-Report Highlights Durability of Housing Recovery and Market Influence of Government Housing Policies-
CoreLogic (NYSE: CLGX), a leading provider of information, analytics and business services, today released its October MarketPulse report. The monthly publication provides insight into the health of the U.S. economy with emphasis on housing and mortgage metrics. CoreLogic Chief Economist Mark Fleming and Senior Economist Sam Khater, along with colleagues from the CoreLogic Mortgage Analytics and Economics group, authored the articles.
The 2012 housing recovery is expected to be more durable than in prior years because of an improved balance between supply and demand. Given the solid performance of home prices in the spring of 2012, even a stronger-than-projected decline in the fourth quarter of this year is unlikely to diminish the gains made.
According to CoreLogic estimates, new home sales are up 24 percent over a year ago and existing home sales are up 11 percent over a year ago. This demand is fundamentally driven by institutional investor interest in single-family residential properties as an asset class, pent up demand returning to the market, and increasing consumer confidence in housing.
About a million borrowers are still unable to access refinancing programs. This is due in part to the inability of a large number of borrowers to take advantage of lower interest rate refinancing on loans originated after May 2009, despite efforts by the Federal Reserve and Federal Housing Administration to implement policies aimed at lessening mortgage debt for struggling borrowers since the start of the U.S. housing recession.
CoreLogic (NYSE: CLGX) is a leading provider of consumer, financial and property information, analytics and services to business and government. The Company combines public, contributory and proprietary data to develop predictive decision analytics and provide business services that bring dynamic insight and transparency to the markets it serves. CoreLogic has built one of the largest and most comprehensive U.S. real estate, mortgage application, fraud, and loan performance databases and is a recognized leading provider of mortgage and automotive credit reporting, property tax, valuation, flood determination, and geospatial analytics and services. More than one million users rely on CoreLogic to assess risk, support underwriting, investment and marketing decisions, prevent fraud, and improve business performance in their daily operations. The Company, headquartered in Irvine, Calif., has approximately 5,000 employees globally. For more information, visit www.corelogic.com.
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