First American Core Logic

Harvard Study Says US Housing Market Remains Mired as Buyers Sit on Sidelines

Based on a new study called The State of the Nation's Housing Report released this week by the Joint Center for Housing Studies of Harvard University, the U.S. housing market has a very bumpy road to travel until it recovers. With millions of owners stuck in homes worth less than they owe on their mortgages, existing home sales remain depressed while new home sales continue near record lows. In addition, elevated vacancies and foreclosures continue to place downward pressure on prices.  In places where foreclosures are concentrated, property markets are in turmoil. Indeed, just 10 percent of neighborhoods across the U.S. account for nearly half of all foreclosures in 2010 (See KEY REPORT FINDINGS below for detailed market trends overview). After three consecutive years of record-low construction levels, the vigor of the recovery in housing now hinges on a return of demand.  The lingering consequences of the recession and financial crisis, however, are thwarting a broader recovery.  "While the sharp declines in both home prices and interest rates have left homes in many places more affordable than they have been in decades," says Eric S. Belsky, Managing Director of the Joint Center for Housing Studies, "stubbornly high unemployment and tightened lending standards have limited the ability of many first-time buyers to capitalize on the situation." Although the housing industry continues to face significant challenges, one bright sign beginning to appear is in the rental market.  "Rental housing markets are tightening and may begin to lead a modest recovery in housing construction this year," says Chris Herbert, Research Director of the Joint Center for Housing Studies.  "And after three consecutive months of employment growth over 200,000, there is new hope that a lasting recovery in the economy will materialize and spur an increase in housing demand and home sales." While there are no convincing signs yet of a broad turnaround in housing, the report points out that the market could turn quickly as evidenced by the healthy boost in both home sales and prices brought about by the 2010 homebuyer tax credit. "The ingredients for a sustained recovery may be coming together," Herbert further noted, "but it is still not clear when homebuyers will have the urgency to return to the market in sufficient numbers to lift the market in a meaningful way.

Calculated Risk: First American CoreLogic: House Prices Decline ...

National home prices, including distressed sales, increased by 0.3 percent in February 2010 compared to February 2009 , according to First American CoreLogic and its LoanPerformance Home Price Index (HPI). This was an improvement over January’s year-over-year price decline of 0.5 percent. Excluding distressed sales, year-over-year prices increased in February by 0.6 percent; an improvement over the January non-distressed HPI which fell by 1.1 percent year-over-year.

Taking Stock, What Has the Troubled Asset Relief Program Achieved?

262 October Oversight Report, supra note 220, at 97. 263 See First American CoreLogic, Negative Equity Report as of September 30, 2009 (Nov. ...

Looming Foreclosure Crisis: How to Help Families Save Their Homes, Hearing Before the Committee on the Judiciary, U. S. Senate

1 See, eg., Christopher L. Cagan, Mortgage Payment Reset: The Issue and the Impact, First American CoreLogic (March 19, 2007), available at ...

The ForeclosureS.com Guide to Advanced Investing Techniques You Won't Learn Anywhere Else

A March 2007 study from First American CoreLogic, part of First American Corporation ... In the same report, First American Core- Logic points out that, ...

Essentials of Real Estate Economics

Figure 9.8 shows monthly data from First American Core Logic for 2007–2009 ( first six months) on three measures of how foreclosures might impact unsold home ...

Mortgage banking

"ListSource combines the richness of the First American CoreLogic property, ... Drawing on the information database resources of First American CoreLogic, ...