CoreLogic US Home Price Report Shows Prices Up 7.1 Percent in March 2017

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  • National Forecast Indicates Home Prices Will Increase 4.9 Percent
    by March 2018
  • Home Prices Projected to Increase 0.6 Percent between March and
    April 2017
  • Home Prices Increased 1.6 Percent between February and March 2017

IRVINE, Calif.–(BUSINESS WIRE)–CoreLogic® (NYSE: CLGX), a leading global property
information, analytics and data-enabled solutions provider, today
released its CoreLogic Home Price Index (HPI) and HPI
Forecast for March 2017, which shows home prices are up both
year over year and month over month.


Home prices nationwide, including distressed sales, increased year over
year by 7.1 percent in March 2017 compared with March 2016 and increased
month over month by 1.6 percent in March 2017 compared with February
2017
,* according to the CoreLogic HPI.

The CoreLogic HPI Forecast indicates that home prices will increase by
4.9 percent on a year-over-year basis from March 2017 to March 2018, and
on a month-over-month basis home prices are expected to increase by 0.6
percent from March 2017 to April 2017. The CoreLogic HPI Forecast is a
projection of home prices using the CoreLogic HPI and other economic
variables. Values are derived from state-level forecasts by weighting
indices according to the number of owner-occupied households for each
state.

“Home prices posted strong gains in March 2017, and the CoreLogic Home
Price Index is only 2.8 percent from its 2006 peak,” said Dr. Frank
Nothaft, chief economist for CoreLogic. “With a forecasted increase of
almost 5 percent over the next 12 months, the index is expected to reach
the previous peak during the second half of this year. Prices in more
than half the country have already surpassed their previous peaks, and
almost 20 percent of metropolitan areas are now at their price peaks.
Nationally, price growth has gradually accelerated over the past
half-year, while rent growth for single-family rental homes has slowly
decelerated over the same period, according to the CoreLogic
Single-Family Rental Index, recording a 3 percent rise over the year
through March.”

“A potent mix of strong job gains, household formation, population
growth and still-attractive mortgage rates in the face of tight
inventories are fueling a continuing surge in home prices across the
U.S.,” said Frank Martell, president and CEO of CoreLogic. “Price gains
were broad-based with 90 percent of metropolitan areas posting
year-over-year gains. Major metropolitan areas were especially hot with
CoreLogic data indicating that four of the largest 10 markets are now
overvalued. Geographically, gains were strongest in the West with
Washington showing the highest appreciation at almost 13 percent, and
Seattle, Tacoma and Bellingham posting gains of 13 to 14 percent.”

*February data was revised. Revisions with public records data are
standard, and to ensure accuracy, CoreLogic incorporates the newly
released public data to provide updated results.

Methodology

The CoreLogic HPI is built on
industry-leading public record, servicing and securities real-estate
databases and incorporates more than 40 years of repeat-sales
transactions for analyzing home price trends. Generally released on the
first Tuesday of each month with an average five-week lag, the CoreLogic
HPI is designed to provide an early indication of home price trends by
market segment and for the Single-Family Combined tier representing the
most comprehensive set of properties (including all sales for
Single-Family Attached and Single-Family Detached properties). The
indexes are fully revised with each release and employ techniques to
signal turning points sooner. The CoreLogic HPI provides measures for
multiple market segments, referred to as tiers, based on property type,
price, time between sales, loan type (conforming vs. non-conforming) and
distressed sales. Broad national coverage is available from the national
level down to ZIP Code, including non-disclosure states.

CoreLogic HPI Forecasts are
based on a two-stage, error-correction econometric model that combines
the equilibrium home price—as a function of real disposable income per
capita—with short-run fluctuations caused by market momentum,
mean-reversion, and exogenous economic shocks like changes in the
unemployment rate. With a thirty-year forecast horizon, CoreLogic HPI
Forecasts project CoreLogic HPI levels for two tiers—Single-Family
Combined (both Attached and Detached) and Single-Family Combined
excluding distressed sales. As a companion to the CoreLogic HPI
Forecasts, Stress-Testing Scenarios align with Comprehensive Capital
Analysis and Review (CCAR) national scenarios to project five years of
home prices under baseline, adverse and severely adverse scenarios at
state, CBSA and ZIP Code-levels. The forecast accuracy represents a
95-percent statistical confidence interval with a +/- 2.0 percent margin
of error for the index.

Source: CoreLogic

The data provided are for use only by the primary recipient or the
primary recipient’s publication or broadcast. This data may not be
resold, republished or licensed to any other source, including
publications and sources owned by the primary recipient’s parent company
without prior written permission from CoreLogic. Any CoreLogic data used
for publication or broadcast, in whole or in part, must be sourced as
coming from CoreLogic, a data and analytics company. For use with
broadcast or web content, the citation must directly accompany first
reference of the data. If the data are illustrated with maps, charts,
graphs or other visual elements, the CoreLogic logo must be included on
screen or website. For questions, analysis or interpretation of the
data, contact Lori Guyton at lguyton@cvic.com
or Bill Campbell at bill@campbelllewis.com.
Data provided may not be modified without the prior written permission
of CoreLogic. Do not use the data in any unlawful manner. The data are
compiled from public records, contributory databases and proprietary
analytics, and its accuracy is dependent upon these sources.

About CoreLogic

CoreLogic (NYSE: CLGX) is a leading global property information,
analytics and data-enabled solutions provider. The company’s combined
data from public, contributory and proprietary sources includes over 4.5
billion records spanning more than 50 years, providing detailed coverage
of property, mortgages and other encumbrances, consumer credit, tenancy,
location, hazard risk and related performance information. The markets
CoreLogic serves include real estate and mortgage finance, insurance,
capital markets, and the public sector. CoreLogic delivers value to
clients through unique data, analytics, workflow technology, advisory
and managed services. Clients rely on CoreLogic to help identify and
manage growth opportunities, improve performance and mitigate risk.
Headquartered in Irvine, Calif., CoreLogic operates in North America,
Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.

CORELOGIC, the CoreLogic logo, CoreLogic HPI, CoreLogic HPI Forecast
and HPI are trademarks of CoreLogic, Inc. and/or its subsidiaries.

Contacts

CoreLogic
For real estate industry and trade media:
Bill
Campbell, 212-995-8057
bill@campbelllewis.com
or
For
general news media:

Lori Guyton, 901-277-6066
lguyton@cvic.com