Case-Shiller

CoreLogic Acquisition of Case-Shiller

CoreLogic Case Shiller Indexes

CoreLogic® recently announced that Case-Shiller® joined CoreLogic. This addition to the CoreLogic property valuation and trends suite of solutions strengthens the comprehensive, industry-leading data, analytics, and services available to our clients.

The CoreLogic Case-Shiller Indexes include:

  • Over 6,000 indexes covering states, counties, metros and ZIP codes across the US
  • 30 year home price forecasts for all indexes
  • Custom Index set for S&P Dow Jones Indices

CoreLogic Case-Shiller Indexes help securities investors, mortgage banks, servicing operations, and government agencies make property valuations, assess and manage risk, mitigate losses, and control appraisal quality. They include the CoreLogic Case-Shiller HPI™, Default Correction Factors, and Home Price Forecasts—which allow you to:

  • Track residential real estate trends
  • Manage price risk within specific U.S. markets
  • Value loan portfolio collateral
  • Estimate default probabilities and loss severity within specific markets
  • Determine firm capital sufficiency

As a compliment to CoreLogic Case-Shiller Indexes, we offer a number of ancillary advisory services, market research information, and delivery capabilities.

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Insights

CoreLogic publishes quarterly CoreLogic Case-Shiller Indexes™ historical trend reports along with Case-Shiller Home Price Forecasts. The S&P/Case-Shiller Home Price Indices are created from CoreLogic Case-Shiller™ data and published monthly by S&P Dow Jones Indices.

To access the previous four quarters of Case-Shiller Index reports, please visit CoreLogic Case-Shiller Indexes.

Authoritative Information and Analytics

CoreLogic Case Shiller Indexes

CoreLogic Case-Shiller Indexes provide a wide range of housing information and analytics in products focused on property data, collateral valuation, and home price trends and forecasts.

CoreLogic Case-Shiller products include:

  • CoreLogic Case-Shiller Indexes

    This solution measures the change in home prices in particular geographical markets over time—covering more than 5,300 ZIP codes in more than 300 counties and 100 metro areas. The Indexes are widely recognized as a trustworthy and authoritative measure of past and future home price trends. They are used by leading mortgage banks, investment banks, and hedge funds to monitor portfolio risk, set capital reserves, perform collateral due diligence, and drive borrower retention and market opportunity programs.

Typical delivery of the CoreLogic Case-Shiller Indexes is also accompanied by a complimentary set of Indexes produced by the Federal Housing and Finance Agency, as a service to customers. These additional Indexes offer coverage in state and metro areas not covered by the Case-Shiller Indexes.

  • S&P/Case-Shiller Home Price Indices

    The S&P/Case-Shiller Home Price Indices published by S&P Dow Jones Indices use the CoreLogic Case-Shiller HPI methodology to track changes in the value of the residential real estate market on a monthly basis. This family of indices consists of a national home-price index (see below), a 20-city composite index, a 10-city composite index, and 20 individual metro-area indices. The S&P/Case-Shiller U.S. National Home Price Index—calculated on a quarterly basis—is a broad composite of single-family home price indices for the nine U.S. Census divisions.

The S&P/Case-Shiller Home Price Indices are also published to public markets as a benchmark for financial instruments on home prices. The S&P/Case-Shiller Home Price Indices are utilized as the basis for the CME futures on the U.S. residential housing market, which is an important tool to manage risk in the $16 trillion-U.S. housing market.

  • Moody’s Analytics

    CoreLogic, together with Moody’s Analytics, offers the Case-Shiller Home Price Index Forecasts to provide clients with enhanced home-price forecasting capabilities. Moody’s Analytics U.S. macroeconomic and regional economic models are used to forecast CoreLogic Case-Shiller Indexes under alternative regulator-defined economic scenarios—including oil price shocks, financial market distress, dollar devaluations, and others. This provides strategic planners critical information about how economic stresses could affect future housing prices—and has become a vital part of successful risk management and strategic planning.

  • CoreLogic Case-Shiller Home Price Forecaster

    The Home Price Forecaster report gives originators, servicers and investors a low-cost method of validating the direction of area property values when reviewing appraisals, BPOs or a distressed loan. This report targets the five-year history and two-year forecast of home price trends on a unique property-by-property basis. It presents and graphs property trend data, population, and average real estate values.

  • HomeIQ

    When property information is limited or a loan originator wants a ballpark estimate of a loan applicant's home value before ordering an expensive appraisal, this interactive indexed property value computes a value estimate based on information you provide.

Whether you're determining value for a home equity loan, evaluating risk for an entire loan portfolio, modeling aggregate collateral value in a security, or researching historic real estate valuation trends, our CoreLogic Case-Shiller products can help clarify your task, simplify your challenge, and produce results that sharpen your understanding and enhance your results.

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Insights

CoreLogic publishes quarterly CoreLogic Case-Shiller Indexes™ historical trend reports along with Case-Shiller Home Price Forecasts. The S&P/Case-Shiller Home Price Indices are created from CoreLogic Case-Shiller™ data and published monthly by S&P Dow Jones Indices.

