Real Estate Archives

FHA Loans Set to Undergo Changes

Logo of the Federal Housing Administration.

FHA Loans-Image via Wikipedia

For some would be home buyers, the FHA loan is the only option that these buyers have. The FHA claims that the new guidelines will only increase the total monthly mortgage payment by a few dollars, but any increase will surely eliminate a lot of new buyers from the market place. Not exactly a great move to stimulate the housing market.

The Federal Housing Administration will raise mortgage insurance premiums this April in order to repair the health of its emergency fund.

The FHA upfront mortgage insurance premium will increase to 1.75% from 1% of the base home loan amount. This will apply regardless of the term or loan-to-value ratio beginning in April.

The annual mortgage insurance premium will increase by 10 basis points for loans under the $625,500 limit beginning April 1 and by 35 bps for home loans above that amount starting in June, the FHA said Monday. Authority for these raises come under the payroll tax cut extension agreed to last fall.

The FHA said the changes will boost the Mutual Mortgage Insurance Fund by $1 billion.

The UFMIP can still be financed into the mortgage. The increase to the upfront premium will cost new borrowers roughly $5 more per month.

Reverse mortgages and borrowers in special loan programs would be exempt from the changes, according to the FHA.

Last week at the Mortgage Bankers Association servcing conference in Orlando, FHA Commissioner Carol Galante said there would be upcoming insurance premium changes for the streamline refinance program. An FHA spokesman said these changes would be included in a letter to lenders due soon.

Source

The new changes don’t go into effect until April 1, so if you’re thinking about purchasing that new home, you might want to move a little quicker to some to save some money.

 

English: Foreclosure Sign, Mortgage Crisis

Florida Foreclosures-Image via Wikipedia

It looks like the enormous logjam of foreclosures in Florida isn’t going to be cleaned up anytime soon. With almost 400,000 cases backlogged at this time and more coming in every day, some are estimating that it may be ten years before this mess is completely cleaned up. There’s enough finger pointing going on as it is with regard to who is responsible, but now the homeowners themselves have figured out a way to delay the process even more, insuring that they can stay in the house for up to a year longer.

Florida courts continue to struggle with a backlog of more than 368,000 pending cases, according to Jane Bond, a Florida foreclosure attorney at McCalla Raymer. It’s a nightmare, attorneys say — one with no end in sight.

“It’s not as bad as it seems. It’s much, much worse,” said David Rodstein, a foreclosure attorney with the Rodstein Law Group.

Bond and Rodstein chaired a panel at the Mortgage Bankers Association annual mortgage servicing conference in Orlando, Fla. The state is suffering from an ailing housing market. Home prices dropped 41% from 2006. Nearly half of all borrowers are underwater. Distressed properties abound. Unemployment is at 9.9%. And as it tries to clear the backlog of foreclosures, the state is going nowhere fast.

“The judges are frustrated. The attorneys are frustrated. The servicers are frustrated. Everyone is frustrated,” Bond said.

The average foreclosure in Florida takes nearly 800 days to complete, more than twice the national average, according to RealtyTrac.

Rodstein said 40% of foreclosures filed by servicers are contested by the borrower because of a very efficient bar system in the state. It’s helped create a cottage industry of delays, displacing an earlier system not any fairer.

“Borrowers can hire these attorneys for a small monthly payment — much less than the mortgage — and the attorney can come in and easily delay the case for year plus,” Rodstein said.

But the delay recently has much to do with some attorneys’ own mistakes.

Source

The story of Florida’s foreclosures will be one for the History books. The final chapter hasn’t been written yet and won’t be for a long time.

 

Phila. Law Firm Commits to 7 Year Lease

Penn Center, Philadelphia, Pennsylvania.

Phila. Law Firm Commits to 7 Year Lease-Image via Wikipedia

Morgan, Lewis & Bockius LLP (Morgan Lewis) and Lexington Realty Trust (NYSE: LXP) announced today that Morgan Lewis extended its lease for 289,432 square feet of Class A office space at Six Penn Center in Philadelphia, PA which is owned by a joint venture controlled by Lexington Realty Trust.  Morgan Lewis, one of the 15 largest law firms in the US according to The National Law Journal’s NLJ250, leases 100% of the office space at Six Penn Center consisting of floors six through 18.  The lease now expires on January 31, 2021.  The building also contains prime ground floor retail space and four levels of structured parking.

