corelogic: From Housing Bubble to Negative Equity Bubble… - 04/25/13 04:51 AM
The negative equity bubble is only one of the results of the Housing bubble…bursting.  Negative equity is when someone owes more on their mortgage than the value of their property or could sell their property for, also known as underwater.  The “bubble” is the effect it has on the market.
Here is something interesting, many people who are underwater on their mortgages, don’t want to sell their homes, according to the Chicago Tribune.  They would actually prefer to wait until prices go up.  By keeping their homes off the market, they create a more competitive market.
Typically markets with very little … (0 comments)

corelogic: American Homeowners Buoyed By Reduction In Negative Equity - 09/25/12 10:44 PM
 
Many home owners who have been drowning in negative equity are finally facing relief as the markets report rising home prices. According to data from CoreLogic, a provider of consumer, financial and property analytics, negative equity mortgages declined in the second quarter of 2012, falling from 11.4 million properties to 10.8 million. Additionally, 1.8 million home owners who have less than 5%, negative equity in their homes, could move into positive equity if the recent trend in increasing home prices continues. Furthermore, since the start of the year, over 1.3 million home owners who had underwater mortgages have moved from … (0 comments)

corelogic: 46 Months of Distressed Housing Supply And Counting - 06/08/12 11:28 PM
 
46 months and counting….that is the time that Standard & Poor’s Ratings Services  said it will take to clear the nation’s distressed housing inventory per a HousingWire report. 
 
 How does this compare to prior data released?  Practically unchanced, except, that 6 months ago, the projection was 45 months…and now 6 months later, we would ideally see the duration down to 39 months.  Of course, timeframes vary between states due to quantity of inventory and whether or not the inventory is in a judicial state or non-judicial state in regards to the foreclosure process.
 
 The HousingWire report indicated … (2 comments)

corelogic: Rental Housing Is 30% Of All Purchases - 06/03/12 08:08 PM
Mary Umberger recently talked to Sam Khater, senior economist for housing data firm CoreLogic, about the rise in purchases which were rental houses and not for owner-occupancy.
There were a number of interesting facts brought up.  For instance, in December 2011, 29% of closings were for rental, this was an increase from 24.8% a year earlier. That means, only 71% of closings were for owner-occupancy.  Additionally, the strength of rental demand has driven months' supply of (available) rentals down to 4.5 months, the lowest year-end level over the past five years.
For those wondering where rental housing looks most promising, Sam … (1 comments)

corelogic: Illinois back in Top 10; This time for Shadow Inventory - 03/24/12 03:28 AM
But wait, there's more.....housing data that is.
CoreLogic estimates that for every two homes for sale across the country, there is one in shadow inventory.  They're defining a shadow inventory as a distressed property that is not  listed for sale.
Furthermore, three states -- Illinois, Florida and California -- account for more than half the 1.6 million homes in the nation's shadow inventory.  So, there you have it, once again, Illinois is ranking in the top 10 of a category that it really wishes it wasn't in.
Michael Hobbs, PahRoo Appraisal & Consultancy
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corelogic: Some More Good Foreclosure News - 03/15/12 10:00 AM
According to the National Foreclosure Report issued by Corelogic indicated that foreclosure activity improved in January 2012 compared to a year ago.
The number of completed foreclosures fell 13% year-over-year in January.  This decline has been seen by many market pundits as an overall drop in default activity.  Specifically, there were 69,000 completed foreclosures in January 2012, up from 65,000 in December and down from 80,000 last year.
Furthermore, our country had 1.4 million homes, or 3.3% of all homes, in foreclosure inventory during January.  According to an article in Housingwire.com, "
States with the highest foreclosure rates included Florida (11.8% … (0 comments)

corelogic: Swimming In Chicago Houses - 12/02/11 12:07 AM
 
Possibly you turned your attention away from Black Friday and Cyber Monday deals and advertisements to observe the wave of housing data that is starting to come out.
 
Corelogic announced that the Chicago-area experienced a slight improvement in the number of houses which were worth less than the mortgage, otherwise known as a negative equity position.  Hence, the quantity of underwater homes was still approximately 25%, which is a significant amount given that real estate is not a quickly trading asset like stocks or bonds.  Unfortunately, they also noted that the outlook for housing in Chicago remains 'bleak', primarily … (0 comments)