Tag Archives: CoreLogic

Minnesota’s Home Price Index drops -4.2 percent, Corelogic Report


Corelogic’s HPI August report came out today.  Minnesota is still leading the nation in property value declines, at least in the top 5 leaders.  I am hoping this really means that our market is correcting the quicker and not a sign that we have bigger problems.   It is too close to call at this point, so I lean towards the optimistic side that we correcting quicker.

––Prices Are 4.4 Percent Lower Than a Year Ago––

CoreLogic (NYSE: CLGX), a leading provider of information, analytics and business services, today released its August Home Price Index (HPI) which shows that home prices in the U.S. decreased 0.4 percent on a month-over-month basis, the first monthly decline in four months.  According to the CoreLogic HPI, national home prices, including distressed sales, also declined on a year-over-year basis by 4.4 percent in August 2011 compared to August 2010.  This follows a decline of 4.8 percent* in July 2011 compared to July 2010.  Excluding distressed sales, year-over-year prices declined by 0.7 percent in August 2011 compared to August 2010 and by 1.7* percent in July 2011 compared to July 2010.  Distressed sales include short sales and real estate owned (REO) transactions.

Including distressed sales, the five states with the greatest depreciation were: Nevada (-12.4 percent), Arizona (-10.7 percent), Illinois (-9.6 percent), Minnesota (-7.8 percent), and Georgia (-7.2 percent).

Excluding distressed sales, the five states with the greatest depreciation were: Nevada (-8.8 percent), Arizona (-8.3 percent), Delaware (-4.9 percent), Michigan (-4.3 percent), and Minnesota (-4.2 percent).

Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, 80 are showing year-over-year declines in August, eight fewer than in July.

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CoreLogic’s report shows decline in Shadow Inventory


This is great news.  CoreLogic tracks the “Shadow Inventory” levels.  The Shadow Inventory are the potential homes to hit the market due to foreclosures and is tracked by delinquency rates, so it is a moving target and difficult to track accurately.

These are of course National figures, and we are still unsure how much of this will impact our market.  I have been speculating that we have been purging a lot of our shadow inventory through Short Sales in our marketplace because of our Judicial Foreclosure process in Minnesota.  I am still trying to come up with reliable shadow inventory figures for our local marketplace.

The nation’s residential shadow inventory as of July declined slightly to 1.6 million units, representing a supply of five months, according to a report from CoreLogic.

That’s down from 1.9 million units, a supply of six months, from a year ago, and follows a decline from April when shadow inventory stood at 1.7 million units.

“The steady improvement in the shadow inventory is a positive development for the housing market,” said Mark Fleming, chief economist for CoreLogic. “However, continued price declines, high levels of negative equity and a sluggish labor market will keep the shadow supply elevated for an extended period of time.”

Read Full Article from CoreLogic

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