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COVID Whitepaper

The Pandemic as a Catalyst for Change

COVID-19 has fundamentally reshaped our industry, raising tough questions for the housing market.

What housing trends shape the way we do business? How have home closings and delinquency rates created ripple effects in real estate, lending and insurance?

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How will coronavirus impact the global real estate economy?

The novel coronavirus (COVID-19) continues to reshape the way our world is interconnected, from how we conduct business to how we live our lives.

Amidst all the uncertainty, both in the U.S. and around the world, we felt it was more important than ever to be able to share our insights as it relates to the global housing economy. COVID-19: Housing Market Updates will explore topics involving the intersection of the coronavirus pandemic and the economy, housing market and risk.

In the housing analysis tab, economists and risk experts will share insights on the evolving situation. The media coverage tab will feature key interviews and press, and the practical solutions tab seeks to provide creative solutions, accelerating virtual and automated processes across the business landscape, enabling you to continue to support your clients.

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Real Estate

Real Estate

CoreLogic Chief Economist Frank Nothaft and senior leaders of the Real Estate and Rental Property Solutions Groups sat down to discuss impacts on the real estate market.

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CoreLogic Chief Economist Frank Nothaft and senior executives of the Mortgage Solutions Group sat down to discuss the uncertainty and trends in the mortgage industry.

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CoreLogic Chief Scientist Howard Botts and senior leadership in the Insurance and Spatial Group discuss how COVID-19 has impacted the insurance industry.

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                   LATEST ANALYSIS


Look for housing to rescue the economy, Nothaft says

The housing industry got a bad reputation the last time the American economy tanked.

Not the houses themselves – most of them are still in place, perhaps painted a time or two since 2008, now being used to home-school children and provide families with shelter from the worst pandemic in more than a century.

It was, specifically, a risky sub-sector of home financing – subprime loans – that got packaged into bonds, stamped with Triple-A ratings and sold at huge profits to investors including pension funds and Wall Street banks. When banks started failing, it pushed the nation’s financial system to the brink.

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CoreLogic Analysis in the News

Real-estate brokers, economists and some home buyers are looking beyond the pandemic-driven slump in home sales and seizing on signs that the housing market is strengthening.

Most of the numbers for April looked dire. Pending home sales for the month fell nearly 34% from a year earlier, the biggest annual decline on record, the National Association of Realtors said on Thursday.

Rising unemployment and widespread shelter-in-place rules that hindered in-person showings and contract signings caused activity to plummet, economist and real-estate agents said. The number of homes for sale remains low in many markets, and sellers remain cautious about strangers touring their homes.

The uncertainty of the coronavirus pandemic is weighing on rent prices, pushing growth to a decade low. 

Single-family rents grew only 1.7% annually in May according to a Tuesday report from CoreLogic. The growth rate is a stong deceleration from the 2.4% that rents grew in April, according to the report, and is the lowest growth rate since July 2010, measured by CoreLogic's Single-Family Rent Index. 

"Despite local economies beginning to open back up in May, rental demand continued to be impacted by unprecedented unemployment rates and stay-at-home directives, which contributed to the slowing in rent prices," Molly Boesel, principal economist for CoreLogic, wrote in the report.

CoreLogic Principal Economist Molly Boesel joins Yahoo Finance’s Akiko Fujita to discuss how the coronavirus is impacting the housing market.

Home sales may have slowed to a trickle, as much of the national economy shut down in the face of the coronavirus pandemic, but home prices did just the opposite.

Nationally, values rose 5.4% annually in April, a sharp increase from the 4.5% annual increase in March, according to CoreLogic. The gain in prices was driven by a record drop in the supply of homes for sale. Not only did some sellers pull their listings in April, but most of those who planned to list decided to wait. 

In his 17 years as a Seattle real estate broker, Sam Mansour had never witnessed a marvel to match the shopping frenzy that took flight in the first days of reopening. “We were shut down by shelter-in-place orders in early March,” recalls Mansour. “When we returned to work, we saw a surge in buyers that continues, with no end in sight. Many customers have condos in the city, but now both husband and wife are working at home, so to get more space and enjoy a backyard, they’re buying second homes. On top of that, we have young renters who are rushing to buy because rates are so low.

