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CoreLogic Econ


Cash Sales Made Up 35 Percent of Total Home Sales in September 2014

Cash Share Fell for 21st Consecutive Month on a Year Over Year Basis

Molly Boesel    |    Housing Trends

Cash sales made up 34.8 percent of total home sales in September 2014, down from 37.2 percent in September 2013.  The year-over-year share has fallen each month since January 2013, making September the 21st consecutive month of declines. Month over month, the cash sales share ticked up by one percentage point, however, cash sales share comparisons should be made on a year-over-year basis due to the seasonal nature of the housing market. Prior to the housing crisis, the cash sales...

National Foreclosure Inventory Down 31 Percent Nationally From October 2013

Nevada Had the Largest Year-Over-Year Decline in Serious Delinquencies of Any State

Molly Boesel    |    Mortgage Trends

Today CoreLogic reported that the national foreclosure inventory fell by 30.9 percent year over year in October 2014 to approximately 605,000 homes, or 1.6 percent of all homes with a mortgage, down from 875,000, or 2.1 percent, in October 2013. This marks 36 months of continuous year-over-year declines in the inventory of foreclosed homes, including 21 straight months of declines greater than 20 percent, as shown in Figure 1. Also in October, the 12-month sum of completed foreclosures...

October 2014 Home Prices Increased 6.1 Percent Year Over Year

Low-Price Segment Increased 8.5 Percent Since October 2013

Molly Boesel    |    Housing Trends

Today, CoreLogic reported that October 2014 national home prices increased by 6.1 percent year over year, and by 0.5 percent month over month. This marks the 32nd consecutive month of year-over-year increases in the CoreLogic Home Price Index (HPI). Excluding distressed sales, home prices increased 5.6 percent from October 2013 and were up 0.6 percent from the prior month. Including distressed sales, prices were still 12.4 percent below...

A Ripple, Not a Wave

Predicting the Impact from Future HELOC Loan Resets

Sam Khater    |    Housing Trends

The surge in mortgage debt during the mid-2000s was partly fueled by an increase in home equity lines of credit (HELOC) loans as borrowers took advantage of the rapid run-up in home prices to extract equity. Borrowers tapped home equity to supplement their incomes to provide an additional source of liquidity. Part of the reason for the soaring popularity of HELOCs was that unlike the first-lien mortgage market, which is composed primarily of fully amortizing loans, HELOC loans were...

Distressed Sales Accounted for 12 Percent of Total Home Sales in September 2014

Michigan Had the Largest Distressed Sales Share of Any State

Molly Boesel    |    Housing Trends

Distressed sales (REO and short sales) accounted for 11.8 percent of total home sales nationally in September 2014, a strong improvement from the same time a year ago when this category made up 15.2 percent of total sales. Within this category, REO sales made up 7.8 percent of total home sales in September, and short sales made up 4 percent. At its peak, the distressed sales share totaled 32.4 percent of all sales in January 2009, with REO sales making up 28 percent of that share. The...

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