Morgan Lewis was represented by W. Whitney Hunter and Peter Talman of Jones Lang LaSalle.  Locally-based Pitcairn Properties Management Co. LLC will continue to be responsible for the management of the building.

ABOUT MORGAN, LEWIS & BOCKIUS LLP

With 22 offices in the United States, Europe, and Asia, Morgan Lewis provides comprehensive transactional, litigation, labor and employment, regulatory, and intellectual property legal services to clients of all sizes—from global Fortune 100 companies to just-conceived startups— across all major industries. Its international team of attorneys, patent agents, employee benefits advisors, regulatory scientists, and other specialists—nearly 3,000 professionals total—serves clients from locations in Beijing, Boston, Brussels, Chicago, Dallas, Frankfurt, Harrisburg, Houston, Irvine, London, Los Angeles, Miami, New York, Palo Alto, Paris, Philadelphia, Pittsburgh, Princeton, San Francisco, Tokyo, Washington, D.C., and Wilmington. For further information about Morgan Lewis or its practices, please visit: www.morganlewis.com.

ABOUT LEXINGTON REALTY TRUST

Lexington Realty Trust is a real estate investment trust that owns, invests in and manages single-tenant office, industrial and retail properties leased to major corporations throughout the United States.  Lexington also provides investment advisory and asset management services to investors in the single-tenant area. Lexington’s common shares are traded on the New York Stock Exchange under the symbol “LXP”. Additional information about Lexington is available on-line at www.lxp.com or by contacting Lexington Realty Trust, Investor Relations, One Penn Plaza, Suite 4015, New York, New York 10119-4015.

This release contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under Lexington’s control which may cause actual results, performance or achievements of Lexington to be materially different from the results, performance, or other expectations implied by these forward-looking statements. These factors include, but are not limited to, those factors and risks detailed in Lexington’s periodic filings with the Securities and Exchange Commission. Lexington undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the occurrence of unanticipated events. Accordingly, there is no assurance that Lexington’s expectations will be realized.

CONTACT: Investor or Media Inquiries for Lexington Realty Trust, Patrick Carroll, CFO, Lexington Realty Trust, +1-212-692-7200, pcarroll@lxp.com, or Media Inquiries for Morgan, Lewis & Bockius LLP, Frances Marine Bravo, Director of Public & Media Relations, Morgan, Lewis & Bockius LLP, +1-215-963-5835, frances.bravo@morganlewis.com

Web Site: http://www.lxp.com

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Landowners Turn to Watchdog Group for Help

Landowners Turn to Watchdog Group for Help

Landowners Turn to Watchdog Group for Help-Image via Wikipedia

The Wall Street Fraud Watchdog’s due diligence service for real estate investors, or property owners may be the comprehensive of its type being offered in the United States. The group is expanding its real estate services to now include property owners in Ohio, Pennsylvania, or other states, who have been offered, or soon will be offered money to sell their mineral rights to a energy company, or companies that simply acquire mineral, or oil and gas rights, that are little more than speculators betting on price increases in oil, or gas prices. The group says, “We are aware that Pennsylvania, and Ohio are hotbeds for oil, or energy companies buying up mineral rights from landowners, or farmers, that have significant acreage. Unfortunately, we also saw the atmospherics of the Wild West, where landowners may have sold their mineral rights for far less than they should have, and or the contract to purchase the oil, gas, or mineral rights did not have proper safeguards for the landowner. We are changing all of this with a revolutionary service designed to make certain landowners in Ohio, Pennsylvania, or other states, do not get shortchanged, and or the contract to sell the mineral rights, contains all of the proper safeguards to protect the landowner, and their property.” For more information about their mineral rights, and or their oil, and gas rights landowners services, property owners are encouraged to contact the Wall Street Fraud Watchdog at 866-714-6466, for their unparalleled services. http://WallStreetFraudWatchdog.Com

Quote startWe want to make certain property owners get the best value for their mineral rights, or oil, and gas rights, and at the same time we want to make certain the property owner is protected in every possible wayQuote end