Frank Nothaft

Frank Nothaft

Executive, Chief Economist, Office of the Chief Economist

Frank Nothaft holds the title executive, chief economist for CoreLogic. He leads the Office of the Chief Economist and is responsible for analysis, commentary and forecasting trends in global real estate, insurance and mortgage markets.

Before joining CoreLogic Frank served in a variety of leadership positions with increasing responsibility at Freddie Mac. Most recently, he was vice president and chief economist responsible for forecasts, research and analysis of the macro economy, housing and mortgage markets. Prior to Freddie Mac, Frank was an economist with the Board of Governors of the Federal Reserve System, where he served in the mortgage and consumer finance section and as assistant to Governor Henry C. Wallich.

Molly Boesel

Molly Boesel

Principal, Economist, Office of the Chief Economist

Molly Boesel holds the title principal, economist for CoreLogic in the Office of the Chief Economist and is responsible for analyzing and forecasting housing and mortgage market trends.

She has more than 20 years of experience of expertise in mortgage market analysis, model development and risk analysis in the housing finance industry. Molly previously worked at both Fannie Mae and Freddie Mac. While at Fannie Mae she provided Fannie Mae’s official monthly forecast for the economy, housing market, and mortgage market stocks and flows, and provided analyses on trends in the mortgage market, including characteristics of borrowers, homeowners, and mortgage products.

Tom Larsen

Tom Larsen

Principal, Content Strategy, Insurance Solutions

Tom Larsen is a content strategy principal for CoreLogic Insurance and Spatial Solutions. In this role, Tom is responsible for subject matter expertise and thought leadership focused around driving revenue growth and profitability goals via the identification of new solution areas and continuous white space capture.

Tom joined the CoreLogic team in 2013 with the acquisition of EQECAT, Inc., a catastrophe risk management organization where he held the title of Senior Vice President and Chief Product Architect. Tom has experience in natural catastrophe modeling for the insurance and reinsurance industries, and government dating back to 1989. He has written articles for numerous trade publications, participated on various industry panels; as well undertaken speaking engagements on the topic of the financial impacts of natural catastrophes.

Tom earned a Masters of Engineering in Structural Mechanics from the University of California, Berkeley, and a B.S. in Civil Engineering from Stanford University.

Selma Hepp

Selma Hepp

Executive, Research & Insights and Deputy Chief Economist, Office of the Chief Economist

Selma Hepp holds the title executive, research & insights and deputy chief economist for CoreLogic. She is responsible for analyzing, interpreting and forecasting economic trends in real estate, mortgage and insurance.

Prior to joining CoreLogic, Hepp was chief economist and vice president of Business Intelligence for Pacific Union International, Inc. Hepp joined Pacific Union in 2016 to oversee the vital economic and technology intelligence to drive the expanding brokerage’s success. Additionally, she authored Pacific Union’s Economic Straight Talk columns, a series of reports that analyze current economic trends to clarify real estate investing. Hepp was previously chief economist for Trulia, senior economist for the California Association of Realtors, and economist for the National Association of Realtors.

She earned her Master of Arts in Economics from the State University of New York, Buffalo and a Ph.D. from the University of Maryland.

Stuart Pratt

Stuart Pratt

Executive, Global Head of Public Policy & Industry Relations

Stuart Pratt leads the company’s public policy and business unit engagements with US and foreign governments. He also oversees the company’s liaison and research programs with think tanks, consumer groups, and trade associations. Reporting to the CEO, Pratt advises him on enterprise-wide reputational, policy and risk issues. As a member of the company’s Executive Committee he contributes to the company’s design and execution of its strategic and annual business plans. Previously Pratt served as president and CEO of the Consumer Data Industry Association (CDIA). He currently serves on the Board of Directors of the Housing Policy Council and the CDIA.

