Tag Archives: 1st quarter

iPhone X Tops Global Smartphone Hit List in Q1 2018

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Source: Statista

Despite several reports suggesting “lackluster demand” for the iPhone X, Apple’s most expensive smartphone model to date is proving to be very popular. According to latest estimates from IHS Markit, Apple shipped 12.7 million units of its flagship phone in the first three months of 2018, making the iPhone X the most popular phone in the world.

While the number of shipped units is considerably lower than what Apple achieved with the iPhone 7 Plus a year earlier (18.3 million), it is still remarkable that the ultra high-end (and expensive) iPhone X beat every other model on the market. Samsung’s most popular model was the Galaxy Grand Prime Plus, an entry-level model that costs less than $150.

As our chart illustrates, Apple and Samsung dominate the top 10 list for the first quarter of 2018. IHS cites the delay of new model releases as a likely reason for the lack of phones from Chinese manufacturers on the list.

Smartphone Infographic

CoreLogic Reports Home Equity Gains Topped $1 Trillion in the First Quarter of 2018

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– In the First Quarter of 2018, 84,000 Residential Properties Regained Equity
– About 2.5 Million Mortgaged Residential Properties Are Still in Negative Equity
– An Additional 500,000 Properties Would Return to an Equity Position if Home Prices Gained Another 5 Percent
– Over the Past Four Quarters, the Average Homeowner Gained $16,300 in Home Equity

Irvine, CA – June 7th (BUSINESS WIRE) CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today released the Home Equity Report for the first quarter of 2018, which shows that U.S. homeowners with mortgages (which account for roughly 63 percent of all properties) have seen their equity increase 13.3 percent year over year, representing a gain of $1.01 trillion since the first quarter of 2017.

CoreLogic Logo

Additionally, the average homeowner gained $16,300 in home equity between the first quarter of 2017 and the first quarter of 2018. While home equity grew nationwide, western states experienced the largest increase. Washington homeowners gained an average of approximately $44,000 in home equity, and California homeowners gained an average of approximately $51,000 in home equity (Figure 1).

From the fourth quarter of 2017 to the first quarter of 2018, the total number of mortgaged homes in negative equity decreased 3 percent to just under 2.5 million homes or 4.7 percent of all mortgaged properties. Negative equity decreased 21 percent year over year from 3.1 million homes – or 6.1 percent of all mortgaged properties – in the first quarter of 2017.

“Home-price growth has accelerated in recent months, helping to build home-equity wealth and lift underwater homeowners back into positive equity the primary driver of home equity wealth creation,” said Dr. Frank Nothaft, chief economist for CoreLogic. “The CoreLogic Home Price Index grew 6.7 percent during the year ending March 2018, the largest 12-month increase in four years. Likewise, the average growth in home equity was more than $15,000 during 2017, the most in four years. Washington led all states with 12.8 percent appreciation, and its homeowners also had much larger home-equity gains than the national average.”

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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 a home’s value, an increase in mortgage debt or both. Negative equity peaked at 26 percent of mortgaged residential properties in the fourth quarter of 2009, based on the CoreLogic equity data analysis which began in the third quarter of 2009.

The national aggregate value of negative equity was approximately $284.8 billion at the end of the first quarter of 2018. This is up quarter over quarter by approximately $100 million, from $284.7 billion in the fourth quarter of 2017.

“Home equity balances continue to grow across the nation,” said Frank Martell, president and CEO of CoreLogic. “In the far Western states, equity gains are fueled by a long run in home price escalation. With strong economic growth and higher purchase demand, we expect these trends to continue for the foreseeable future.”

For ongoing housing trends and data, visit the CoreLogic Insights Blog: www.corelogic.com.

Methodology

The amount of equity for each property is determined by comparing the estimated current value of the property against the mortgage debt outstanding (MDO). If the MDO is greater than the estimated value, then the property is determined to be in a negative equity position. If the estimated value is greater than the MDO, then the property is determined to be in a positive equity position. The data is first generated at the property level and aggregated to higher levels of geography. CoreLogic data includes more than 50 million properties with a mortgage, which accounts for more than 95 percent of all mortgages in the U.S. CoreLogic uses public record data as the source of the MDO, which includes both first-mortgage liens and second liens, and is adjusted for amortization and home equity utilization in order to capture the true level of MDO for each property. The calculations are not based on sampling, but rather on the full data set to avoid potential adverse selection due to sampling. The current value of the property is estimated using a suite of proprietary CoreLogic valuation techniques, including valuation models and the CoreLogic Home Price Index (HPI). In August 2016, the CoreLogic HPI was enhanced to include nearly one million additional repeat sales records from proprietary data sources that provide greater coverage in home price changes nationwide. The increased coverage is particularly useful in 14 non-disclosure states. Additionally, a new modeling methodology has been added to the HPI to weight outlier pairs, ensuring increased consistency and reducing month-over-month revisions. The use of the enhanced CoreLogic HPI was implemented with the Q2 2016 Equity report. Only data for mortgaged residential properties that have a current estimated value are included. There are several states or jurisdictions where the public record, current value or mortgage data coverage is thin and have been excluded from the analysis. These instances account for fewer than 5 percent of the total U.S. population. The percentage of homeowners with a mortgage is from the 2016 American Community Survey. Fourth quarter of 2017 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.

