Tag Archives: CoreLogic

Negative reports on the economy may be shaking up confidence, but Capital Economics released a report Friday stating that in their view, the foundations for a sustainable recovery are still in place. The employment situation in the U.S. and issues overseas such as the euro-zone crises are all taking a toll on the economy and consumer confidence. Yet, there are still reasons to make the argument that the recovery is not going to be derailed. Home sales and prices have increased, and mortgage affordability continues to be at an all-time high.

CoreLogic's third annual Storm Surge Report, released Thursday, showed that just over four million homes in the United States are at risk of hurricane-driven storm surge damage. According to the report, there is $700 billion in total property exposure in the Gulf and Atlantic Coast regions, the areas most likely to face storm surge activity. The Gulf Coast houses just under 1.8 million homes at risk for potential storm-surge damage (totaling nearly $200 billion in exposure), while the Atlantic Coast has approximately 2.2 million homes at risk ($500 billion in exposure).

Home prices across the nation rose in April, and a further increase is expected for May's index, according to CoreLogic's April Home Price Index (HPI) report. The report, released Tuesday, showed that home prices in the United States (including distressed sales-short sales and REO transactions) increased on a year-over-year basis by 1.1 percent in April. This was the second consecutive year-over-year increase in 2012 and the first time two consecutive increases have occurred since June 2010. On a month-over-month basis, home prices increased by 2.2 percent in April, marking the second consecutive month-over-month increase this year.

In April, the number of completed foreclosures was 66,000, down 15 percent compared to the same month a year ago when there were 78,000 completed foreclosures. Month-over-month, the number of completed foreclosures remained unchanged. The number of homes in foreclosure inventory as of April 2012 shrank slightly from 1.5 million homes a year ago to 1.4 million. Among the five states with the highest number of completed foreclosures - California, Florida, Michigan, Texas, and Georgia - only Florida is a judicial state. These states alone account for 48.8 percent of all completed foreclosures nationally.

When including distressed sales, home prices rose month-over-month by the same percentage point as they dropped year-over-year. CoreLogic reported Tuesday in its March Home Price Index (HPI) that compared to a year ago, prices declined 0.6 percentin March, while prices rose 0.6 percent compared to the month before in February. The monthly gain when including distressed sales is the first time since July 2011. Distressed sales include short sales and REO transactions.

Year-over-year, the number of completed foreclosures decreased about 19 percent to 69,000 in March 2012 compared to 85,000 in March 2011, according to CoreLogic's National Foreclosure Report for March. Month-over-month, with the number of completed foreclosures in February 2012 at 66,000, foreclosures increased about 4.5 percent in March 2012. In addition to the yearly decrease in completed foreclosures, the number of loans in the foreclosure inventory decreased by nearly 6 percent, or 100,000, in March 2012 compared to the year before.

CoreLogic has been approved by Standard & Poor's (S&P) as a third-party due diligence provider for residential mortgage-backed securities (RMBS) rated by the agency, the company announced Tuesday.

When excluding distressed sales, such as short sales and REO transactions, prices actually increased on a month-over-month basis in February, according to the February 2012 Home Price Index released by CoreLogic Wednesday. Though, when including distressed sales, prices decreased compared to the month before. Month-over-month home prices increased by 0.7 percent in February when not factoring in distressed sales and decreased 0.8 percent compared to the year before.

The number of completed foreclosures in February 2012 was down on a monthly basis and slightly on a year-over-year comparison, but overall, foreclosure inventory has decreased compared to a year ago, according to CoreLogic's National Foreclosure report for February. In February 2012, 65,000 completed foreclosures were reported, compared to 66,000 in February 2011, and 71,000 in January 2012. The number of completed foreclosures over 12 months ending in February was 862,000. From the start of the financial crisis in September 2008, CoreLogic estimates 3.4 million completed foreclosures.

The current rate at which mortgage borrowers are falling into serious delinquency closely matches the rate of distressed sales - short sales and REO sales - according to CoreLogic's latest report released Wednesday. While distressed sales are keeping the shadow inventory from growing, the quantity on record is not yet decreasing. In fact, today's shadow inventory mirrors that recorded in January 2009, though there have been 3 million distressed sales since that date.