Pete Carroll

Pete Carroll

Executive, Public Policy & Industry Relations

Pete Carroll is executive, Public Policy& Industry Relations with CoreLogic. In this role, Pete directly oversees industry and public-sector engagement programs, drives enterprise strategic initiatives for CoreLogic, and expands opportunities for the company’s thought leadership, insights, brand awareness, and solutions expertise within Washington, DC and across the Federal Housing Agencies and other stakeholders.

Prior to joining CoreLogic, Carroll was executive vice president of Quicken Loans where he led the development and discussion of Quicken’s positions on a broad spectrum of policy issues. Earlier, he was senior vice president, Capital Markets, at Wells Fargo and was the assistant director, Office of Mortgage Markets, at the Consumer Financial Protection Bureau (CFPB).

He holds a bachelor’s degree in international relations from Connecticut College. Currently, he serves on the Mortgage Bankers Association’s (MBA) Mortgage Industry Standards Maintenance Organization (MISMO).

Maiclaire Bolton Smith

Maiclaire Bolton Smith

Senior Leader, Research & Content Strategy

Maiclaire Bolton Smith is a seismologist and holds the title of Senior Leader, Research & Content Strategy for CoreLogic.

Prior to her time at CoreLogic, Maiclaire held previous positions at RMS, Emergency Management British Columbia, the International Seismological Centre and the Geological Survey of Canada. Maiclaire joined CoreLogic in March of 2013 and leads Thought Leadership for the Insurance and Spatial Solutions division of CoreLogic. She also leads the team specializing in catastrophic event response, providing timely and key insights to the market about the impact of natural disasters on the housing economy.

Maiclaire earned a M.S. in Geophysics, specializing in earthquake seismology from the University of Victoria, and a B.S. in Geophysics from Western University. Maiclaire is based in Oakland, Calif.

Shu Chen

Shu Chen

Sr. Professional, Economist, Office of the Chief Economist

Shu Chen holds the title senior professional, economist for the CoreLogic information solutions group. In this role, she is part of the Office of the Chief Economist working with senior economists to provide insights for the Home Price Index, Single-Family Rent Index and she regularly performs analysis of the home value equity report.

About CoreLogic

CoreLogic (NYSE: CLGX), the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, acquire and protect their homes.

Practical Solutions for Real Estate Services

The past several weeks have been a period of unprecedented uncertainty for you, your families, our industry, our nation and the entire world. The COVID-19 outbreak has left no corner of our immediate and wider world untouched. Day by day, we are facing and adjusting to new facts and circumstances.

Uncertainty and change will be with us for some time. While some economic impacts are clear, more are coming to light each day as new data is revealed. As a result of this pandemic, the ways we work and collaborate force us to be creative in how we service our clients,  accelerating virtual and automated processes across the business landscape. Whether you are a bank, lender, insurer, agent or anything in between, our goal is to enable you to continue to support you so that in turn you can continue to support your clients.

Digital Homebuying Solutions

Digital Homebuying

With open houses cancelled and buyers staying home, social distancing has created unique challenges for the real estate industry. Real estate agents need a way to show homes and maintain business while keeping buyers, sellers and themselves safe.

How do real estate professionals enable people to find and buy their homes during this time?

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Automated Loan Modifications

Automated Loan

Consumers are struggling to manage their finances in the current economic uncertainty. As a result, many lenders are overwhelmed with requests for forbearances and loan modifications.

How do you improve the speed and consistency of your mod decisioning and fulfillment while staying compliant?

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Appraisal Management and Collateral Underwriting

Appraisal Management and Collateral Underwriting

To help consumers and appraisers maintain effective social distancing, Fannie, Freddie, FHA and VA have temporarily relaxed their requirements – in most cases, allowing an appraisal without an interior inspection of the home.

  Does your Appraisal Management platform have automated underwriting tools that can meet these changes today? Ours does.

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Insurance, Real Estate and Rental Solutions

Mortgage Solutions