NAR Discusses Tax Plan and How It Could Hurt Homeowners

The tax plan released by the Administration could lead to many homeowners paying higher taxes, NAR believes. NAR Senior Legislative Policy Representative Evan Liddiard and NAR Deputy Chief Lobbyist Jamie Gregory discuss the association’s concerns with Jon Boughtin of NAR Media.

HomeUnion Identifies the Best Housing and Rental Markets for Millennials

A St. Louis zip code is the top spot for young home buyers, while a Milwaukee zip code is best place for renters

Irvine, CA – May 2nd, 2017 (PRNewswire) HomeUnion, an online real estate investment management firm, has identified the best housing and rental markets for millennials. To rank the zip codes, HomeUnion analyzed a variety of factors including zip codes with the best public schools, shortest commute times and where millennials making the metro median income can afford a for-sale home or rental. For the best places to by a home, the monthly mortgage could not exceed 28 percent of median household income. For the best places to buy a single-family rental (SFR) home, rent could not exceed 2.5 times gross income.

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“Millennials recently eclipsed baby boomers as the nation’s largest generation, so it is imperative that they have quality long-term housing options,” explains Steve Hovland, director of research for HomeUnion. “We know that millennials would like to own a home, but we also know that they struggle to find suitable for-sale options near major employment centers due to high home prices and low inventory. Homes in metro areas like Los Angeles, San Francisco and New York City, where many millennials prefer to live, are out of reach for the most of the millennial generation because of the disparity between prices and incomes. They are also burdened with high levels of student loan debt, which makes homeownership an additional challenge,” he notes.

“To help millennials with their housing predicament, we created a comprehensive list of zip codes that are the most affordable with excellent public schools, and also have the shortest commute times to job centers,” Hovland says.

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Methodology for the study: The study includes one zip code per market that met the criteria of affordability and schools in the 80th percentile. Subsequently, the list is sorted by shortest average commute, rather than most affordable zip code. To determine loan qualification, a mortgage-to-gross income ratio of 28 percent was utilized in the analysis. Income was based on the median household income in the metro for those aged 25- to 34-years old. In some cases, the same zip code was deemed to be a great place to rent and buy. Average rents are for single-family homes. A rent-to-income ratio of 2.5 times was used to determine eligibility. Markets not included in the study, including those in the Bay Area, did not include a single zip code that met the study’s criteria.

About HomeUnion
HomeUnion is an online real estate investment management firm. Based in Irvine, Calif., it provides all the services needed for individuals to invest remotely in rental properties. The company uses a combination of research and proprietary analytics to incorporate data on over 110 million homes and 200,000 neighborhoods into their database, and then delivers its solutions to an on-the-ground infrastructure that currently serves 11 locations. HomeUnion’s role spans the lifecycle of the investment transaction: identifying sound investments, handling all aspects of acquisition, maximizing income, protecting asset value, and selling the asset when the time comes.

CoreLogic US Home Price Report Shows Prices Up 7.1 Percent in March 2017

  • National Forecast Indicates Home Prices Will Increase 4.9 Percent by March 2018
  • Home Prices Projected to Increase 0.6 Percent between March and April 2017
  • Home Prices Increased 1.6 Percent between February and March 2017

Irvine, CA – May 2nd, 2017 (BUSINESS WIRE) CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today released its CoreLogic Home Price Index (HPI™) and HPI Forecast™ for March 2017, which shows home prices are up both year over year and month over month.

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Home prices nationwide, including distressed sales, increased year over year by 7.1 percent in March 2017 compared with March 2016 and increased month over month by 1.6 percent in March 2017 compared with February 2017,* according to the CoreLogic HPI.

The CoreLogic HPI Forecast indicates that home prices will increase by 4.9 percent on a year-over-year basis from March 2017 to March 2018, and on a month-over-month basis home prices are expected to increase by 0.6 percent from March 2017 to April 2017. The CoreLogic HPI Forecast is a projection of home prices using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state.

