The MarketPulse
CoreLogic has released a new monthly economic publication, the CoreLogic MarketPulse report. The MarketPulse provides monthly insight into the current and future health of the U.S. economic climate with particular focus on housing and mortgage metrics. Chief Economist Mark Fleming and Senior Economist Sam Khater authored the articles and commentary.
Key findings in the May MarketPulse Report include:
- The national housing market is transitioning to more stability in sales and home prices, with reasonable inventory levels and a declining share of REO sales.
- Short sales, modifications, and other foreclosure alternatives are playing a larger role than in years past, and the flow of new foreclosures is declining with an improving economy.
- Mortgage performance is experiencing a slow and steady improvement as the 90+ day serious delinquency rate in March fell to 7.0 percent, the lowest rate since July 2009. “This decline in serious delinquency represents a significant reduction of approximately three quarters of a million borrowers,” said Fleming in the report.
- Overall home sales activity continues to improve, with total sales eclipsing 410,000, up more than 20 percent from a year ago and the highest March sales rate since 2007.
- While the national market continues to improve, it masks regional variation where some local markets are improving much more rapidly than others. The most improved markets from a year ago are Phoenix, Boise and Salt Lake City.
- Home prices are at, or very close to, the bottom as the Memorial Day weekend approaches.
