Prices of previously sold US homes rose average of 7.5% in 2012, most since 2006; prices projected to rise 6% in 2013: CoreLogic
January 14, 2013
– CoreLogic (NYSE: CLGX), a leading provider of information, analytics and business services, today released its January MarketPulse report. The report indicates the CoreLogic Home Price Index (HPI®), which is based on repeat sales, increased 7.5 percent in 2012, the largest increase since 2006. In 2013, CoreLogic projects home prices to rise 6 percent due to greater affordability fueling steady demand, a lower level of real estate owned (REO) sales and a low inventory of unsold homes.
Additional key findings in the January MarketPulse report include:
Housing made an impressive recovery in 2012:
Total homes sales increased 6 percent to 4.2 million, up from 3.9 million in 2011 – the first increase since 2005.
Non-distressed homes sales increased 11 percent to 3.2 million.
New sales increased 3 percent to nearly 300,000.
Home price growth happened across many geographies.
REO sales declined more than 20 percent to 600,000, the third annual consecutive decline.
Short sales rose 23 percent to 370,000 units, the highest level since the real estate downturn began.
Serious delinquencies declined by nearly 300,000 loans in 2012, which drove the seriously delinquent rate down to 6.9 percent, from 7.4 percent in 2011. Since the January 2010 peak, serious delinquencies have declined by 1 million loans.
The housing market enters 2013 poised for further recovery:
Rising home prices will continue to slowly release pent-up supply as under-equitied borrowers are unlocked and opportunistic sellers begin to provide relief to tight inventories.
Geographic diversity in home price growth will continue.
CoreLogic expects continued market improvement in serious delinquencies.
Despite improvements and a positive outlook for the coming year, uncertainty remains on the impact of qualified mortgage and qualified residential mortgage requirements.
For a full copy of the January CoreLogic MarketPulse report, including a complete set of data and charts, visit http://www.corelogic.com/downloadable-docs/MarketPulse_2013-January.pdf.
CoreLogic (NYSE: CLGX) is a leading property information, analytics and services provider in the United States and Australia. The company's combined data from public, contributory, and proprietary sources includes over 3.3 billion records spanning more than 40 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, transportation and government. 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 seven countries. For more information, please visit www.corelogic.com.
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