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“Home prices posted strong gains in March 2017, and the CoreLogic Home Price Index is only 2.8 percent from its 2006 peak,” said Dr. Frank Nothaft, chief economist for CoreLogic. “With a forecasted increase of almost 5 percent over the next 12 months, the index is expected to reach the previous peak during the second half of this year. Prices in more than half the country have already surpassed their previous peaks, and almost 20 percent of metropolitan areas are now at their price peaks. Nationally, price growth has gradually accelerated over the past half-year, while rent growth for single-family rental homes has slowly decelerated over the same period, according to the CoreLogic Single-Family Rental Index, recording a 3 percent rise over the year through March.”

“A potent mix of strong job gains, household formation, population growth and still-attractive mortgage rates in the face of tight inventories are fueling a continuing surge in home prices across the U.S.,” said Frank Martell, president and CEO of CoreLogic. “Price gains were broad-based with 90 percent of metropolitan areas posting year-over-year gains. Major metropolitan areas were especially hot with CoreLogic data indicating that four of the largest 10 markets are now overvalued. Geographically, gains were strongest in the West with Washington showing the highest appreciation at almost 13 percent, and Seattle, Tacoma and Bellingham posting gains of 13 to 14 percent.”

* February data was revised. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results.

Methodology

The CoreLogic HPI™ is built on industry-leading public record, servicing and securities real-estate databases and incorporates more than 40 years of repeat-sales transactions for analyzing home price trends. Generally released on the first Tuesday of each month with an average five-week lag, the CoreLogic HPI is designed to provide an early indication of home price trends by market segment and for the Single-Family Combined tier representing the most comprehensive set of properties (including all sales for Single-Family Attached and Single-Family Detached properties). The indexes are fully revised with each release and employ techniques to signal turning points sooner. The CoreLogic HPI provides measures for multiple market segments, referred to as tiers, based on property type, price, time between sales, loan type (conforming vs. non-conforming) and distressed sales. Broad national coverage is available from the national level down to ZIP Code, including non-disclosure states.

CoreLogic HPI Forecasts™ are based on a two-stage, error-correction econometric model that combines the equilibrium home price—as a function of real disposable income per capita—with short-run fluctuations caused by market momentum, mean-reversion, and exogenous economic shocks like changes in the unemployment rate. With a thirty-year forecast horizon, CoreLogic HPI Forecasts project CoreLogic HPI levels for two tiers—Single-Family Combined (both Attached and Detached) and Single-Family Combined excluding distressed sales. As a companion to the CoreLogic HPI Forecasts, Stress-Testing Scenarios align with Comprehensive Capital Analysis and Review (CCAR) national scenarios to project five years of home prices under baseline, adverse and severely adverse scenarios at state, CBSA and ZIP Code-levels. The forecast accuracy represents a 95-percent statistical confidence interval with a +/- 2.0 percent margin of error for the index.

Source: CoreLogic

The data provided are for use only by the primary recipient or the primary recipient’s publication or broadcast. This data may not be resold, republished or licensed to any other source, including publications and sources owned by the primary recipient’s parent company without prior written permission from CoreLogic. Any CoreLogic data used for publication or broadcast, in whole or in part, must be sourced as coming from CoreLogic, a data and analytics company. For use with broadcast or web content, the citation must directly accompany first reference of the data. If the data are illustrated with maps, charts, graphs or other visual elements, the CoreLogic logo must be included on screen or website. For questions, analysis or interpretation of the data, contact Lori Guyton at lguyton@cvic.com or Bill Campbell at bill@campbelllewis.com. Data provided may not be modified without the prior written permission of CoreLogic. Do not use the data in any unlawful manner. The data are compiled from public records, contributory databases and proprietary analytics, and its accuracy is dependent upon these sources.

About CoreLogic

CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled solutions provider. The company’s combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.

CORELOGIC, the CoreLogic logo, CoreLogic HPI, CoreLogic HPI Forecast and HPI are trademarks of CoreLogic, Inc. and/or its subsidiaries.

Contacts

CoreLogic
For real estate industry and trade media:
Bill Campbell, 212-995-8057
bill@campbelllewis.com

or

For general news media:
Lori Guyton, 901-277-6066
lguyton@cvic.com