three for negative equity among large metros, with each recording a negative equity share at least twice or more the national average." 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 Q1 2017, down quarter over quarter by approximately $2.6 billion, or 0.9 percent, from $285.5 billion in Q4 2016 and down year over year by approximately $21.5 billion, or 7.1 percent, from $304.5 billion in Q1 2016. "Homeowner equity increased by over $750 billion during the last year, the largest increase since mid-2014," said Frank Martell, president and CEO of CoreLogic. "The rising cushion of home equity is one of the main drivers of improved mortgage performance. It also supports consumer balance sheets, spending and the broader economy." Highlights as of Q1 2017: Texas had the highest percentage of homes with positive equity at 98.4 percent, followed by Utah (98.2 percent), Washington (98.2 percent), Hawaii (98.1 percent) and Colorado (98 percent). On average, homeowner equity increased about $13,400 from Q1 2016 to Q1 2017 (for mortgaged properties). Washington had the highest year-over-year average increase at $37,900, while Alaska experienced a small decline. Nevada had the highest percentage of homes with negative equity at 12.4 percent, followed by Florida (11.1 percent), Illinois (10.5 percent), New Jersey (10.2 percent) and Connecticut (9.9 percent). These top five states combined account for 32.6 percent of outstanding mortgages in the U.S. 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 Denver-Aurora-Lakewood, CO (98.6 percent), Houston-The Woodlands-Sugar Land, TX (98.5 percent), Los Angeles-Long Beach-Glendale, CA (97.3 percent) and Boston, MA (95.6 percent). Of the same 10 largest metropolitan areas, Miami-Miami Beach-Kendall, FL had the highest percentage of mortgaged properties in negative equity at 15.7 percent, followed by Las Vegas-Henderson-Paradise, NV (14.2 percent), Chicago-Naperville-Arlington Heights, IL (12 percent), Washington-Arlington-Alexandria, DC-VA-MD-WV (8 percent) and New York-Jersey City-White Plains, NY-NJ (5.3 percent). *Q4 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. Methodology The 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.
MORE >
ReferralExchange Powers Agent Search On DownPaymentResource.com
MORE >
Flagstar Closes on Acquisition of Opes Advisors
TROY, Mich., May 15, 2017 -- Flagstar Bancorp, Inc. (NYSE: FBC) today reported it has closed its previously announced transaction to acquire certain assets of Opes Advisors, Inc., a retail mortgage originator and wealth advisory firm headquartered in Cupertino, Calif. The transaction was announced April 3, 2017. This is the second acquisition Flagstar has completed this year to strengthen its position at the forefront of the mortgage industry. Flagstar acquired the delegated lending business of Stearns Lending, LLC on Feb. 28, 2017 to expand its market share in the correspondent channel. With the acquisition of Opes Advisors, Flagstar has expanded its retail mortgage origination business and significantly increased its access to high-quality purchase mortgage originations. "On behalf of all Flagstar associates, I'm pleased to welcome the talented team of Opes Mortgage and Wealth Advisors to the Flagstar family," said Alessandro P. DiNello, Flagstar's president and CEO. "This transaction is good news for both companies. Opes Advisors now has the backing of a well-capitalized bank that can help expand its successful business model to the entire country. And Flagstar now has a national retail origination platform and wealth management business that will provide best-in-class service to our customers." "We see this transaction as amazing in its opportunity for mutual growth, collaboration, and benefits," said Susan McHan, CEO, co-founder, and president of Mortgage Banking at Opes Advisors. "The added product capabilities will be a win for our clients, and the expanded opportunities for growth will be a win for our mortgage advisors and wealth advisors. We feel fortunate to have found in Flagstar the perfect partner—a long-time leader in the mortgage industry with a strategy and interest in growing its retail mortgage business." About Flagstar Flagstar Bancorp, Inc. (NYSE: FBC) is a $15.4 billion savings and loan holding company headquartered in Troy, Mich. Flagstar Bank, FSB, provides commercial, small business, and consumer banking services through 99 branches in the state. It also provides home loans through a wholesale network of brokers and correspondents in all 50 states, as well as 82 retail locations in 25 states, representing the combined retail branches of Flagstar and Opes Advisors mortgage division. Flagstar is a leading national originator and servicer of mortgage loans, handling payments and record keeping for $83 billion of home loans representing 393,000 borrowers. For more information, please visit flagstar.com. Terms of the transaction were not disclosed.
MORE >
Latest CoreLogic Analysis Shows US Mortgage Loan Performance Health Continues to Strengthen
MORE >
CoreLogic Analysis Shows 5.3 Percent of Homeowners Were Late With Their Mortgage Payments in January 2017
  April 11, 2017, Irvine, Calif. – CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released a new monthly Loan Performance Insights Report which shows that 5.3 percent of mortgages were delinquent by at least 30 days or more (including those in foreclosure) in January 2017. This represents a 1.1 percentage point decline in the overall delinquency rate compared with January 2016 when it was 6.4 percent. As of January 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 January 2016. The serious delinquency rate, defined as 90 days or more past due including loans in foreclosure, was 2.5 percent, down from 3.2 percent in January 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 lower in January 2017 at 2.1 percent compared with a year ago at 2.4 percent in January 2016. The share of mortgages that were 60-89 days past due in January 2017 was 0.7 percent, down from 0.8 percent in January 2016. 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 January 2017 compared with 1.2 percent in January 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 peaked in November 2008 at 2 percent. "Steady job and income growth, combined with full-doc underwriting, has led to low early-stage delinquencies," said Dr. Frank Nothaft, chief economist for CoreLogic. "January's 0.9 percent transition rate for current to 30 days late is lower than a year ago and much lower than the 1.5 percent average from 2000 and 2001, during which the foreclosure rate was, conversely, lower than it is today." "The 30-plus delinquency rate, the most comprehensive measure of mortgage performance, is at a 10-year low and rapidly declining," said Frank Martell, president and CEO of CoreLogic. "While late-stage delinquencies remain in the pipeline in selected markets, early-stage delinquency performance is stellar and the lowest it's been in two decades. The continued improvement in mortgage performance bodes well for the health of the market in 2017." For ongoing housing trends and data, visit the CoreLogic Insights Blog. Methodology The data in this report represents foreclosure and delinquency activity reported through January 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.
