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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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Mortgage

Mortgage

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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Insurance

Insurance

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

Fortune:

Where are housing prices heading? Gain, then pain

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.” He’s putting roughly 10 houses into contract a month, compared with seven this time last year, and his customers are paying record prices––around 8% more for the same ranch or colonial as in 2019.

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CoreLogic Analysis in the News

The share of mortgages that went from current to 30 days past due rose to 3.4% in April, the highest reading on record, data firm CoreLogic reported this week. The previous peak in the transition rate was 2% in November 2008.

New mortgage delinquencies hit a record in April, well above anything seen during the Great Recession.

Some 3.4 percent of Americans became at least 30 days delinquent on their mortgage in April, according to an analysis from CoreLogic. The real estate data firm’s figures include about three of four U.S. mortgages, going back to 1999.

Traditionally, proposals and parenthood lead to home purchases. With interest rates below 3%, however, mortgage prices may join the list.

Economic uncertainty surrounding the coronavirus pandemic has driven mortgage rates to numerous record-lows since March. During the week ending July 16 average rates hit 2.98%, dropping below 3% for the first time. As a result, purchase applications are up 16% from a year ago and refinance applications are up 107%, according to the Mortgage Bankers Association.

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. 

 Back in February, just before the coronavirus hit the U.S. economy with a vengeance, rent growth for single-family homes had hit its highest pace in four years. Barely three months later, that growth plummeted to a decade low.

Single-family rents grew just 1.7% annually in May on a national level, according to CoreLogic. That’s the slowest growth rate in nearly a decade and a little more than half the growth these 12 million rental homes were seeing the year before. Single-family rentals make up 35% of all rental housing in the U.S., and these homes are valued at more than $2.3 trillion.

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
Solutions

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
Modifications

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