After watching a virtual gold rush to gobble up mineral rights, that in fact are oil, and gas rights in Pennsylvania, and Ohio, the Wall Street Fraud Watchdog is in the final stages of assembling teams of the best oil, and gas mineral rights attorneys, along with geologists, and other vital players needed to insure, when a landowner sells the mineral rights to their Ohio, or Pennsylvania property, there are proper safeguards built into the mineral rights sale, designed to protect the landowner, and to insure they are getting fair market value for their mineral rights. The Wall Street Fraud Watchdog says, “At this moment we have the atmospherics of the Wild West, when it comes to landowners selling away the rights to oil, gas, or mineral rights, and we think unfortunately many landowners are selling their mineral rights for less than they should. Further, we think the potential US natural gas boom is not limited to just Ohio, or Pennsylvania, so we are trying to assemble national, or regional legal teams, that have the expertise to protect the landowners for unforeseen issues that might develop, such as environmental issues, or restoration of the property after drilling, or fracking has been completed. At the same time, we want to make certain property owners in Pennsylvania, Ohio or other US states get top dollar for their mineral, or oil, and gas rights, provided the property is located in an area with established reserves, or anticipated reserves.” For more information landowners in Ohio, Pennsylvania, or other states are encouraged to contact the Wall Street Fraud Watchdog anytime at 866-714-6466, for their unparalleled real estate services, designed to protect property owners, who could literally be sitting on a gold mine. http://WallStreetFraudWatchdog.Com

The Wall Street Fraud Watchdog believes the future of America’s energy future is in its natural gas, or coal reserves, and the group believes it makes extremely good sense to exploit these resources to diminish, or all together eliminate our need for oil from the Middle East. The group believes in win, win situations where property owners in places like Ohio, Pennsylvania and many other states have the ability to sell their mineral, or oil, and gas rights for top dollar, and at the same time have the assurance the oil, or gas companies will provide the landowner, or owners with proper safeguards for the use of their property. The group says, “We want to make certain property owners get the best value for their mineral rights, or oil, and gas rights, and at the same time we want to make certain the property owner is protected in every possible way. We also believe in collaborations, where oil, or gas exploration companies can have the largest possible field, for their exploration, and development, so that it makes economic sense for them as well.” The Wall Street Fraud Watchdog says, “Part of the problem right now with states like Pennsylvania, or Ohio, is you have middlemen mineral rights grabbers, who are not providing property owners with anything close to fair market value, and the mineral rights purchase agreements are a joke, that offer little protection for the landowners. We intend to change this, by leveling the playing field for everyone from the landowner, to the oil, or gas exploration company.” For more information interested parties can always call the Wall Street Fraud Watchdog, to learn about their unsurpassed real estate services at 866-714-6466. http://WallStreetFraudWatchdog.Com.

Landlords Looking Forward to 2012

Landlords Looking Forward to 2012

Furnished housing landlords say they are optimistic about their future profitability, reports the third annual By Owner Corporate Housing survey sponsored by CorporateHousingbyOwner.com (CHBO), an online marketplace dedicated to connecting individual property owners offering short-term furnished and unfurnished rentals with potential tenants worldwide. The purpose of the survey is to provide key insights into the

do-it-yourself — or “by owner” — corporate housing marketplace.

The survey found that nearly 40% of corporate rental landlords say they believe 2012 will be a “more profitable year.” Plus, despite continued news about the declining housing market and global recession, still more than 50% of the survey respondents say they made a profit on their rental properties in 2011 while 35% say they only broke even.

Additionally, the survey reports that do-it-yourself (DIY) property management is on the rise. In fact, more than 86% of the survey respondents say they do their own property management rather than using outside resources, a slight increase from last year.

Kimberly Smith, the founder of CorporateHousingbyOwner.com, says DIY landlording is nothing new, but obviously an increasingly popular option these days.

“The prolonged recession compounded by unlimited access to resources online has exploded the do-it-yourself landlording world,” says Smith. “My hope is that this report will continue to help ‘by owner’ corporate housing landlords become more educated, knowledgeable and profitable as it allows them to deep-dive into emerging rental trends and how such trends will impact them personally.”

Other key findings from the survey include:

  • Rental rates stable. Likely a sign of a still-slumping economy, landlords of short-term rentals say they did not raise their rental rates in 2011. Approximately 62% of respondents say they offered the same rates in 2011 as they did in 2010, while only approximately 22% say they raised their rates and 16% lowered them.

Corporate housing has gone to the ‘burbs. Counterintuitive to previous corporate housing trends where properties were located in “city centers,” according to the majority of private corporate rentals who responded to this survey, “by owner” corporate rentals tend to be located in suburban areas on residential streets (43%), followed by outer urban areas (22%) and then central urban areas (20%).