MORE >
Mortgage Rates See Another Significant Decline
MORE >
Opes Advisors Named '50 Best Companies to Work For'
Cupertino, CA (March 24, 2017) – Opes Advisors, a financial advisory firm headquartered in the Silicon Valley and known for innovative mortgage lending, today announced its recognition for a "trifecta" of honors, as it was named by Mortgage Executive Magazine as one of the "50 Best Companies to Work For." Mortgage Executive Magazine also named 21 of its Mortgage Advisors to its list of "The Nation's Top 1% of Mortgage Originators," while two Mortgage Advisors – Ryan Buckholdt, based in the Opes Advisors office in Santa Cruz, California, and Nikki James, based in the Opes Advisors office in Palo Alto – made its list of "The Nation's Top 200 Mortgage Originators." "How we work together is the most critical factor to our success," said Susan McHan, CEO, Co-Founder and President of Mortgage Bank at Opes Advisors, "so we appreciate the amazing people who build our culture together at Opes Advisors. The best way we can take care of our clients is to first take care of our people, our Mortgage Advisors - and the folks who support them. This honor places us among the top 50 mortgage companies in America, and we are humbled by this recognition." McHan was quick to praise the 23 individuals at Opes Advisors for making Mortgage Executive Magazine's list of top originators in the nation by saying, "We are enormously pleased with the accomplishments of our Mortgage Advisors, who have been recognized for being in the top percentile of all mortgage originators in the U.S." "That so many of our people have received this acknowledgement clearly shows a 'flight to quality' that Mortgage Executive Magazine cited as a reason top producers have increased their success during a decade when more than 70% of the mortgage competition has disappeared." McHan added. Opes Advisors' originators recognized by Mortgage Executive Magazine include: Ryan Buckholdt | Santa Cruz, CA Nikki James | Palo Alto, CA Tracie Southerland | Palo Alto, CA Ben Lerner | San Luis Obispo, CA Bill Mott | San Luis Obispo, CA Marney Solle | Larkspur, CA Tracy Andreini | Oakland, CA Justin Arnold | Seattle, WA Noel McCord | Santa Cruz, CA Austin Andruss | San Francisco Jackson Square, CA Bob Casper | Danville, CA Ted Rossi | Menlo Park, CA Alicia Hoare | Bellevue, WA Mike Gallagher | Morgan Hill, CA Jeff Smith | Marin, CA Colton Daines | Menlo Park, CA Kyle Bailey | Bellevue, WA Phil Boos | Bellevue, WA Todd Flesner | San Jose Willow Glen, CA Adam O'Donnell | San Mateo, CA Kurt Hickam | San Jose Willow Glen, CA Nolan Solano | Solano and Napa Counties, CA Emily Bort | Bellevue, Washington | Enumclaw, WA About the Top Originator Lists Mortgage Executive Magazine compiled the most comprehensive list of "The Nation's Top 200 Mortgage Originators" and "The Nation's Top 1% of Mortgage Originators" as ranked by their total yearly mortgage volume. The minimum eligibility criteria for making the Top 1% list is a total "personal" production of at least $30 million. Both lists exclude loan volume of associate originators or junior originators that earn a commission on the same loan files. Mortgage Executive Magazine states it "seeks to recognize and celebrate the service, dedication, and hard work that leading mortgage originators put into serving their clients." About the "50 Best Companies to Work For" List Mortgage Executive Magazine notes it "conducted the most extensive loan officer survey in corporate America" to create its "50 Best Companies" list. Over 200 mortgage firms and banks participated, with more than 10,000 loan officers surveyed. The survey was limited to licensed loan originators who were presently employed by the companies they were rating. The survey asked the loan originators to rate their company's culture, loan processing, underwriting, compensation, management, marketing, and technology. The winning selections were based on total loan originator votes or average rating score. Recently, Susan McHan was recognized for her industry leadership, being named one of the most influential real estate leaders in 2017 by Inman News. Opes Advisors also has been named a "Top Mortgage Employer" by National Mortgage Professional Magazine in 2017, as well as a "Top Mortgage Lender" by Scotsman Guide in 2016. Founded in 2004, Opes Advisors has grown to become a leading mortgage bank on the West Coast and the 25th largest in the U.S., in retail volume. Its innovative approach is different from that of traditional mortgage lenders; through its proprietary technology, clients get to see the future of owning their new home inside their long term financial concerns. Clients benefit by having the confidence to make effective financial decisions about one of their biggest lifetime purchases—their home. About Opes Advisors Opes Advisors has developed the first real estate decision technology to fuse mortgage lending services with financial advice, providing clients with a personal financial model that empowers more effective home buying decisions. As both a leading, full-service mortgage bank and financial advisory firm, the company offers a wide range of competitively-priced mortgage programs, as well as financial planning and investment management from its Wealth Management division. Opes Advisors has 39 locations in California, Oregon, and Washington. Discover more information at www.opesadvisors.com.
