CoreLogic’s latest Home Price Insights report has been released for April 2018 and the biggest news is that CoreLogic reports that half of the 50 largest metro housing markets in the United States are “overvalued.” That’s a word that may have many homebuyers running for the hills shouting about bubbles and crashes but it’s far from that simple.
Click here to read the full press release from CoreLogic
So what does “overvalued” mean?
It does not mean the same thing as a bubble. Though it is obviously true that in order for a bubble to exist some commodity has to be overvalued it does not necessarily correlate that an overvalued commodity is, necessarily, a sign of a bubble.
Bubbles always occur because of some kind of rampant fraud when it
Year-Over-Year California shows growth in home prices that is stronger than 90% of the country while still staying relatively far below its peak value.
When you take a look at the numbers in CoreLogic’s January Housing Price Index Report you can see that California is on the strong side of two very telling metrics when compared to the numbers nationwide.
Continued Growth in CA Housing Prices is Likely, at Slower Pace
The year-over-year change from January 2014 was 5.7% for the National index. California was on the stronger side of that, posting a 7.3% year-over-year change. Even that can be considered strong growth. That number will likely continue to decline over the next year.
The National HPI is currently 12.7% less than its all-time peak
CoreLogic’s current HPI report for July 2014, released earlier this month, represents the 29th consecutive month that the Housing Price Index has shown positive year-over-year changes. The year-over-year increases have only recently dropped in to the single digits. Previously the year-over-year increases were consistently in the double-digits. Price increases like that cannot go on unabated before another bubble is reached. CoreLogic’s May 2014 HPI report showed a YoY increase of 8.8% and in June it fell to a 7.5% increase. The latest report for July stayed steady at 7.4%.
The Market is Responding to Consumer Buying Power
This is a good sign as far as I’m concerned. Double-digit price increases are nice but they can’t go on forever. What seems
A whole slew of good indicators in two CoreLogic reports this past month as well as another key economic indicator. Whether the numbers were up or down the reports represent a return to a previous state of prosperity without all the speculation (hopefully).
The Numbers are In
The March 2014 CoreLogic Foreclosure Report indicates that 48,000 foreclosures were completed in March, this number is down 10% from a year before and has been slowly falling for several years. From 2000-2006 the average number of completed foreclosures was 21,000 per month.
Additionally, CoreLogic’s March 2014 Housing Price Index Report shows that home prices continue to climb with a 11.1% year-over-year increase from last March. This number has been dropping slowly over
The national housing market continues to show signs of improvement but there’s plenty more progress to be made. Due to progressive foreclosure laws in our state, the California real estate market is way ahead of the curve, the foreclosure report shows. The state has made great headway in recovering from the crash with foreclosure numbers that are among the lowest in the nation.
The January 2014 CoreLogic National Foreclosure Report shows promise for continued improvement in the housing market in 2014.
The report states that 48,000 foreclosures were completed in January, a number that is down 19% from the previous 12 months and down a whopping 11.8% from December. That month-to-month drop is indeed
Extreme Cold is Slowing the National Housing Market
No matter where you live in the United States chances are you aren’t immune to the freezing cold temperatures that have been sweeping the nation this winter. Even the warmest climates are reporting record low temperatures.
Well it seems this is not the kind of weather that leaves consumers excited about going out and shopping for a new home: CoreLogic's January Market Pulse and December Housing Price Index reports tell the story. Even though national prices are up nearly 12% from December 2012, those same numbers are actually down 0.1% from the month before. Meaning that housing prices continue to remain frozen throughout this winter season.
What’s more important to note is the prediction that
The latest CoreLogic Home Price Index Report continues to show good news in the housing market. It also shows why the winter months could be the best time to buy all year.
Three facts to focus on:
Housing Price Index only increased 0.2% from September to October and 0.1% from October to November. This is a rather low increase although not out of the ordinary for this time of year. It means that prices did not go up very much during those months.
November’s 11.8% HPI increase represents the 21st consecutive month of year-over-year increases in the Housing Price Index. This means that prices have been climbing steadily for almost two years now.
Home prices remain 17.3% below the April 2006 peak. This means prices will likely continue to increase
Here is the latest edition of our Placer County Real Estate Recap, from Pizzimenti Homes and Associates. This issue includes a record-breaking luxury sale in Granite Bay, and details on how you can keep yourself safe from fraud, and even ghosts!
Granite Bay Luxury Home Breaks Record, Sacramento Business Journal
Found in an extremely desirable community, Granite Bay luxury real estate is in high demand. With plenty of interested buyers, and low inventory, prices have been creeping upwards for some time now. Selling for $4.725M, a Bella Terra Estates home in Granite Bay has set the record for most expensive home sold in Placer County in the last four years. This notable sale is just another indicator of the local real estate market’s recovery.
In an effort to boost the economy and the housing recovery the HUD announced this week the creation of the FHA Back to Work Extenuation Circumstances program. By recognizing that the credit situation that many consumers currently find themselves in, may have more to do with the irresponsible and possibly illegal actions of others than with poor financial decisions by the consumers themselves, FHA seeks to give a reprieve from the current waiting period that exempts borrowers from qualifying for FHA-backed mortgages for a certain number of years after a bankruptcy, foreclosure, short sale, or deed-in-lieu foreclosure. The letter released by the U.S. Department of Housing and Urban Development (HUD) on August 15th states, “FHA recognizes the hardships
Don’t miss the most important events in Placer County real estate news for the months of Aug-Sept, 2013. Be sure to check back often to stay up to date on the Placer County real estate market. Compliments of Pizzimenti Homes & Associates.
What the government shutdown means to REALTORS®, California Association of Realtors®
How does the government shutdown affect federal housing and mortgage programs? As the recent rejection of the Continuing Resolution (CR) means that some housing-related agencies are effectively shut down until further notice. Closed IRS and Social Security Administration offices could mean delays in some mortgage loan applications.
The good news is that the Federal Housing Finance Agency will continue operations, and will endorse