You’ve Got Pets. Many long-term business travelers are arriving with pets in tow. Fifty percent of survey respondents say they accept some type of pet in their corporate rental. Why? Of those who accept pets, about 69% say they take pets because it “gets their properties rented.”

About Corporate Housing by Owner (CHBO)

CHBO was founded in 2006 out of a need to connect private homeowners and real estate investors offering furnished, short-term rentals with corporate housing seekers such as traveling executives, relocated professionals, traveling nurses, actors, athletes and more. The company provides individual homeowners and investors resources and guidance to help them strategically manage their corporate housing rental properties as well as exposes their properties to thousands of potential tenants worldwide who are seeking short-term housing options. Please visit http://www.CorporateHousingbyOwner.com for more information.

Contact:
Jenny Finke
Red Jeweled Media for CHBO
303-815-4043
Jenny@MyCHBO.com

 

Web Site: http://www.CorporateHousingbyOwner.com

SW Florida Home Sales Jump 20%

home for sale

SW Florida Home Sales Jump 20%-mage by haglundc via Flickr

Anybody that’s been looking at foreclosures in the SW Florida area knows that the market had pretty much dried up for several months. The Banks had been holding on to their inventory because of the Robo-signing fiasco, but that seems to have changed. Some parts of SW Florida have seen home sales increase by up to 20% but prices are down. Some are blaming the Banks for dumping more properties on the market which in turn is driving prices down. Of course, if you’re in the market for a house, lower prices are obviously a good thing.

Home sales in Southwest Florida jumped by double digits in October but pushed pricing to near its Great Recession low.

The renewed push by banks on foreclosures and their rising use of short sales could be undercutting prices.

After clearing up some of their mortgage paperwork, big lenders operating in the region have been ramping up again on distressed properties. Some have been offering clients cash for short sales on their homes, where the lender takes less than is owed on the mortgage.

Sales rose 20 percent in the Sarasota-Bradenton market during October when compared with a year ago, with 801 homes changing hands.

But the median sales price dropped to $137,100, pushing the value to only slightly above its lowest point since the recession, $136,300. The September median was $156,800, so the October price represented a 13 percent drop from the previous month.

Sales also rose in the Charlotte County-North Port market, by 7 percent to 236 homes, while the median price of $90,000 was a 6 percent drop from a year ago and an 8 percent drop from September.

Around the state, sales rose 13 percent in Florida’s combined 19 major markets, with 12,145 homes changing hands.

The median price statewide saw a drop but not as pronounced as in this region. October’s $131,200 was a 4 percent drop from a year ago and a 2 percent decline from September.

Source

If you’ve been sitting on the sidelines waiting for that good deal in Florida, now is probably the time to get out there and start making some offers. This could possibly be the bottom of the market and prices may not get any lower. Also, this is November and Winter is approaching quickly. They don’t call Florida the “Sunshine State” for nothing.

 

Foreclosure Numbers Lowest in the Better School Districts

Maybe you’ve been thinking about buying a house in foreclosure and even though you have some money saved you still need to find a really good deal. If you’re at the point that you’re actually looking at these houses, you start to notice that most of these properties are in marginal neighborhoods. Now, that may be OK for the investors but you have kids and plan on living in the house and don’t want to send your kids to those school districts. A new study just released addresses this situation.

Highly ranked school districts may have been spared the worst of the foreclosure crisis, according to a new analysis, showing that the housing crash was akin to a tornado that tore through wide swaths, but hit with particular force in certain areas.

The analysis, conducted for Developments by Location Inc., a Worcester, Mass.-based company that mines local data for businesses and consumers, looked at six months of 2011 sales data collected by RealtyTrac Inc. It showed that the percentage of foreclosure (or “real-estate-owned”) sales went down as the school ranking went up in five metro areas – Jacksonville, Fla; Atlanta; Toledo, Ohio; Stockton, Calif.; and Seattle. Higher-rated school districts also maintained higher home-sale prices, and higher home prices per square foot.

“If you are looking to buy into one of these good school districts, it is very rare to find a foreclosure,” said Location Inc.’s chief executive Andrew Schiller, an expert in demographic analysis who conducted the research with his colleague Jonathan Glick. “It’s better to just go into a normal sale.” (The five cities were chosen to provide a general market overview.)