MORE >
CoreLogic Reports 1 Million US Borrowers Regained Equity in 2016
MORE >
CoreLogic Introduces Property Tax Estimator
  March 01, 2017, Irvine, Calif. – CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today announced the availability of Property Tax Estimator, an automated solution designed to improve the accuracy of loan estimates (LEs) in the origination process, and to provide better data to underwriters and servicers. The solution is particularly effective in estimating taxes for new construction loans and in areas of the country that have caps on annual increases for existing homeowners, and where the taxes can increase dramatically after a sale or transfer of ownership. Property Tax Estimator is designed to significantly increase the accuracy of LEs, reducing compliance risk and improving the customer experience. By delivering highly accurate tax data early in the process, Property Tax Estimator also helps underwriters qualify the borrower's ability to financially support all mortgage costs, and improves the onboarding process for servicers. Additionally, it eliminates the need for any specialized skills required for data procurement and provides a consistent workflow process no matter the property, exemption status, county exception complexity, and loan officer tenure. Today, underwriters and processors are spending time offline contacting local counties to determine tax estimates, calculations that can be streamlined to two minutes or less by Property Tax Estimator. "The tax estimating process is critical to several stages of the mortgage cycle: disclosures, underwriting and servicing. Accurate tax estimates help deliver the right blend of quality, performance and efficiency required for optimizing the borrower experience while minimizing compliance risk," said Kirk Randlett, vice president, Tax Service Operations at CoreLogic. "Property Tax Estimator brings the full value of CoreLogic data capabilities in an Electronic Data Interchange solution that can be integrated with a lender's system." About CoreLogic CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
MORE >
Realogy and Guaranteed Rate Enter into Mortgage Origination Joint Venture Agreement
MORE >
CoreLogic Reports 21,000 Completed Foreclosures in December 2016
  February 14, 2017, Irvine, Calif. – CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released its December 2016 National Foreclosure Report which shows the foreclosure inventory declined by 30 percent and completed foreclosures declined by 40 percent compared with December 2015. The number of completed foreclosures nationwide decreased year over year from 36,000 in December 2015 to 21,000 in December 2016, representing a decrease of 82 percent from the peak of 118,336 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 8.6 million homes lost to foreclosure. As of December 2016, the national foreclosure inventory included approximately 329,000, or 0.8 percent, of all homes with a mortgage compared with 467,000 homes, or 1.2 percent, in December 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 19.4 percent from December 2015 to December 2016 with 1 million mortgages, or 2.6 percent, in serious delinquency, the lowest level since August 2007. The decline was geographically broad with year-over-year decreases in serious delinquency in 48 states and the District of Columbia. "While the decline in serious delinquency has been geographically broad, some oil-producing markets have shown the effects of low oil prices on the housing market," said Dr. Frank Nothaft, chief economist for CoreLogic. "Serious delinquency rates rose in Louisiana, Wyoming and North Dakota, reflecting the weakness in oil production." "Foreclosure and delinquency trends continue to head in the right direction powered principally by increasing employment levels, stringent underwriting standards and higher home prices over the past few years. We expect to see further declines in delinquency and foreclosure rates in 2017," said Anand Nallathambi, president and CEO of CoreLogic. "As the foreclosure inventory diminishes, we must look ahead and tackle tight housing supply and growing affordability issues which are keeping many potential homebuyers, especially first-time buyers, on the sidelines." Additional December 2016 highlights: On a month-over-month basis, completed foreclosures declined by 8.1 percent to 21,000 in December 2016 from the 23,000 reported for November 2016.* As a basis of comparison, before the decline in the housing market in 2007, completed foreclosures averaged about 22,000 per month nationwide between 2000 and 2006. On a month-over-month basis, the December 2016 foreclosure inventory fell 1.9 percent compared with November 2016. The five states with the highest number of completed foreclosures in the 12 months ending in December 2016 were Florida (45,000), Michigan (30,000), Texas (24,000), Ohio (21,000) and California (19,000). These five states accounted for 36 percent of all completed foreclosures nationally. Four states and the District of Columbia had the lowest number of completed foreclosures in the 12 months ending in December 2016: North Dakota (182), the District of Columbia (254), West Virginia (312), Montana (630) and Alaska (668). Four states and the District of Columbia had the highest foreclosure inventory rate in December 2016: New Jersey (2.8 percent), New York (2.7 percent), Maine (1.8 percent), Hawaii (1.7 percent) and the District of Columbia (1.6 percent). The five states with the lowest foreclosure inventory rate in December 2016 were Colorado (0.2 percent), Minnesota (0.3 percent), Utah (0.3 percent), Arizona (0.3 percent) and California (0.3 percent). *November 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. About CoreLogic CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
MORE >
Homeownership Program Index Shows Growth in Tax Credit Programs for Homebuyers
MORE >
Redfin Launches Mortgage Business
DALLAS — Jan. 26, 2017 — Redfin, the next-generation real estate brokerage, has formed Redfin Mortgage to loan money to Redfin customers buying homes. By integrating a lending operation with Redfin's existing brokerage and title businesses, the company's ultimate goal is an entirely digital process, with better service, a faster closing and lower fees. Redfin Mortgage plans to begin issuing loans in the first half of 2017, initially serving customers in Austin, Dallas, Houston and San Antonio markets. "Redfin Mortgage will put the customer first through a combination of technology and personal service," said Redfin CEO Glenn Kelman. "This approach to mortgage is the same that has made us successful serving more than 75,000 customers buying and selling homes. We'll meet customers through digital channels to lower customer acquisition costs. We'll hire our own mortgage advisers with incentives that reward service, not just sales, so customers get advice they can trust. We'll track every aspect of the closing in a single system used by mortgage advisers, real estate agents, title experts and the customer so everyone works together on an on-time closing." Redfin has hired Jason Bateman, formerly executive vice president of mortgage operations at BBVA Compass, to lead the effort. Mr. Bateman has more than 15 years of experience in the mortgage industry. He will run Redfin's mortgage operation out of a new Dallas-based office. The software engineers supporting the mortgage business are based in Seattle. "When your real estate agent, title professional and lender work together, you win," said Bateman. "Lenders should spend their time determining which loan is right for a customer, not looking for new customers. If an appraisal comes in low or an inspection turns up a problem, everyone should learn about it at the same time, without relying on telephone calls and email messages hours after the fact. Automating tasks that were once performed manually should not only lower costs, but reduce the possibility of errors that create lending risk. Our vision is the way I'd always imagined home lending should be." Redfin's real estate agents will continue our partnerships with lenders of all stripes, encouraging customers to work with the lender that offers the best combination of service and rates. There will be no incentives for Redfin real estate agents to recommend a Redfin loan. Because Redfin's mortgage service depends on integration with its brokerage operation, the company does not initially plan to support refinancings or loans to consumers who buy a home without using a Redfin agent. About RedfinRedfin 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. 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 $40 billion in home sales through 2016.
