Tag Archives: CoreLogic

Property data firm CoreLogic reported that both the sources and frequency of mortgage fraud have transitioned from an alarming level after the crisis to a more "normal" state. There is one exception, however: Home equity lines of credit (HELOCs), which have seen fraud risk rise along with demand for loans over the past year and a half.

After more than a quarter of a century spent working for Freddie Mac, Frank Nothaft has moved on to serve as SVP and chief economist at CoreLogic, the property information firm announced.

In a post on the company's blog site, CoreLogic estimated that cash transactions accounted for 35.5 percent of total home sales in October 2014, down from 38.7 percent the year prior. The decline continued a downward trend started in January 2013, making October the 22nd straight month to see cash sales decline on an annual basis.

According to CoreLogic's latest estimates, an additional 273,000 U.S. homes recovered to a positive equity position in Q3, bringing the total number of mortgaged homes with equity to approximately 44.6 million—about 90 percent of all mortgaged properties in the nation.

In its November Home Price Index (HPI) report, property data firm CoreLogic recorded a 0.1 percent month-over-month increase in U.S. home prices for November. The minor gain, which includes data from distressed home sales, follows a 0.5 percent increase originally reported for October.

Reports from economists at CoreLogic and Wells Fargo released in December indicated they believe housing will rebound in 2015 after a disappointing 2014, and they cited improvements in the U.S. labor market as a main reason why.

Employment grew at a rate higher than the national average (3 percent, as opposed to 2 percent) for the 25 to 29 age group, which is good news for housing, because this age group is the key first-time homebuyer segment. Steadily falling oil prices, which are down 45 percent since June, provide more economic growth tailwind going into next year. The drop in oil prices reduces energy-related expenses not just for driving, but for residential real estate also, according to Khater.

Cash sales accounted for 34.8 percent of total home sales, CoreLogic reported, down from 37.2 percent in September 2013. The share of cash sales has fallen annually every month since January 2013. Before the start of the housing crisis, the cash sales share of total homes averaged nearly 25 percent.

Real estate information firm CoreLogic reported a 0.5 percent monthly uptick and a 6.1 percent annual gain in its October Home Price Index (HPI). As of October, 27 states and the District of Columbia were at or within 10 percent of their home price peaks, and nine had achieved new record highs.

As the mortgage market prepares for bubble-vintage home equity lines of credit (HELOCs) to come out of their draw period, multiple firms have issued warnings about the imminent wave of new HELOC problems. In a new blog post, however, CoreLogic deputy chief economist Sam Khater says the impact from HELOC resets will be more like a ripple.