Tag Archives: CoreLogic

The wild ride known as the U.S. housing market slowed dramatically in the fall of 2022, as mortgage rates surged and home prices remained high.

CoreLogic reports that home price appreciation year-over-year was up for the 130th consecutive month in November, but growth dropped to single digits at just 8.6%.

“Today’s homeowners are in a much better position to weather the current housing slowdown and a potential recession than they were 12 years ago,” said Selma Hepp, Interim Lead of the Office of the Chief Economist at CoreLogic.

“Following the recent mortgage rate surge above 7%, real estate activity and consumer sentiment regarding the housing market took a nosedive,” said Selma Hepp, Interim Lead of the Office of the Chief Economist at CoreLogic.

”The rapid increase in prices during the COVID-19 pandemic caused many U.S. housing markets to reach completely unaffordable levels for potential local homebuyers,” said Selma Hepp CoreLogic’s Interim Lead, Deputy Chief Economist.

Single-family starts in 2022 are projected to hit an 11-year low, as builder confidence falls to its lowest level in more than a decade.

As fixed-rate mortgages continue to edge toward 7%, the MBA reports refinance volume has dropped off nearly 90% from last year’s totals, as both refinancing and home purchase apps declined and fell further behind last year’s record levels.

On the heels of the Fed’s rate hike, mortgage rates edged near the 7% mark last week but trended back downward this week amid ongoing economic uncertainty.

Mortgage rates continue to trend upward, with more buyers retreating from the marketplace, as the MBA reported a 14.2% weekly decline in overall app volume.

CoreLogic has released the CoreLogic Home Price Index (HPI) and HPI Forecast for August 2022, showing home prices nationwide —including distressed sales— increased year-over-year by 13.5%; the lowest ...