Selma Hepp Named CoreLogic Chief Economist

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…

Price Appreciation Slows To Half Of April Peak

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…

Find The Right People: New Platform Could Transform How Lenders Recruit Loan Officers

By KIMBERLEY HAAS Leaders at Big Purple Dot and CoreLogic have come together to launch a platform that provides detailed production data on loan officers and a service to help lending companies in their recruiting efforts. Roxana Davidoff, Founder and CEO of Big Purple Dot in Irvine, California, recently sat down with The Mortgage Note to explain why this data is needed by lenders as the housing market cools following a whirlwind pandemic-driven surge. “We understand where we are headed in this environment, where before people were hired just to fund a loan. Business was so hot people were funding loans every single day. Now the music has slowed down and people need to take a look now, and they…

Fleeing To Florida For Freedom: Some Who Moved During Pandemic Were Seeking More Than Warmer Weather

By KIMBERLEY HAAS A realtor who works in Florida says he has represented a number of buyers in the past two years that moved to the Sunshine State for more than its warm weather. They were escaping COVID pandemic restrictions, John Alestra, who works at Agile Group Realty in Tampa, said in a recent interview with The Mortgage Note. “A lot of the feedback I got from folks, a lot of it was just they didn’t want to deal with their states. They saw how they handled the pandemic. They wanted to make that move to a state where they felt they could live their lives a little more freely,” Alestra said. Alestra said they missed the basic life they…

Price Growth Cooled Again In September But Remains Strong In Southeastern States

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…

Credit Availability Falls To Lowest Point Since 2013

Mortgage credit availability dropped to its lowest level since March 2013 in September, according to the Mortgage Bankers Association’s (MBA) Mortgage Credit Availability Index (MCAI). The MCAI fell by 5.4% to a reading of 102.5 last month. This is the seventh straight month of tightening lending standards. The Conventional MCAI fell 4.9%. Its component indices also declined, with the Jumbo down 5.8% and the Conforming down 3.6%. The Government MCAI also dropped by 5.8%. This index has fallen in seven of the last eight months, and is now its lowest point since April 2013. Most of these indices have fallen to their lowest levels in more than a year. “With the likelihood of a weakening economy, which would lead to…

Officials: Beware Of Scammers, How To Get Help After Hurricane Ian

By KIMBERLEY HAAS Officials at the Federal Emergency Management Agency are warning survivors of Hurricane Ian they should be aware of con artists and criminals looking to take advantage of the situation. Predators may promise homeowners a disaster grant in return for payment or fill out an application for assistance without a person’s knowledge, according to the FEMA website. “If a FEMA Inspector comes to your home and you did not submit a FEMA application, your information may have been used without your knowledge to create a FEMA application. If so, please inform the inspector that you did not apply for FEMA assistance so they can submit a request to stop further processing of the application,” the website says. People…

Price Growth Cooled In July But Remains Elevated

Home price appreciation cooled in July though growth remained elevated from a year earlier, according to new data. The S&P CoreLogic Case-Shiller National Home Price NSA Index saw home prices decelerate, posting a 15.8% annual gain in July, down from 18.1% in the previous month. This is the largest monthly deceleration in the history of the index. “Although U.S. housing prices remain substantially above their year-ago levels, July’s report reflects a forceful deceleration,” said Craig J. Lazzara, Managing Director at S&P DJI. The 10-City Composite reported a 14.9% increase YOY, down from 17.4% in June, while the 20-City Composite rose by 16.1% YOY, down from 18.7%. July’s gains were less than June’s for each of the 20 cities analyzed. Tampa…

Fraud Risk Fell Overall In Q2, Though Fraud Associated With Purchase Loans Ticked Up

Mortgage fraud risk dropped 7.5% YOY in Q2 2022, with one in 131 mortgage applications containing instances of fraud, CoreLogic reported. In contrast, Q2 2021 saw fraud in 1 in 120 applications. Mortgage fraud is defined as the deliberate act of lying or omitting information that is used by an underwriter or lender to fund, purchase, or insure a mortgage loan. CoreLogic’s Mortgage Fraud Risk Index showed fraud risk in mid-2022 coming down from a point of high risk in 2021. The company said it is also partly due to a recalibration of its sourcing model in Q1 2022. After the update, the index showed higher risk during certain months in Q2. For example, while overall fraud risk fell, income…

Home Price Growth Remains High, But Slows For Second Month Straight

Home price appreciation slowed for the second month straight in June, but remains in the high double-digits. CoreLogic’s Home Price Index found that home prices increased by 18.3% YOY in June, the 125th month of consecutive annual price growth. This is down from May’s 20.2% YOY increase. CoreLogic attributes the cool-off to reduced buyer demand from rising interest rates and concerns about the economy. Month-over-month, prices are down 0.6%. “Signs of a broader slowdown in the housing market are evident, as home price growth decelerated for the second consecutive month. This is in line with our previous expectations and given the notable cooling of buyer demand due to higher mortgage rates and the resulting increased cost of homeownership,” said Selma…