MORE >
California REALTORS® call on HUD to reinstate FHA insurance cut
MORE >
Among Top Home Buyer Challenges for 2017, Rising Mortgage Rates Are Dampening First-Time Buyer Plans for Spring
  SANTA CLARA, Calif., Jan. 19, 2017 -- New data from realtor.com®, a leading online real estate destination operated by News Corp subsidiary Move, Inc., suggests that the share of first-time buyers planning to buy in spring 2017 fell sharply when mortgage rates began to rise at the end of last year, dropping by as much as 10 percent since last October. At the same time, record low inventory levels, higher prices and heavy buyer competition is creating more urgency for active home buyers. "Last fall, we saw a large jump in the number of first timers planning home purchases, which was very encouraging because their market share is still well below pre-recession levels," said Jonathan Smoke, chief economist for realtor.com®. "But, as evidenced by their decline in share, first-time buyers are really dependent on financing and affordability is one of their largest barriers to home ownership. This number could continue to decline with anticipated increases in interest rates and home prices." According to realtor.com®'s January survey of active home buyers, 44 percent of buyers planning to buy in spring 2017 are first-time home buyers. This has dropped significantly since the survey was conducted in October, when 55 percent of buyers of planning a spring purchase indicated they were looking for their first home. The average 30-year conforming rate rose to more than 4.2 percent by the end of December 2016 from 3.4 percent at the end of September 2016. With average rates today about half a percentage point higher than they were in 2016, a median-priced home financed with 20 percent down would cost an additional $720 per year in added interest.  That equals more than 1 percent of the median household's income. Survey data collected by realtor.com® found that first-time buyers were nearly five times more likely than repeat buyers to say they faced challenges qualifying for a mortgage, with affordability ranking highly among first-time buyer concerns. First-time buyers comprised 32 percent of all buyers in November, according to the National Association of Realtors®. "The rise in rates is associated with an anticipation of stronger economic and wage growth, both of which favor buyers," added Smoke. "At the same time, higher rates make qualifying for a mortgage and finding affordable inventory more challenging. The decline in the share of first-time buyers since October suggests that the move up in rates is discouraging new home buyers already." To date, rising interest rates appear to be having the opposite impact on repeat home buyers. Even with the current increases, interest rates remain historically low, and the movement in rates hasn't yet tipped overall buyer demand down. It has actually sparked demand from experienced buyers trying to close before rates increase further, as evidenced by increased realtor.com® listings views and decreased inventory. In the short term, the rate movement seems to have encouraged rather than dampened overall demand. In addition to likely additional mortgage rate increases, prospective buyers should be aware of the following aspects of the housing market realtor.com® expects to see at play over the coming year. Other Significant Challenges for Home Buyers in 2017 There Aren't Enough Homes for Sale. Even after 51 straight months of a below-normal supply of homes for sale, 2017 is expected to be even more challenging. Active inventory in December on realtor.com® was down 11 percent compared to December 2015. As a result, the year has started with the lowest inventory of homes for sale at least since the recession, and possibly in decades. Inventory was a challenge all year but a stronger offseason in the fall depleted the available homes for sale even more than is typical. Prices Remain at Record Highs. Asking prices usually decrease in the fall, but this year the median list price in December, was the same as in July at $250,000. That represents a record price for December and a year over year gain of 9 percent, the highest monthly year-over-year gain in 2016. Rising Rates Have Made Demand Even More Intense. With fewer homes on the market, average listing views were up 40 to 80 percent in the last three weeks of December, compared to the same time in 2015. Multiple potential buyers seem to be interested in virtually every home on the market even though we are in the slowest time of the year for sales. 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.
MORE >
FHA to Reduce Annual Insurance Premiums on Most Mortgages
MORE >
CoreLogic Reports 26,000 Completed Foreclosures in November 2016
  January 10, 2017, Irvine, Calif. – CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released its November 2016 National Foreclosure Report which shows the foreclosure inventory declined by 30 percent and completed foreclosures declined by 25.9 percent compared with November 2015. The number of completed foreclosures nationwide decreased year over year from 35,000 in November 2015 to 26,000 in November 2016, representing a decrease of 78.2 percent from the peak of 118,339 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 8.6 million homes lost to foreclosure. As of November 2016, the national foreclosure inventory included approximately 325,000, or 0.8 percent, of all homes with a mortgage, compared with 465,000 homes, or 1.2 percent, in November 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 22.1 percent from November 2015 to November 2016, with 1 million mortgages, or 2.5 percent, in serious delinquency, the lowest level since August 2007. The decline was geographically broad with year-over-year decreases in serious delinquency in 48 states and the District of Columbia. "The decline in serious delinquency has been substantial, but the default rate remains high in select markets," said Dr. Frank Nothaft, chief economist for CoreLogic. "Serious delinquency rates were the highest in New Jersey and New York at 5.6 percent and 5 percent, respectively.  In contrast, the lowest delinquency rate occurred in Colorado at 0.9 percent where a strong job market and home-price growth have enabled more homeowners to stay current." "The 7 percent appreciation in home prices through November 2016 has added an average of $12,500 in home-equity wealth per homeowner across the U.S. during the last year," said Anand Nallathambi, president and CEO of CoreLogic.  "Sustained growth in home prices is clearly bolstering homeowners' spending power and balance sheets and, as a result, spurring a continued drop in defaults." Additional November 2016 highlights: On a month-over-month basis, completed foreclosures declined by 14.1 percent to 26,000 in November 2016 from the 30,000 reported for October 2016.* As a basis of comparison, before the decline in the housing market in 2007, completed foreclosures averaged about 22,000 per month nationwide between 2000 and 2006. On a month-over-month basis, the November 2016 foreclosure inventory fell 2.4 percent compared with October 2016. The five states with the highest number of completed foreclosures in the 12 months ending in November 2016 were Florida (48,000), Michigan (31,000), Texas (25,000), Ohio (22,000) and Georgia (20,000). These five states account 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 November 2016: the District of Columbia (221), North Dakota (260), West Virginia (375), Alaska (616) and Montana (627). Four states and the District of Columbia had the highest foreclosure inventory rate in November 2016: New Jersey (2.8 percent), New York (2.6 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 November 2016 were Colorado (0.2 percent), Minnesota (0.3 percent), Arizona (0.3 percent), Utah (0.3 percent) and California (0.3 percent). *October 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 November 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.
MORE >
FHA Mortgage Insurance Premium Reduction a Fresh Start, Says NAR President Brown
MORE >
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
JACKSONVILLE, Fla., Jan. 9, 2017 -- 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 November 2016. In the first three quarters of 2016, as home prices continued to appreciate, one million previously underwater homeowners returned to positive equity positions, while tappable equity totals continued to rise. This month, Black Knight looked at the extent and impact of these changes on the market. As Black Knight Data & Analytics Executive Vice President Ben Graboske explained, there is a distinct geographical component at work, with regard to both the negative and tappable equity sides of the equation. "The negative equity situation has improved substantially since the height of the great recession," said Graboske. "There are now just 2.2 million homeowners left in negative equity positions, a full one million fewer than at the start of 2016. Whereas negative home equity was once a widespread national problem – with roughly 30 percent of all homeowners being underwater on their mortgages at the end of 2010 – it has now become much more of a localized issue. By and large, the majority of states have negative equity rates below the national average of 4.4 percent. There are, though, some pockets where homeowners continue to struggle. Three states in particular stand out: Nevada, Missouri and New Jersey, all of which have negative equity rates more than twice the national average. Atlantic City leads the nation, with 23 percent of its borrowers underwater, followed by St. Louis at 20 percent. We also see that lower-priced homes – those in the bottom 20 percent of prices in their communities – are nine times more likely to be underwater than those in the top 20 percent. "On the other hand, we've also seen a steady increase in the number of borrowers with tappable equity in their homes, meaning they have current combined loan-to-value (CLTV) ratios of less than 80 percent. There are now some 39 million such borrowers, with a total of $4.6 trillion in available, lendable equity. That works out to an average of about $118,000 per borrower, making for the highest market total and highest average per borrower we've seen since 2006. Even though the total equity tapped via first lien refinances hit a seven-year high of more than $70 billion over the first three quarters of 2016, that means less than two percent of available equity has been tapped so far this year. That equity also continues to be accessed safely, with the resulting average post-cash out LTV of 66 percent at near 10-year lows and the average credit score above 750. Much like the negative equity situation, tappable equity is geographically concentrated as well, although in different areas. The top 10 metropolitan areas contain half of all available lendable equity, and California alone accounts for nearly 40 percent, despite having only 16 percent of the nation's mortgages." Black Knight also looked at the impact of the rising interest rate environment on how – and if – borrowers tap into their available equity. The share of tappable equity held by borrowers with a first lien interest rate above the average 30-year fixed rate dropped from 73 percent in October to just 33 percent as of Dec. 29, 2016. Historically, borrowers with interest rates above par have been both more likely to tap into equity and more likely to refinance their entire first lien to do so (and getting a better first lien interest rate in the process). Likewise, borrowers with interest rates below par have been less likely to tap into equity, and more likely to use a second lien when they do. This suggests that HELOC lending may become a more attractive vehicle for tapping equity for the borrowers holding two-thirds of the nation's tappable equity with interest rates below par. As was reported in Black Knight's most recent First Look release, other key results include: Total U.S. loan delinquency rate: 4.46% Month-over-month change in delinquency rate: 2.55% Total U.S. foreclosure pre-sale inventory rate: 0.98% Month-over-month change in foreclosure pre-sale inventory rate: -1.35% States with highest percentage of non-current* loans: MS, LA, NJ, AL, WV States with lowest percentage of non-current* loans: ID, 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, click here. About Black Knight Financial Services, Inc.Black Knight Financial Services, Inc. (NYSE: BKFS) 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.
