Media Advisory: CoreLogic® Releases U.S. Housing and Mortgage Trends Report
Real Estate Industry and Trade Media
Campbell Lewis Communications
Email Media Contact
Crosby-Volmer International Communications
October 19, 2011, Santa Ana, Calif. –
Homeownership Rates Down Almost 10 Percent Among Prime Buying Groups
A Majority of REO Properties Sold by Lenders Do Not Go Back Into REO
CoreLogic (NYSE: CLGX), a leading provider of information, analytics and business services, today released its U.S. Housing and Mortgage Trends, a report that provides data on housing sales, valuation, negative equity, shadow inventory and foreclosure activity and trends. The latest trends report from CoreLogic shows that homeownership rates for the 25 to 34 and 35 to 44 prime homebuyer age cohorts are down almost 10 percent in 2010 compared to 1980. The report also shows:
- Real median income for prime home-buying age segment in 2010 was at the same level as in the late 1970s.
- Median income fell by 2.3 percent from 2009 to 2010, and real median income has declined more than 7 percent since its peak in 1999.
- Consumers continue to allocate a higher share of household expenditures to housing, which means they have less money left to spend on non-housing consumption.
- Of the foreclosure properties that were auctioned in 2006, 66 percent became REO properties. Once in REO, 85 percent have only sold once and have not gone back into REO.
- The REO recidivism rate within five years of the initial REO sale is only 2 percent.
- Investors have shifted from buying properties at foreclosure auction to buying properties at the REO sale, increasing the burden of losses on the banks holding REO properties.
The full CoreLogic U.S. Housing and Mortgage Trends report is available at http://www.corelogic.com/about-us/researchtrends/us-housing-and-mortgage-trends.aspx.
CoreLogic (NYSE: CLGX) is a leading provider of consumer, financial and property information, analytics and services to business and government. The company combines public, contributory and proprietary data to develop predictive decision analytics and provide business services that bring dynamic insight and transparency to the markets it serves. CoreLogic has built the largest U.S. real estate, mortgage application, fraud, and loan performance databases and is a recognized leading provider of mortgage and automotive credit reporting, property tax, valuation, flood determination, and geospatial analytics and services. More than one million users rely on CoreLogic to assess risk, support underwriting, investment and marketing decisions, prevent fraud, and improve business performance in their daily operations. The company, headquartered in Santa Ana, Calif., has more than 6,500 employees globally with 2010 revenues of $1.6 billion. For more information visit www.corelogic.com.
CORELOGIC and the stylized CoreLogic logo, are registered trademarks owned by CoreLogic, Inc. and/or its subsidiaries. No trademark of CoreLogic shall be used without the express written consent of CoreLogic.