Tag Archives: CoreLogic

312,000 Residential Properties Regain Their Equity

Photo courtesy of: http://www.jokeroo.com/pictures/funny/983393.html
Photo courtesy of: http://www.jokeroo.com/pictures/funny/983393.html

 

FRIDAY, JUNE 06, 2014
About 312,000 residential properties regained equity in the first quarter of this year, raising the total of residential properties with equity to more than 43 million, CoreLogic reported Thursday in its annual home equity report.

Still, as of the first quarter, about 6.3 million homes – or 12.7 percent – have negative equity compared to 6.6 million or 13.4 percent in the fourth quarter of 2013. Negative equity refers to borrowers who owe more on their mortgage than their homes are currently worth.

What’s more, of the 43 million residential properties who do have equity, about 10 million have less than 20 percent equity, an at-risk position to be in if home prices were to fall, according to CoreLogic’s report. About 20.6 percent of all residential properties are in what’s considered such an “under-equitied” position.

“Despite the massive improvement in prices and reduction in negative equity over the last few years, many borrowers still lack sufficient equity to move and purchase a home,” says Sam Khater, CoreLogic’s deputy chief economist. “One in five borrowers have less than 10 percent equity in their property, which is not enough to cover the down payment and additional costs associated with a conventional mortgage.”

But CoreLogic is projecting an additional rise in home prices of 5 percent over the next 12 months which is expected to lift another 1.2 million properties “out of the negative equity trap,” says Anand Nallathambi, president and CEO of CoreLogic.

CoreLogic’s report shows the following states have the highest percentage of all mortgaged properties in negative equity:

Nevada: 29.4%
Florida: 26.9%
Mississippi: 20.1%
Arizona: 20.1%
Illinois: 19.7%
Source: CoreLogic

 

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Almost Half of States Near Home Appreciation Peaks

Photo courtesy of: http://www.funnypica.com/
Photo courtesy of: http://www.funnypica.com/

Home prices are continuing to rise heading into the summer months, according to CoreLogic’s latest Home Price Index, which shows nationwide home prices, including distressed sales, rising 10.5 percent in April compared to year-ago levels.

“The purchase market continues to suffer from a dearth of inventory, which we expect will continue to drive prices up over the year,” says Anand Nallathambi, president and CEO of CoreLogic.

In fact, no states posted drops to their home prices in April, according to CoreLogic’s index. What’s more, several states surpassed their previous home price peaks, including: Colorado, Louisiana, Nebraska, Oklahoma, North Dakota, South Dakota, Texas, and Wyoming.

Twenty-three states as well as the District of Columbia also are at or within 10 percent of their home price appreciation peak, according to CoreLogic.

The five states with the highest home appreciation (including distressed sales) in April year-over-year are:

  • California: 15.6%
  • Nevada: 14.8%
  • Hawaii: 14.1%
  • Oregon: 11.8%
  • Michigan: 11.3%

Source: CoreLogic

Read more:

Analysts Still Bank on 7% Home Appreciation
This Housing Market Is Sizzling

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More Than 3 Million Regained Equity in 2013

Stacked housing; Photo courtesy of http://www.funnypica.com/
Stacked housing; Photo courtesy of http://www.funnypica.com/

Home prices rebounded in 2013, helping more than 3 million home owners regain long-lost equity, according to CoreLogic’s latest MarketPulse report.

“We’re encouraged by the improvements of the past year and have every reason to be cautiously optimistic about continued progress in 2014. That said, monitoring the current and potential headwinds the industry faces is critical,” says Anand Nallathambi, president and CEO of CoreLogic.

More than two-thirds of all homes with a mortgage now have at least 20 percent equity, giving home owners more options in the housing market in the new year and increasing their employment mobility.

Still, 6.4 million residential properties have negative equity, and a third of those are concentrated in five states: Nevada, Florida, Arizona, Ohio, and Georgia.

Some of the biggest jumps in home prices over the last six months has occurred in Chicago and Raleigh, N.C., CoreLogic reports.

“That acceleration is consistent with our prior analysis, which showed that Chicago has had the most rapid growth of any market for owner-occupied purchase transactions in the past two years,” the report said.

Source: “CoreLogic: 2013 marks year of rapid transition,” HousingWire (Dec. 30, 2013)
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Foreclosures Rise in June, But See Big Drop for Year

sad-house-for-sale

Completed foreclosures rose 2.5 percent in June from May, CoreLogic reported Tuesday. Its report follows another recent one from Lending Processing Services that showed nearly a 10 percent rise in the national delinquency rate in June compared to May.

About 1 million homes are in the foreclosure inventory as of June, CoreLogic reports. That does mark a 28 percent decrease in the foreclosure inventory compared to last year.

Forty-nine states reported a year-over-year decline in foreclosure rates in June.

“The housing market is clearly on the mend, but we expect the ultimate conclusion of the present housing down cycle to be another several years away,” says Anand Nallathambi, president and CEO of CoreLogic.

CoreLogic reports the five states with the largest foreclosure inventories — as a percentage of mortgaged homes — in June were:

  • Florida: 8.6%
  • New Jersey: 6%
  • New York: 4.8%
  • Connecticut: 4.2%
  • Maine: 4.1%

Source: “Foreclosures Increase Again in June – CoreLogic,” Mortgage News Daily (July 30, 2013)

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Foreclosures Down 29% From Year Ago

Photo credit: http://www.freeimageslive.com/galleries/buildings/structures/pics/oldbridge.jpg
Photo credit: http://www.freeimageslive.com/galleries/buildings/structures/pics/oldbridge.jpg

Foreclosures are continuing a steady fall, as home prices rise and the housing market picks up nationwide.

About 1 million homes were in some stage of foreclosure in May, down from 1.4 million in May 2012, a 29 percent decline, according to CoreLogic’s latest foreclosure report. As of May, the foreclosure inventory represented 2.6 percent of all homes with a mortgage — down from 3.5 percent a year prior.

There were 52,000 foreclosures completed nationwide in May, down 27 percent year over year. However, the numbers are still elevated compared to what’s considered normal for the market. Prior to the decline in the housing market in 2007, completed foreclosures averaged 21,000 per month between 2000 and 2006, according to CoreLogic.

Since September 2008 — the start of the financial crisis — about 4.4 million foreclosures have been completed, CoreLogic’s data shows.

Meanwhile, shadow inventory is down 34 percent from reaching its 2010 peak. It was under 2 million units in April, representing a 5.3 month supply.

“We continue to see a sharp drop in foreclosures around the country and, with it, a decrease in the size of the shadow inventory,” says Anand Nallathambi, president and CEO of CoreLogic. “Affordability, despite the rise in home prices over the past year, and consumer confidence are big contributors to these positive trends. We are particularly encouraged by the broad-based nature of the housing market recovery so far in 2013.”

The stock of seriously delinquent homes, which is the main driver of shadow inventory, is at the lowest level since December 2008, adds Mark Fleming, chief economist for CoreLogic.  “Over the last year, it has decreased in 42 states by double-digit figures, resulting in rapid declines in shadow inventory for the first quarter of 2013,” Fleming says.

The following five states account for nearly half of all completed foreclosures nationally and had the highest number of completed foreclosures in the last 12 months ending in May:

  • Florida
  • California
  • Michigan
  • Texas
  • Georgia

Source: CoreLogic

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