MORE >
Mortgage Rates Start the Year Lower
MORE >
Fixed Mortgage Rates Move Higher
MCLEAN, VA--(Dec 29, 2016) - Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates moving higher for the ninth consecutive week. Despite the recent jump in mortgage rates since the election, the annual average for the 30-year fixed-rate mortgage was 3.65 percent in 2016, the lowest annual average ever recorded in the Freddie Mac PMMS going back to 1971. 30-year fixed-rate mortgage (FRM) averaged 4.32 percent with an average 0.5 point for the week ending December 29 2016, up from last week when it averaged 4.30 percent. A year ago at this time, the 30-year FRM averaged 4.01 percent. 15-year FRM this week averaged 3.55 percent with an average 0.5 point, up from last week when it averaged 3.52 percent. A year ago at this time, the 15-year FRM averaged 3.24 percent. 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.30 percent this week with an average 0.5 point, down from last week when it averaged 3.32 percent. A year ago, the 5-year ARM averaged 3.08 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. "On a short week following the Christmas holiday, the 10-year Treasury yield was relatively unchanged," says Sean Becketti, chief economist, Freddie Mac. "The 30-year mortgage rate rose 2 basis points to 4.32 percent, closing the year with nine consecutive weeks of increases. As mortgage rates continue to increase, home sales and affordability will continue to be a concern for housing in 2017." 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.
MORE >
Challenges and Opportunities for Homeownership Take Center Stage at NAR, S&P Global Joint Event
MORE >
Black Knight Financial Services' First Look at November 2016 Mortgage Data: Foreclosure Starts Up from October, But Still Near 10-Year Lows
JACKSONVILLE, Fla., Dec. 22, 2016 -- The Data & Analytics division of Black Knight Financial Services, Inc. reports the following "first look" at November 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): 4.46%Month-over-month change: 2.55%Year-over-year change: - 9.43% Total U.S. foreclosure pre-sale inventory rate: 0.98%Month-over-month change: -1.35%Year-over-year change: - 28.88% Total U.S. foreclosure starts: 60,400Month-over-month change: 6.90%Year-over-year change: - 9.31% Monthly Prepayment Rate (SMM): 1.43%Month-over-month change: - 4.20%Year-over-year change: 56.07% Foreclosure Sales as % of 90+: 1.82%Month-over-month change: 6.95%Year-over-year change: 2.70% Number of properties that are 30 or more days past due, but not in foreclosure: 2,263,000Month-over-month change: 61,000Year-over-year change: -228,000 Number of properties that are 90 or more days past due, but not in foreclosure: 682,000Month-over-month change: 5,000Year-over-year change: -145,000 Number of properties in foreclosure pre-sale inventory: 498,000Month-over-month change: -6,000Year-over-year change: -200,000 Number of properties that are 30 or more days past due or in foreclosure: 2,761,000Month-over-month change: 55,000Year-over-year change: -428,000 Top 5 States by Non-Current* PercentageMississippi:      11.56%Louisiana:        10.09%New Jersey:     8.20%Alabama:         8.06%West Virginia:  7.94% Bottom 5 States by Non-Current* PercentageIdaho:              3.13%Montana:         2.92%Minnesota:       2.87%Colorado:         2.51%North Dakota: 2.35% Top 5 States by 90+ Days Delinquent PercentageMississippi:      3.45%Louisiana:        3.23%Alabama:         2.41%Arkansas:         2.11%Tennessee:       1.96% Top 5 States by 6-Month Improvement in Non-Current* PercentageOregon:            -9.11%Washington:     -7.57%New Jersey:     -7.41%Nevada:           -7.18%Hawaii:            -6.69% Top 5 States by 6-Month Deterioration in Non-Current* PercentageLouisiana:        10.59%Wyoming:        10.08%South Dakota:  8.34%Nebraska:        7.89%Iowa:               7.45% *Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state. Notes:1)  Totals are extrapolated based on Black Knight Financial Services' loan-level database of mortgage assets.2)  All whole numbers are rounded to the nearest thousand, except foreclosure starts, which are rounded to the nearest hundred. For a more detailed view of this month's "first look" data, please visit the Black Knight newsroom. 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 Jan. 9, 2017. For more information about gaining access to Black Knight's loan-level database, please send an email to dataanalyticsinfo(at)bkfs.com. About Black Knight Financial Services, Inc.Black Knight Financial Services, Inc. (NYSE: BKFS) 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.