To access the previous four quarters of Case-Shiller Index reports, please visit CoreLogic Case-Shiller Indexes.

The Creators

The CoreLogic Case-Shiller Indexes are calculated from single-family-home repeat-sales data, an approach developed in the 1980s by economists Karl Case and Robert Shiller. Case created a method for comparing repeat sales prices of the same homes, then worked with Shiller—who was researching behavioral finance—to develop a repeat-sales measurement index. Weiss, one of Shiller’s graduate students at the time, persuaded them to form a company, Case Shiller Weiss, to produce the index and sell the information to the markets.

The information management company Fiserv bought Case Shiller Weiss in 2002 and together with S&P Dow Jones Indices developed the tradable indices which are now commonly known as the S&P/Case–Shiller Home Price Indices. CoreLogic acquired Case-Shiller from Fiserv in 2013—and continues to serve Case-Shiller clients, Standard & Poor’s, and Moody’s Analytics.

Contact a Solution Expert

Insights

CoreLogic publishes quarterly CoreLogic Case-Shiller Indexes™ historical trend reports along with Case-Shiller Home Price Forecasts. The S&P/Case-Shiller Home Price Indices are created from CoreLogic Case-Shiller™ data and published monthly by S&P Dow Jones Indices.

To access the previous four quarters of Case-Shiller Index reports, please visit CoreLogic Case-Shiller Indexes.

Creating Trust

CoreLogic Case Shiller Indexes

Unlike methods using an average or median of all sales in a given market, CoreLogic Case-Shiller Indexes measure price changes between transactions on the same individual homes—comparing apples to apples, as it were. CoreLogic Case-Shiller analysts carefully validate the results to eliminate unrealistic volatility due to inconsistent or erroneous data.

Benefits offered by CoreLogic Case-Shiller Indexes include:

  • Accurate measures of home price trends
  • Comprehensive geographic coverage
  • Baseline and scenario forecasts for all indexes
  • Indexes for single-family homes and condominiums
  • Indexes for high-, middle-, and low-priced homes
  • Widely trusted by professionals seeking model-data accuracy and reliability

The CoreLogic Case-Shiller Indexes have been selected as the basis for the first exchange-traded derivatives in the U.S. residential housing market.

Contact a Solution Expert

Insights

CoreLogic publishes quarterly CoreLogic Case-Shiller Indexes™ historical trend reports along with Case-Shiller Home Price Forecasts. The S&P/Case-Shiller Home Price Indices are created from CoreLogic Case-Shiller™ data and published monthly by S&P Dow Jones Indices.

To access the previous four quarters of Case-Shiller Index reports, please visit CoreLogic Case-Shiller Indexes.

The Science of Repeat Sales

CoreLogic Case-Shiller Indexes use the repeat sales method for index calculation, analyzing data on single-family properties that have two or more recorded sales transactions. Changes in housing types and sizes or physical characteristics are specifically excluded from the calculations to avoid affecting the index value incorrectly.

Calculation
The principal variable used in index calculations is the price change between two arms-length sales of the same single-family home. For each sales transaction, a search is conducted to acquire information on any previous sale of the same property. If an earlier transaction is found, the two are paired and considered a “repeat sales transaction.”

Each sales pair is examined to eliminate factors that might distort the calculations, including:

  • Non-arms-length transactions (e.g., transfers between family members)
  • Transactions in which the property type designation has changed
  • Any suspect data

Sales pairs with approved data are aggregated with all other sales pairs found in a particular Census division, state, metro area, county or zip code market to independently calculate each Case-Shiller model. The national index is a composite of the Case-Shiller Census division indexes.

Weighted Pairs
Different weights are assigned to different changes in home prices, based on their statistical distribution in that geographic region. The weighting schemes include:

  • Price Anomalies – Smaller weights are assigned to homes that appear to have changed in quality or to sales that are not otherwise representative of market price trends
  • High Turnover Frequency – Homes that sell more than once within six months are excluded from the calculation of any index
  • Time Interval Adjustments – Longer sales pair intervals are assigned less weight than pairs with shorter intervals/li>
  • Initial Home Value – Each pair is assigned a weight equal to the first sale price

Both price anomalies and longer time intervals can indicate physical changes to a home. High turnover frequency and shorter intervals can indicate that the transaction is not at arms-length, precedes or follows the property’s redevelopment, or is fraudulent. The index then tracks the aggregate/average value of all homes in the market.

Contact a Solution Expert

Insights

CoreLogic publishes quarterly CoreLogic Case-Shiller Indexes™ historical trend reports along with Case-Shiller Home Price Forecasts. The S&P/Case-Shiller Home Price Indices are created from CoreLogic Case-Shiller™ data and published monthly by S&P Dow Jones Indices.

To access the previous four quarters of Case-Shiller Index reports, please visit CoreLogic Case-Shiller Indexes.

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