Data released today shows a modest increase in home prices took place in March, signaling that home price declines may be over.
Year-over-year, prices increased by 0.7%, down from 2.1% in the prior month, according to the S&P CoreLogic Case-Shiller National Home Price NSA Index.
The 20-City Composite posted a -1.1% year-over-year decline, down from a 0.4% gain in the previous month.
“The modest increases in home prices we saw a month ago accelerated in March 2023,” Craig J. Lazzara, managing director at S&P DJI, said. “Two months of increasing prices do not a definitive recovery make, but March’s results suggest that the decline in home prices that began in June 2022 may have come to an end.”
The overall mortgage delinquency rate fell to a record low in March, according to new data from CoreLogic.
Just 2.6% of all mortgages in the U.S. were in some stage of delinquency, down 0.3% from March 2022 and 0.4% from the month prior.
This is the lowest level ever recorded. CoreLogic chalks it up to the country’s unemployment rate, which is at a 50-year low.
Serious delinquencies in particular benefitted, down 1.5% YOY to 1.1% of all mortgages, a 23-year low.
Early-stage delinquencies (1.1%) and adverse delinquencies (0.3%) were unchanged YOY. The share of mortgages in some stage of foreclosure (0.3%) and the share that transitioned from current to early-stage (0.5%) were also unchanged from the same time last…
Former homebuyer hotspots in the U.S. saw home prices fall in January as the market corrects.
The S&P CoreLogic Case-Shiller National Home Price NSA Index saw home prices decelerate for another month, posting a 3.8% annual gain in January, down from 5.6% in the previous month.
Craig J. Lazzara, Managing Director at S&P DJI, said the data marked the seventh straight month of YOY decreases.
West Coast hubs that saw huge migration during the pandemic saw their gains go negative YOY in January. The West overall saw prices decline by 1.5%. San Francisco clocked in a 7.6% drop YOY, the biggest by far, followed by Seattle with a 5.1% decrease.
Southern cities continued to see gains, with Miami, Tampa, and…
Home price appreciation continued to cool in December, with some markets seeing declining prices, according to new data.
The S&P CoreLogic Case-Shiller National Home Price NSA Index saw home prices decelerate, posting a 5.8% annual gain in December, down from 7.6% in the previous month.
Craig J. Lazzara, Managing Director at S&P DJI, said the data marked the sixth straight month of YOY decreases.
Southern cities continued to see gains, with Miami, Tampa, and Atlanta all recording 10%+ increases despite the cooldown in other metros.
Pricey Western metros saw YOY prices fall, with San Francisco clocking in a 4.2% drop.
Month-over-month prices fell in all twenty cities analyzed, however, with a median decline of -1.1%.
“The prospect of stable, or…
Despite the market correction, housing ended 2022 on a strong note, CoreLogic reports.
Delinquencies and foreclosures were historically low throughout 2022 and remained that way at year-end, with both seeing only minor upticks in December compared to the previous six months. Both hit their bottoms in early 2022 and have barely moved since.
Only 3% of all mortgages in the U.S. were in some stage of delinquency, including in foreclosure, with a 0.4% decrease YOY and less than a 0.1% increase month-over-month.
Serious delinquencies fell 0.7% YOY, accounting for 1.2% of mortgages compared to 1.9% in December 2021 and a high of 4.3% in August 2020. Adverse delinquencies also dropped, down 0.1% YOY to 0.3%.
Homeowners are beginning to feel…
Selma Hepp has been named chief economist at CoreLogic, the company announced in a press release.
“I am honored and thrilled to lead our team as we continue to generate industry-leading, data-driven insights and thought-provoking perspectives on all things housing. Given the challenges of today’s housing market, CoreLogic’s depth, wealth, and consistency of data position us to provide clear and actionable views of the property ecosystem, and bring value to our clients and broader markets,” Hepp said in a statement.
Hepp was named interim chief economist in July 2022 and has now cemented the title. In her role, Hepp oversees the economics team that analyzes and forecasts housing and economic trends in real estate, mortgage, and insurance.
Before her interim…
Home price appreciation is now half of what it was in April, its lowest recorded point since early 2021, according to new data from CoreLogic. October’s CoreLogic Home Price Index recorded a 10.1% increase YOY. Though still elevated, it continues to decrease from record highs earlier this year. The coming months are expected to push growth back into single digits. Month-over-month, prices were down 0.1% from September. Low inventory, waning buyer purchase power, and economic uncertainty are at the heart of the issue, CoreLogic leaders say. Price growth is expected to cool through next spring when the housing market may go negative before slowly rebounding in the latter half of 2023. CoreLogic predicts appreciation will be 4.1% next October. “Following…
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Home price growth cooled again in September, increasing only 11.4%, according to CoreLogic’s Home Price Index. This is the fifth month of lower YOY growth. Two-thirds of American metros saw at least some month-over-month declines as well, contributing to a 0.5% national decrease from August. Southeastern states continued to see higher price appreciation than other areas. Florida topped the list for the eighth straight month with 23% growth, followed by South Carolina (+17.6%) and Tennessee (+17.4%). Washington, D.C. ranked last with only 1.8% appreciation. “The rapid increase in prices during the COVID-19 pandemic caused many U.S. housing markets to reach completely unaffordable levels for potential local homebuyers,” said Selma Hepp, interim Lead of the Office of the Chief Economist at…