MORE >
CoreLogic Introduces Housing Credit Index to Track Mortgage Credit Risk Trends
MORE >
Freddie Mac Announces Holiday Eviction Moratorium Dec. 19, 2016 to Jan. 3, 2017
MCLEAN, VA--(Dec 12, 2016) - Freddie Mac announced today a nationwide suspension of eviction lock-outs between Dec. 19, 2016 and Jan. 3, 2017. The moratorium applies to all foreclosed, occupied homes owned by Freddie Mac. "Our announcement today is to help provide families with a greater measure of certainty during the upcoming holiday season. We also want to be sure families experiencing financial hardship are aware of the options available to them. Those who are facing possible foreclosure should reach out to their mortgage servicers and explore the alternatives that are in place to help homeowners year-round," said Chris Bowden, Senior Vice President of REO at Freddie Mac. The holiday suspension will apply to eviction lockouts on Freddie Mac-owned REO homes but will not affect other pre- or post-foreclosure activities. Companies managing local evictions for Freddie Mac may continue to file documentation as needed during the suspension period. Freddie Mac has helped more than 1.1 million financially troubled borrowers avoid foreclosure. For more information on Freddie Mac mortgage relief, visit My Home by Freddie Mac(SM). About Freddie MacFreddie 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 approximately one in four home borrowers and is the largest source of financing for multifamily housing. Additional information is available at FreddieMac.com.
MORE >
CoreLogic Reports 30,000 Completed Foreclosures in October 2016
MORE >
Interest Rates Are on the Minds of Consumers in Berkshire Hathaway HomeServices’ Latest Homeowner Sentiment Survey
IRVINE, Calif.--Current and prospective homeowners – particularly Millennials — remain optimistic about the state of the U.S. real estate market yet they expressed concern over the prospects of rising interest rates in Berkshire Hathaway HomeServices' latest Homeowner Sentiment Survey released today. Overall, 66% of current homeowners and 63% of prospective homeowners view the U.S. real estate market favorably – a sentiment that has remained steady throughout 2016. Notably, Millennials (defined in the survey as people ages 18-34) were the most optimistic generation, with 74% reporting a favorable view, representing a 15-percentage point jump since the same time last year1. Two-thirds of Gen-Xers (ages 35-50) also expressed a favorable view – an 8-percentage point increase from last year. While respondents showed overall confidence in the market, compared with last year, they expressed greater concern about how an increase in the Federal Reserve's benchmark interest rate may affect their ability to buy a home. Many economists expect a rate increase in December, which may exert upward pressure on mortgage rates. In fact, 76% of current homeowners and 79% of prospective homeowners cite increasing interest rates as a challenge impacting the real estate market today. These figures represent 16- and 8-percentage point jumps, respectively, from the same time last year – just before the Fed raised its benchmark rate for the first time in nearly a decade. Similarly, 44% of current homeowners and 70% of prospective buyers said they would feel anxious if mortgage rates were to go up, representing 11- and 8-percentage point jumps from last year, respectively. "People feel good about real estate because housing is doing well in many markets across America," said Gino Blefari, CEO of Berkshire Hathaway HomeServices. "Although the idea of a rate hike can grab headlines and initially create some unease, it's important to remember rate increases are often the mark of an improving, healthy U.S. economy. That is the case today." A majority of respondents acknowledged that higher mortgage rates would make it more difficult for them to buy a home. Yet, when it comes to perception of current mortgage rates, less than half of current homeowners and only 17% of prospective homeowners described them as "low." "Mortgage rates remain near historic lows, although it may not seem that way to recent, first-time buyers and those considering a home purchase," said Stephen Phillips, president of Berkshire Hathaway HomeServices. "Mortgage rates ticked up following the presidential election, and we may see rates rise a little more in response to anticipated Fed action. Still, I expect mortgage rates to remain low for the foreseeable future." A conforming, 30-year fixed-rate mortgage carried a rate of 4.125% in early December, up from 3.75% during the same period a year ago. Phillips believes conforming rates will remain below 5% for the next 2-3 years. "I anticipate moderate, steady growth for the U.S. over the next few years as Baby Boomers (ages 50-65) move into new phases of their lives and Millennials come into their own as consumers. All things considered, this is a formula for continued lower mortgage rates." Millennials Look Past 'Starter' Homes In the survey, Millennial enthusiasm was expressed in an openness to enter the real estate market. Six in 10 showed interest in purchasing a starter home. When asked about the advantages of starter homes – ones requiring TLC to be fixed over time -- Millennials recognize affordability and the opportunity to build credit and become a homeowner sooner. The top reason keeping Millennial renters on the fence -- they are saving to buy their dream home. Of those who said they're waiting for their dream home, half cited the desire to go through the home-buying process only once and 37% said they don't want the hassles of renovating an older home. "Starter homes can provide first-time buyers with independence and an attainable investment," said Blefari. "The process of buying one – while never easy – may not be as difficult as it's perceived it to be. Of course, a trusted real estate agent will be an ally to help any new buyer get a foot in the door on their way toward accomplishing longer-term real estate goals." Homeowner Sentiment on Real Estate Technology When it comes to emerging technologies in real estate, 50% of current homeowners and 49% of prospective homeowners said they were most excited about virtual reality tours as a home-buying tool. About one-quarter of prospective homeowners labeled mortgage rate calculators as "confusing," suggesting that agents can provide value in helping clients understand the mortgage process. Despite technology's growing role, nearly all current and prospective homeowners (85% and 83%, respectively) agree real estate professionals remain essential to the home-buying process for their negotiation skills, property assessments and home tours, among other services. Respondents indicated an eagerness to participate directly in the process, as six in 10 said they prefer to harness the power of a real estate agent along with respondents' own online searches and use of other available real estate tools and resources. The full survey details are available upon request. Berkshire Hathaway HomeServices Homeowner Sentiment Survey Methodology Interviews with 2,509 respondents were conducted online by Edelman Intelligence in October and November 2016. Respondents captured were either current homeowners (individuals who currently own a home as a primary residence) or prospective homeowners (individuals who do not currently own a home and are likely to buy a home as their primary residence in the next six months). The margin of error is +/-2.19% for current homeowners and +/- 4.38% for prospective homeowners. About Berkshire Hathaway HomeServices and HSF Affiliates LLC Berkshire Hathaway HomeServices, based in Irvine, CA, is a real estate brokerage network built for a new era in residential real estate. The network, among the few organizations entrusted to use the world-renowned Berkshire Hathaway name, brings to the real estate market a definitive mark of trust, integrity, stability and longevity. Visit www.berkshirehathawayhs.com. Irvine, CA-based HSF Affiliates LLC operates Berkshire Hathaway HomeServices, Prudential Real Estate and Real Living Real Estate franchise networks. The company is a joint venture of which HomeServices of America, Inc., the nation's second-largest, full-service residential brokerage firm, is a majority owner. HomeServices of America is an affiliate of world-renowned Berkshire Hathaway Inc. Prudential, the Prudential logo and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities, and are used under license with no other affiliation with Prudential. 