The CoreLogic Loan Performance Insights report features an interactive view of our mortgage performance analysis through November 2022. Measuring early-stage delinquency rates is important for analyzing the health of the mortgage market. To more comprehensively monitor mortgage performance, CoreLogic examines all stages of delinquency as well as transition rates that indicate the percent of mortgages moving from one stage of delinquency to the next.
The nation’s overall mortgage delinquency rates have improved significantly over the last year, according to the latest CoreLogic Loan Performance Insights Report. Data shows the serious delinquency rate for October 2022 declined one percentage point from 12 months prior to 1.2%. Compared to the peak serious delinquency rate for mortgages in August 2020, the rate in October was down three percentage points, which was mostly driven by strong labor market conditions since the U.S. economy reopened.
CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released its latest Single-Family Rent Index (SFRI), which analyzes single-family rent price changes nationally and across major metropolitan areas. Single-family rental price increases dropped to 7.5% year over year in November, with all four tracked price tiers posting lower gains than a year earlier. November marked the seventh consecutive month of annual deceleration, and while Florida metro areas continued to post the nation’s highest rental cost gains, other Sun Belt cities such as Phoenix and Las Vegas that formerly showed the highest rent increases are now at the bottom.
In the spring of 2020, downtown areas became unattractive places for many people because of the emergence of COVID-19. The economic shutdown meant that urban cores lost their lifestyle value, remote work meant they lost their commuting value and physical distancing stripped them of their social value. These factors, among others, led to a flight from dense urban areas, both to the suburbs and beyond.
Millennials have made up the largest share of home purchase mortgage applications for the last six years. According to the CoreLogic Loan Application Database, Millennial homebuyer share rose to its highest level in 2022, comprising about 54% of overall home-purchase applications (Figure 1). The Millennial home purchase share has steadily increased since 2015, rising about two to three percentage points per year. At the same time, Gen Z — the generation succeeding Millennials whose members were born after 1997 — is entering the housing market. This year, the cohort comprised about 4% of overall home-purchase applications.
The CoreLogic Loan Performance Insights report features an interactive view of our mortgage performance analysis through October 2022. Measuring early-stage delinquency rates is important for analyzing the health of the mortgage market. To more comprehensively monitor mortgage performance, CoreLogic examines all stages of delinquency as well as transition rates that indicate the percent of mortgages moving from one stage of delinquency to the next. The report is published monthly with coverage at the national, state and Core Based Statistical Area (CBSA)/Metro level and includes transition rates between states of delinquency and separate breakouts for 120+ day delinquency.
Housing is expensive, and this year, homeowners saw housing affordability decline as their monthly mortgage payments jumped to the highest levels in 15 years. With inflation simultaneously pushing the cost of goods up everywhere, current economic conditions are exerting pressure on current and future homeowners leaving many wondering if they can afford a mortgage. Over the last year, home prices increased by double digits, with CoreLogic’s most recent Home Price Insights report showing a 10.1% year-over-year increase in October 2022. And this rise in prices is independent of interest rates which spiked to over 7% in mid-
CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released its latest Single-Family Rent Index (SFRI), which analyzes single-family rent price changes nationally and across major metropolitan areas. U.S. rental price growth slowed for the sixth straight month on an annual basis in October to 8.8%, the lowest rate of appreciation in more than a year but still three times higher than the pre-pandemic level. Despite the continued cooling, a shortage of available properties is keeping costs elevated, a trend that is partially fueling year-over-year gains in the lower-priced tier.
The CoreLogic Homeowner Equity Insights report, is published quarterly with coverage at the national, state and Core Based Statistical Area (CBSA)/Metro level and includes negative equity share and average equity gains. The report features an interactive view of the data using digital maps to examine CoreLogic homeowner equity analysis through the third quarter of 2022. Negative equity, often referred to as being “underwater” or “upside down,” applies to borrowers who owe more on their mortgages than their homes are worth. Negative equity can occur because of a decline in home value, an increase in mortgage debt or both.
The CoreLogic Home Price Insights report features an interactive view of our Home Price Index product with analysis through October 2022 with forecasts through October 2023. CoreLogic HPI™ is designed to provide an early indication of home price trends. The indexes are fully revised with each release and employ techniques to signal turning points sooner. CoreLogic HPI Forecasts™ (with a 30-year forecast horizon), project CoreLogic HPI levels for two tiers—Single-Family Combined (both Attached and Detached) and Single-Family Combined excluding distressed sales.
CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released its latest Single-Family Rent Index (SFRI), which analyzes single-family rent price changes nationally and across major metropolitan areas. Consistent evidence of a single-family rental market cooldown follows nearly two years of above-trend rental price hikes. Year-over-year single-family rent growth slowed for the fifth consecutive month in September 2022 to 10.2%, down from a high of 13.9% in April 2022.
According to ATTOM’s Q3 2022 U.S. Home Equity & Underwater Report, 48.5 percent of mortgaged residential properties in the U.S. were considered equity-rich in the third quarter. The report noted that figure was up from 48.1 percent in Q2 2022 and 39.5 percent in Q3 2021. ATTOM’s latest home equity and underwater analysis also noted the latest increase fell below other gains in recent years, but still marked the 10th straight quarterly rise, and resulted in virtually half of all mortgage payers landing in equity-rich territory.
Home price appreciation dropped in July for the first time since December 2018, ending a 40-month streak of growth. But depending on the statistic referenced, this decline could be considered either an extreme or minor correction. One of the most widely-cited industry metrics for home price changes is the median sales price, which determines trends based on the midpoint of all houses sold in a given market. By contrast, repeat sales indexes, such as CoreLogic‘s Home Price Index (HPI) and the CoreLogic S&P Case-Shiller Index, measure appreciation based on the difference between the price of a home now versus its previous sale.
The CoreLogic Home Price Insights report features an interactive view of our Home Price Index product with analysis through September 2022 with forecasts through September 2023. CoreLogic HPI™ is designed to provide an early indication of home price trends. The indexes are fully revised with each release and employ techniques to signal turning points sooner. CoreLogic HPI Forecasts™ (with a 30-year forecast horizon), project CoreLogic HPI levels for two tiers—Single-Family Combined (both Attached and Detached) and Single-Family Combined excluding distressed sales.
Record-high home prices and rising mortgage rates have shut out a number of potential buyers, and the reduced competition gives other shoppers more time to house hunt before making an offer. Figure 1 shows the median days on market before a listing enters pending status for the month of September of each year since 2000. As of September 2022, the median days on market before pending was 19 days, which is eight days more than the median time in September 2021. However, it’s still less than one-third of the 20-year[\[1\]](https://www.corelogic.com/intelligence/the-pace-of-home-sales-slows-as-mortgage-rates-pick-up/#ftn1) average of 35 days before the pandemic.
CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released its latest Single-Family Rent Index (SFRI), which analyzes single-family rent price changes nationally and across major metropolitan areas. U.S. single-family home rental costs posted an 11.4% year-over-year increase in August, marking the fourth straight month of annual deceleration. Even so, rental costs remained elevated, with annual growth running at about five times the rate than in August 2020 in the midst of the COVID-19 pandemic.
In the past two years, many creditworthy borrowers have taken advantage of ultralow interest rates to refinance their mortgages. As of July 2022, 80% of outstanding home mortgage loans had interest rates below or equal to 4%. However, rising interest rates have significantly reduced refinancing opportunities. With interest rates hovering around 6% and higher in September, refinancing activity has plummeted. Instead, home equity lines of credit (HELOCs) and home equity loans are gaining popularity as homeowners seek to tap their accumulated equity.
The average sums that buyers are parting with for a down payment are at an all-time high for all homes purchased in the United States. After falling during the housing crisis of the Great Recession (2008-2009), the average down payment amount has steadily increased. However, since the onset of the pandemic in early 2020, the average down payment sum surged, reaching a record high in May 2022. Home prices play a significant part in the size of down payments, and with increases in home prices over the last few years, average down payments have followed suit.
The CoreLogic Home Price Insights report features an interactive view of our Home Price Index product with analysis through August 2022 with forecasts through August 2023. CoreLogic HPI™ is designed to provide an early indication of home price trends. The indexes are fully revised with each release and employ techniques to signal turning points sooner. CoreLogic HPI Forecasts™ (with a 30-year forecast horizon), project CoreLogic HPI levels for two tiers—Single-Family Combined (both Attached and Detached) and Single-Family Combined excluding distressed sales.
Although U.S. single-family rent growth was up by 12.6% in July year over year, the gains continued to slow from the historic high recorded in April. CoreLogic observes similar price growth relaxation in most major metro areas tracked in the SFRI, including popular Sun Belt cities that have seen rental costs skyrocket. Miami’s 30.6% annual price gain again topped the country in July but is down from the 40.8% year-over-year growth recorded in March 2022. Phoenix, which posted a 12.2% annual gain in July, saw rental cost growth drop by 6 percentage points from March.
