Category Archives: CoreLogic

Home prices continue to rise, but growth expected to slow

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Home prices rose 6.9 percent year-to-year in January, per CoreLogic’s January U.S. Home Price Insight Report.

Excluding distressed sales, home prices increased 5.8 percent from year-to-year. From December to January, home prices saw an increase of 0.7 percent, including distressed sales, 0.5 percent excluding them.

CoreLogic predicts home prices will see just a 0.1 percent increase from January to February. Year-to-year, home prices are predicted to rise 4.8 percent by January 2018.

“With lean for-sale inventories and low rental vacancy rates, many markets have seen housing prices outpace inflation. Over the 12 months through January of this year, the CoreLogic Home Price Index recorded a 6.9 percent rise in home prices nationally and the CoreLogic Single-Family Rental Index was up 2.7 percent – both rising faster than inflation,” said Dr. Frank Nothaft, the chief economist for CoreLogic.

In January, 13 states, as well as Washington, D.C. hit new home price peaks. Only Maine saw negative home price appreciation.

In Pennsylvania, home prices decreased 0.2 percent from December to January. Year-to-year, the commonwealth only saw an increase of 2.9 percent. CoreLogic predicts that prices will increase 0.1 percent in February, and 3.9 percent by January 2018 in Pennsylvania.

“Home prices continue to climb across the nation, and the spring home buying season is shaping up to be one of the strongest in recent memory,” said Frank Martell, president and CEO of CoreLogic. “A potent mix of progressive economic recovery, demographics, tight housing stocks and continued low mortgage rates are expected to support this robust market outlook for the foreseeable future. We expect the CoreLogic Home Price Index to rise 4.8 percent nationally over the next 12 months, buoyed by lack of supply and continued high demand.”

Number of foreclosures continues to decrease

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Foreclosures have dropped nearly 40 percent year-to-year, according to CoreLogic’s recently-released December 2016 National Foreclosure Report.

In December 2016, there were 21,000 completed foreclosures, down 15,000 from December 2015. In December 2015, about 467,000 houses were in a stage of disclosure, compared to 335,000 a year later.

Additionally, the seriously delinquent rate was 2.6 percent in December, the lowest it has been since June of 2007. The serious delinquent rate is those homes that are 90 days or more past due, including loans in foreclosure or REO.

“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. Serious delinquency rates have rose in Louisiana, Wyoming and North Dakota, reflecting the weakness in oil production,” said Frank Nothaft, the chief economist at CoreLogic.

The national foreclosure inventory has dropped as well. From November to December 2016, it fell 1.9 percent, the 62nd month in a row that it declined. Year-to-year, foreclosure inventory decreased 29.5 percent.

The foreclosure rate of all homes with a mortgage dipped below 1 percent, falling to .8 percent, once again matching June 2007 levels.

In Pennsylvania, the foreclosure inventory is 1.1 percent, slightly above the national average, but nowhere near New Jersey (2.8 percent) and New York (2.7 percent). Year-to-year, the commonwealth saw a decrease of 29.1 percent in foreclosure inventory. The number of completed foreclosures for the year 2016 in Pennsylvania was 13,366, and Pennsylvania’s serious delinquency rate is above the national average, at 3.5 percent.

“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,” said CoreLogic President and CEO Anand Nallathambi.