1Statistics from last year refer to data included in the third wave of Berkshire Hathaway HomeServices' Homeowner Sentiment Survey, released in December 2015
MORE >
CoreLogic Reports Home Equity Increased $726 Billion in the Third Quarter Compared With a Year Ago
MORE >
Opes Advisors Partners with Blend to Digitize Mortgage Experience
CUPERTINO, Calif. – December 5, 2016 – Opes Advisors, an innovative mortgage lending and wealth management firm serving California, Oregon and Washington, today announced a partnership with Blend, a Silicon Valley technology company bringing mortgages into the modern age, to deliver a digital mortgage experience to its clients. The partnership brings Blend's advanced, automated platform to Opes Advisors' clients, offering a streamlined, more transparent mortgage application process. Together, Blend and Opes Advisors are creating a digital mortgage ecosystem where authorized data replaces documents and borrowers experience a simpler, faster application process using their desktop, tablet, or mobile devices. "We are dedicated to helping people make the most important financial decisions of their lives," said Jonathan Lee, Co-founder, Executive Chairman, and Chief Technology Officer at Opes Advisors. "Buying a home is an incredible milestone, and finding a way to enhance the borrower experience during the loan application process was a priority for us. Teaming up with Blend to offer a fully-digital mortgage process was a natural next step, and we couldn't be more excited to introduce the new and improved platform to our clients in 2017." According to Lee, Opes Advisors selected Blend as a technology to complement the advice of its Mortgage Advisors and elevate their valuable role in the mortgage process. With Blend, Opes Advisors will guide their clients through the loan application digitally, creating a personalized experience on each loan. The Blend platform was also selected for its customization and ability to integrate with Opes Advantage, proprietary technology of Opes Advisors that allows clients to see the financial future of owning their new home for smarter decisions. Opes Advisors originated more than $3 billion in retail originations for 2015, is on pace to surpass that growth in 2016, and expects to increase originations further following Blend's implementation. "At Blend, we're engineering solutions for a trillion-dollar industry that impacts the lives of millions of Americans each year," said Nima Ghamsari, CEO & co-founder of Blend. "As we continue to enable better lending, we're proud to partner with innovative lenders like Opes Advisors to positively impact the borrower experience for current and prospective homeowners." Opes Advisors operates on Ellie Mae's Encompass Loan Origination System. About Opes Advisors Opes Advisors has developed the first real estate decision technology to fuse mortgage lending services with financial advice, providing clients with a personal financial model that empowers more effective life decisions, such as buying a home. As both a leading, full-service mortgage bank and financial advisory firm, the company offers a wide range of competitively-priced mortgage programs, as well as financial advice and investment management from its Wealth Management division. Opes Advisors has 39 locations in California, Oregon, and Washington.
MORE >
Realtor.com Forecasts Post-Election Economy to Result in Higher Mortgage Rates While Housing Delivers Slower Gains in 2017
MORE >
Just-Released FHA Report Shows Fresh Opportunity to Make Homeownership More Affordable
  WASHINGTON (November 15, 2016) — The Federal Housing Administration's just released actuarial report shows that the Mutual Mortgage Insurance Fund is on a steady financial trajectory, a finding the National Association of Realtors® believes is an opportunity to make FHA's low-down-payment mortgage option available to an even broader swath of borrowers. "FHA's actuarial report shows that the fund has indisputably found its footing," said NAR President William E. Brown, a Realtor® from Alamo, California and founder of Investment Properties. "That's good news for taxpayers, and a reflection of FHA's sound stewardship. It's clear from this report that FHA can continue taking responsible steps to manage their risk even as they take action to make homeownership more affordable for lower- and middle-income buyers." FHA's MMIF is responsible for paying lenders if a mortgagor defaults. In a sign of continuing health, the report shows that the fund's "seriously delinquent" rate is at a ten-year low, while the overall economic value of the fund has increased by $3.8 billion. Last year the MMIF also achieved a 2 percent capital reserve ratio for the first time since the Great Recession. This marked an important benchmark showing that the fund had strongly rebounded, a finding reinforced by the 2.3 percent capital reserve ratio FHA reported today. FHA also reported a 3.2 percent reserve ratio for the "forward" program, which encompasses FHA's non-Home Equity Conversion Mortgage portfolio. NAR believes that the report would have appeared even stronger if not for weaknesses in the HECM program. In light of the MMIF's increasingly good health, NAR is encouraging FHA to reduce mortgage insurance premiums to better reflect the risk in the marketplace and fulfill its mission of serving low- and moderate-income borrowers. According to NAR estimates, the 50-basis-point premium cut announced in January 2015 provided an annual savings of $900 for nearly 2 million FHA homeowners. A recent Federal Reserve study also found that the January 2015 reduction in mortgage insurance premiums had a quick and significant effect on FHA mortgage volume. NAR also supports eliminating "life of loan" mortgage insurance, which borrowers must continue to pay until the loan is extinguished or refinanced. Conventional mortgage products, by contrast, traditionally require mortgage insurance only until a sufficient amount of equity is achieved on the property. "FHA mortgages are an important option for buyers, but high premiums and lifetime insurance requirements can take that option right off the table," Brown said. "By lowering premiums and eliminating life of loan mortgage insurance, FHA can expand on their work to serve a broad population of homebuyers. We look forward to working with them in the months ahead to bring these changes to light." The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing over 1.1 million members involved in all aspects of the residential and commercial real estate industries.