Source: CoreLogic

The data provided is for use only by the primary recipient or the primary recipient’s publication or broadcast. This data may not be re-sold, 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 is 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 Alyson Austin at newsmedia@corelogic.com or Allyse Sanchez at corelogic@ink-co.com. Data provided may not be modified without the prior written permission of CoreLogic. Do not use the data in any unlawful manner. This data is compiled from public records, contributory databases and proprietary analytics, and its accuracy depends 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 and the CoreLogic logo are trademarks of CoreLogic, Inc. and/or its subsidiaries. All other trademarks are the property of their respective owners.

Contacts

Media Contacts:
CoreLogic

Alyson Austin
Corporate Communications
(949) 214-1414
newsmedia@corelogic.com

or

INK Communications
Allyse Sanchez
(925) 548-2535
corelogic@ink-co.com

Florida’s Housing Market: New Listings, Median Prices Up in 1Q 2018

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Orlando, FL – May 14, 2018 (PRNewswire) Florida’s housing market reported slightly more new listings and higher median prices during the first quarter of 2018, according to the latest housing data released by Florida Realtors®. A shortfall of for-sale inventory continued to impact sales even as the number of owners listing their properties for sale inched up over the quarter; closed sales of single-family homes statewide totaled 60,204 in 1Q 2018, down slightly, 0.9 percent, from the 1Q 2017 figure.

Florida Realtors Logo

“During the first three months of 2018, median sales prices for both existing single-family homes and for condo-townhouse properties rose in Florida, continuing a trend that we’ve been seeing for quite a while,” said 2018 Florida Realtors President Christine Hansen, broker-owner with Century 21 Hansen Realty in Fort Lauderdale. “Despite tight inventory levels, new listings for single-family homes over the three-month-period rose 1.1 percent year-over-year, while new condo-townhouse listings rose 2.9 percent.

“The state’s population continues to increase, our jobs outlook is strong and the economy is growing. In fact, Florida continues to be ranked as the second-best state in the U.S. to do business, according to the 2018 survey of CEOs from Chief Executive magazine.”

The statewide median sales price for single-family existing homes in 1Q 2018 was $248,000, up 9.7 percent from the same time a year ago, according to data from Florida Realtors Research department in partnership with local Realtor boards/associations. The statewide median price for condo-townhouse properties during the quarter was $180,000, up 7.8 percent over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.

Looking at Florida’s condo-townhouse market, statewide closed sales totaled 27,088 during 1Q 2018, up 2.8 percent compared to 1Q 2017. The closed sales data reflected fewer short sales – and rising traditional sales – over the three-month period: Short sales for condo-townhouse properties declined 37.8 percent while short sales for single-family homes dropped 46.3 percent. Meanwhile, traditional sales for condo-townhouse units rose 5.6 percent and traditional sales for single-family homes increased 3.8 percent year-over-year. Closed sales typically occur 30 to 90 days after sales contracts are written.

“At the more affordable end of the pricing spectrum, Florida’s strong employment growth and the long-awaited emergence of the millennial buyer have increasingly driven demand – but there also remains a sizeable contingent of investors in this segment who are looking to capitalize on high rents,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “It’s the lack of both existing and new inventory in these price ranges that is really limiting this segment’s potential and keeping sales growth down. In many cities around the state, we’re starting to see pretty strong evidence that buyers who would have preferred single-family homes are giving up and opting to buy condos or townhouses instead.

“Buyers in the market for mid- to upper-tier single-family homes are having a much easier time of it, as they’re facing less competition, and there’s a relative abundance of both new construction and resale inventory available.”

In 1Q 2018, the median time to a contract (the midpoint of the number of days it took for a property to receive a sales contract during that time) was 45 days for single-family homes and 48 days for condo-townhouse properties.

Inventory was at a 3.8-months’ supply in the first quarter for single-family homes and at a 5.9-months’ supply for condo-townhouse properties, according to Florida Realtors.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.27 percent for 1Q 2017, up from the 4.17 percent average recorded during the same quarter a year earlier.

To see the full statewide housing activity reports, go to Florida Realtors Media Center at http://media.floridarealtors.org/ and look under Latest Releases, or download the 1Q 2018 data report PDFs under Market Data at: media.floridarealtors.org.

Florida Realtors® serves as the voice for real estate in Florida. It provides programs, services, continuing education, research and legislative representation to its 180,000 members in 54 boards/associations. Florida Realtors® Media Center website is available at media.floridarealtors.org.