Q4 2023 Brought Fewer Underwater Homes

The number of underwater homes in the U.S. dropped in Q4 2023 as home prices continued soaring, adding to the property wealth of American homeowners. Equity rose by approximately $24,000 YOY for the average borrower, according to new data from CoreLogic. A home is underwater if it has negative equity – that is, if it’s worth less than the homeowners owe. Quarter-over-quarter, the number of homes with negative equity slipped by 1.1%, accounting for just 1.8% of all mortgaged properties, the lowest number ever recorded by CoreLogic.  Annually, underwater mortgages were down by 15%. “Rising home prices continue to fuel growing home equity, which, at $298,000 per average borrower remained near historic highs at the end of 2023,” said Dr.…

Home Prices Ended 9-Month Upward Streak In November

Home prices slipped in November, breaking a nine-month streak of gains, but were up year-over-year. Prices were down 0.2% month-over-month from the month prior, according to the S&P CoreLogic Case-Shiller National Home Price NSA Index. This was the first monthly dip since January 2023. This was partly the result of mortgage rates spiking to peaks of nearly 8% in October 2023, driving demand down and forcing sellers to adjust their profit expectations. “The house price decline came at a time when mortgage rates peaked, with the average Freddie Mac 30-year fixed rate mortgage nearing 8%, according to Federal Reserve data. The rate has since fallen over 1%, which could support further annual gains in home prices,” Brian D. Luke, Head…

CoreLogic Updates AutomatIQ VOE/I

CoreLogic and Experian Verification Solutions have teamed up to enhance CoreLogic’s AutomatIQ Borrower Verification of Employment and Income. Four different verification options are now available, allowing lenders to create custom waterfall verification solutions with individual objectives. “People are at the heart of every mortgage transaction, and we want to ensure lenders are equipped with the most comprehensive solutions to bring clients a positive experience,” said Jay Kingsley, President of Mortgage Solutions, CoreLogic. AutomatIQ now includes Experian Verify, giving lenders instant access to income and employment information, and Borrower Assisted Payroll, which lets borrowers submit their information on a vendor website for quick verification. These are in addition to The Work Number and manual verification, both of which were previously offered…

Home Prices Spiked Again In August

Data released today shows home price gains improved in August both annually and month-over-month. Year-over-year, prices rose 2.6%, up from 1% in July, according to the S&P CoreLogic Case-Shiller National Home Price NSA Index. Prices were up 0.4% month-over-month before seasonal adjustment and 0.9% after. This is the seventh consecutive month of increases. Home prices are now at all-time highs in the two composites and seven stand-alone cities, and prices rose in 19 of 20 cities after seasonal adjustment (13 of them before adjustment, as well). The National Composite surpassed its previous record high with this data. Craig Lazzara, managing director at S&P DJI, noted that regional differences remain “substantial.” “On a year-over-year basis, the three best-performing metropolitan areas in…

Serious Delinquencies Fell To Lowest Point Since 1999

Serious mortgage delinquencies fell to their lowest point since 1999 in August, but financial pressures could force them up in the future. In August, 2.6% of all U.S. mortgages were in some stage of delinquency, down 0.2% YOY and 0.1% from July 2023, according to CoreLogic’s latest Loan Performance Insights Report. Early-stage delinquencies and adverse delinquencies both increased a modest 0.1% from August 2022, but serious delinquencies declined (-0.3%) to their lowest level in nearly 25 years. Overall, mortgage delinquencies remain near historic lows. CoreLogic’s data reflects the stability of homeowners swimming in record-high equity. After slipping through the end of 2022, home prices shot up once again in mid-2023, giving homeowners unprecedented financial security. With competition for well-priced homes…

Prices Trend Up, With New England Seeing A Spike

As home prices continue to rise across the country, New England is a hot spot for year-over-year gains. CoreLogic’s national Home Price Index increased for the 139th consecutive month in August, up 3.7% YOY, the biggest gain since February 2023. Prices are now 42% higher than in March of 2020, when the pandemic began. Massachusetts’ top-dollar homes reflect a growing interest in the Northeast. New Hampshire, Maine, Vermont, and Rhode Island sported the largest YOY price gains in August. Strong jobs markets and relative affordability make the Northeast and Mid-Atlantic attractive to cost-sensitive buyers, pulling them away from pricey areas that were hot in the last few years. Not every market saw an appreciation jump. In eight states, prices fell…

Home Prices Heat Up

Data released today shows annual home price gains were stagnant in June but continue heating up in the short term, with month-over-month prices rising. Year-over-year, prices remained unchanged after slipping 0.4% the prior month, according to the S&P CoreLogic Case-Shiller National Home Price NSA Index. Prices were up 0.9% month-over-month before seasonal adjustment and 0.7% after. This is the fifth consecutive month of increases. Home prices are now at all-time highs in half the cities analyzed, and the National Composite sits just 0.2% below its all-time high from last year. Craig J. Lazzara, managing director at S&P DJI, noted that regional differences remain “striking.” The West Coast hubs that saw a huge migration during the pandemic performed the worst (-5.9%).…

Home Prices Slipped YoY But Rise Monthly

Data released today shows national home prices slipped year-over-year in May but continue heating up in the short term, with month-over-month prices rising. Year-over-year, prices fell by 0.5%, down from -0.1% the prior month, according to the S&P CoreLogic Case-Shiller National Home Price NSA Index. The 20-City Composite posted a -1.7% year-over-year decline, unchanged from the month prior, as home prices have recently seen a boost. Craig J. Lazzara, managing director at S&P DJI, noted that regional differences are still “striking,” with the West Coast hubs that saw huge migration during the pandemic having the weakest growth. The Southeast (+2.1%) continues to see strong growth, though this month its top-performer crown was stolen by the Midwest (+2.7%). Looking at cities,…

Ex-CoreLogic Exec Melanie Graper Joins loanDepot

Former CoreLogic exec Melanie Graper has been named chief human resources officer at loanDepot, the company announced in a press release. Graper will lead all aspects of the company’s human capital function. She succeeds Kevin Tackaberry, whose departure was announced last month, and will report to President and CEO Frank Martell. “I’m excited to be joining loanDepot at such a pivotal time in the industry and look forward to partnering with Frank and the executive team to deliver an exceptional experience for loanDepot employees, customers, and shareholders,” said Graper. Prior to loanDepot, Graper’s most recent position was with CoreLogic as chief human resources officer from 2019 to February of this year and she served on its executive committee. Graper’s other…

Financial Assistance For Homeowners Expands As Interest Rates Continue To Skyrocket

By NICOLE MURRAY There have been 1.3 million cases where loss mitigation options have helped borrowers remain in their homes since the start of the Covid-19 pandemic, according to officials at the U.S. Department of Housing and Urban Development. A few common tools available through these home retention programs include a loan modification, forbearance agreement, or repayment plan. However, some of these resources that once were effective in avoiding foreclosures now result in little to no reductions in monthly mortgage payments due to spiking interest rates. As a result, a new proposal is being offered by the Federal Housing Administration, so borrowers have a potentially more effective option to avoid foreclosure. This tool is called the Payment Supplement Partial Claim.…