MORE >
CoreLogic Reports 36,000 Completed Foreclosures in September 2016
MORE >
DocuSign to Make eMortgage a Reality with New Platform Enhancements
BOSTON, Oct. 25, 2016 -- At the annual Mortgage Bankers Association (MBA) conference and expo here today, DocuSign – the global eSignature and Digital Transaction Management (DTM) leader – announced a series of expanded features that will allow lenders and title companies to complete a mortgage 100% digitally. Known as eMortgage, the new service will empower lenders and their clients to electronically-sign the mortgage paperwork associated with the more than 12 million real estate documents and 2.5 million real estate transactions already DocuSigned every year. The news marks an expansion of DocuSign's 'lead to close' strategy for the real estate industry, first announced by the company's Chairman and CEO Keith Krach in July this year. The strategy entailed DocuSign making its biggest investment in the real estate industry to date. "DocuSign's vision is to make the home buying process fully digital, from lead to close. DocuSign has transformed several aspects of home buying, but enabling a seamless, digital mortgage remained a paper-burdened experience for home buyers and sellers. Today's expanded investments in eNotary demonstrate our commitment to making a completely paperless eMortgage reality," explained Georg Gerstenfeld, general manager: Global Real Estate Solutions, DocuSign. "This is against the backdrop of the real estate industry's widespread adoption of DocuSign, and is helping to add more than 130,000 new users to the DocuSign Global Trust Network every day. eMortgage is a natural next step to simplifying the end-to-end experience." Today's announcement centers around two key areas: eNotary – this enhancement ensures that in-person eNotarizations can now be performed via DocuSign in Florida and Washington (in addition to North Carolina, which has been available since 2014). It is also expected that more than ten other states could be added before the end of the year. With eNotary, there is no need to print, scan or mail closing documents – all actions can be performed within the DocuSign platform, including applying a seal and exporting a notary log. Fannie Mae – reflecting the potential for the DocuSign platform to help speed the adoption of the broader eMortgage process, the company (with eOriginal as a partner) is seeking certification as an official Fannie Mae eMortgage Technology Service Provider – a certification that only a handful of technology organizations have been granted by the mortgage lender. Certification is expected by the end of year. Several of DocuSign's partners and customers have thrown their weight behind today's announcement – including Fannie Mae and Accenture Mortgage Cadence. "Fannie Mae is pleased that DocuSign is undergoing technical compliance testing with us for delivery of eMortgage loans, and is seeking approval to join our eMortgage Technology Service Provider listing," said Cindy McKissock, Vice President of Customer Digital Experience, Fannie Mae. "Supporting our customers' transition to digital closings is a priority for us – and we expect DocuSign's platform to help remove barriers and obstacles to the adoption of eNotes, thereby increasing usage across the industry." For its part, Mortgage Cadence, an Accenture Company – an existing DocuSign partner – is excited about this focus on eMortgages. "Mortgage Cadence is committed to making digital mortgages a reality. Combined with DocuSign's digital mortgage strategy, these additional enhancements align well with our own vision to provide the last lending solution our customers will ever need," said Jim Rosen, Document Center Product Manager at Mortgage Cadence. "Today, lenders and title companies tend to rely on paper or hybrid processes to complete loans," explained DocuSign's Chief Product Officer, Ron Hirson. "We are supporting our Real Estate customers for today's launch by delivering new eNotary and eNote features to our DTM platform – that helps more organizations move to a paperless process that is fully auditable, less prone to errors, and results in faster closings." The enhanced features are slated to come to market towards the end of the year. For more information, visit www.docusign.com.
MORE >
Post-'Brexit' Prepay Activity Remains Strong; Foreclosure Rate Falls to Nine-Year Low
MORE >
ALTA Consumer Survey Shows 40 Percent Confused by Title Fee Calculation on Closing Disclosure
WASHINGTON, DC--(September 28, 2016) - Over 40 percent of American homebuyers feel taken advantage of or are confused by the calculation of title insurance fees on the Consumer Financial Protection Bureau's (CFPB) new mortgage disclosures, according to a new study by the American Land Title Association (ALTA). In July, ALTA partnered with Survata, a national market research company, to collect data on consumer experiences related to their purchase of title insurance and the new CFPB mandated mortgage disclosures. A nationally recognized leader in online consumer research, Survata works with universities, advertising companies and Fortune 500 companies to gather consumer data to help organizations make informed decisions. ALTA's survey, which polled 2,000 current and prospective homeowners (planning to buy within the next year), revealed that homeowners find the CFPB's new mortgage disclosures confusing or deceiving. "We've heard countless stories from ALTA members about consumer confusion at the closing table and this survey confirms our concern from the consumer's point of view," said Michelle Korsmo, ALTA's chief executive officer. "The Bureau's goal was to make the process of getting a mortgage easier and to help consumers understand the key features, costs and risks of a loan. Unfortunately, results of ALTA's consumer survey reveal the CFPB's mortgage disclosures are not meeting this objective. Since the true cost of title insurance is not reflected in TRID, when a consumer learns that the disclosed price of title insurance is wrong and misleading, the consumer loses confidence in the process and feels taken advantage of." 10 Percent Is 10 Percent Too Many The survey found that over 30 percent of homebuyers find the new Closing Disclosure confusing. More troubling, another 10 percent of homebuyers feel taken advantage of when reviewing the current calculation of an owner's title insurance policy on the Closing Disclosure. "It is unacceptable for any homebuyer to feel mistreated as they consider the true costs of homeownership," said Korsmo. "This is equivalent to everyone living in the entire metro area of Milwaukee, Wisconsin, feeling deceived during their mortgage transaction. The CFPB should address this issue and amend the rules to accurately disclose the cost of protecting a consumer's property rights with title insurance." "A" for Effort -- But Misses the Mark on Fixing Disclosures Along with measuring consumer reactions to the inaccurate disclosure of title insurance costs, ALTA now has a broader understanding about what consumers actually want from their mortgage disclosures. According to ALTA's survey, the most important factor homeowners want on their Closing Disclosure is a detailed breakdown of all the costs for a service. Secondly, consumers want the ability to easily compare cost estimates to final fees on the disclosure. Third, homeowners want to compare the disclosures to the actual costs they will pay and confirm that the seller is paying the accurate amount. "While the CFPB has accomplished some of the things most important to homebuyers, consumers would value their mortgage disclosures more if the CFPB showed the accurate costs of title insurance instead of the incremental costs," Korsmo stated. "The CFPB has an obligation to make this simple change to more accurately disclose the cost of title insurance. We strongly urge the Bureau to make this change in this rulemaking to ensure that the millions of Americans purchasing property this year better understand their financial investment in their home." Consumer Education Continues Consumers make the decision to protect their property rights with title insurance prior to arriving at the closing table. Consumer education remains critical for the land title insurance industry as well as the CFPB as ALTA's survey also indicates that the most important factor for consumers in making the decision to purchase an owners title insurance policy is a full understanding of the benefit of the service to them. "ALTA and its members are committed to educating consumers about how title insurance provides peace of mind by protecting their property rights," Korsmo continued. "An equal commitment from the Bureau is needed to ensure that confusion over the price of title insurance does not undercut these efforts. Consumers will benefit from having the actual cost of title insurance disclosed on the mortgage disclosures. This is not only supported by ALTA's research, but also by our members' experiences everyday at closing tables across the country." About ALTA The American Land Title Association, founded in 1907, is the national trade association representing 6,100 title insurance companies, title and settlement agents, independent abstracters, title searchers, and real estate attorneys. With offices throughout the United States, ALTA members conduct title searches, examinations, closings, and issue title insurance that helps protect the property rights of millions of American homebuyers every year.
MORE >