The finding is, to a certain extent, not a surprise. Schools have long been a driver for home buyers, whether in determining location or timing. So it would make sense that school ranking could serve as a kind of proxy for measuring the damage from the foreclosure crisis.

It’s also not that foreclosure sales don’t exist in highly ranked districts; they are just much less of a factor, and the reason could be income. Stan Humphries, chief economist for real-estate data company Zillow, said that it’s “likely both educational outcomes and foreclosures are ultimately linked to income, not to each other.”

The upper tier of homeowners saw less of an impact from the housing crash than the bottom tier, according to Mr. Humphries; the top third of homes dropped 26% from the recent high point; the bottom third of homes in value fell 37%. Some sought-after neighborhoods probably saw less severe price erosion, which in turn helped sustain property taxes and protect a vital funding source for schools.

Mr. Schiller said he sees school quality as both a result and a driver of income concentrations in parts of metropolitan areas. “Once in place, the higher-quality school systems reinforce this, causing higher demand for properties there, and higher values.”

Good schools may also be one of few factors keeping buyers in certain markets today, further bolstering prices and property-tax bases in sought-after districts like Newton, Mass. and Cupertino, Calif., said Glenn Kelman, chief executive of the online brokerage Redfin. “People always want to live in those school districts,” Mr. Kelman said. “And those school districts have remained well-financed even as neighboring districts have to cut costs.”

Source

So, while it’s true that even million dollar houses sometimes go through foreclosure, it doesn’t happen that often. But when it does, the competition level goes way up and you won’t be buying that house for a mere pittance. Unless you have a lot of time and money, you’re better off with a traditional sale.

Mortgage Lenders vs The Scarecrow: If I Only Had a Brain

Are you kidding me? The Banks are just now paying homeowners to get out of a house they can’t afford anymore? They should have been doing this years ago instead of dragging out the short sale process and then delivering the big “No” months later. And then letting the house go through the foreclosure process, which eats up more time and costs them even more money in the process. Here’s one for you: “The banks have realized, ‘We are losing more on the foreclosures than the shorts,'” Augustyniak said. “And they are even willing to compensate the sellers, to give the sellers money to vacate the property.” Wow! What a revelation! Any half-assed Real Estate investor straight out of a short sale seminar in 2006 could have told them that. Guess it takes a while to sink in.

Chase Puts Their Money Where Their Mouth is With Large Short Sale Cash Incentive

McGeough Lamacchia Realty and Dorner Law negotiate a $35,000 payment to their short sale client at closing.

Quote startIt’s important for people who cannot pay their mortgage to be proactive with an alternative such as a short sale.Quote end

Chase Bank sent a homeowner (name withheld) a solicitation letter offering up to $35,000 to do a short sale. Back in August the homeowner called McGeough Lamacchia Realty right away and the home was listed for sale within two weeks.

Once an offer was obtained the staff at McGeough Lamacchia Realty and Dorner Law submitted a short sale package to Chase along with their solicitation letter to remind them that this $35,000 was offered. After five weeks of negotiating Chase not only offered a short sale approval and waived the entire deficiency balance but they agreed to pay this homeowner the entire $35,000.

Over the past year more major banks have realized that paying distressed homeowners a substantial sum is a great way to incentivize them to move out of the home they can no longer afford. Chase has been sending out these solicitation letters of up to $35,000 for about a year. Citi Mortgage has been paying up to $12,000 for about 6 months and Bank of America has most recently agreed to pay up to $20,000.

McGeough Lamacchia Realty and Dorner Law have negotiated large sums for its clients before, but this $35,000 is a new record that they are proud of. These programs are only offered on the loans where these banks actually own the mortgage. Most mortgages are being serviced by the large banks on behalf of one of the three GSE’s: Fannie Mae, Freddie Mac, and FHA (Federal Housing Administration). FHA does offer a $1,500 incentive to do a short sale under their Pre-Foreclosure Sale program. Fannie Mae and Freddie Mac do not currently offer any money unless the short sale is through the Treasury’s HAFA program.

Under the Treasury’s HAFA (Home Affordable Foreclosure Alternative) program which came out in April 2010, lenders are paying $3,000 to distressed homeowners who complete a short sale through the HAFA program.

“It is clear that the major banks have woken up and realized that a short sale is the best way to decrease losses and assist distressed homeowners in a graceful and dignified exit from their home. It’s unfortunate that Fannie Mae and Freddie Mac still haven’t seen the light,” says Anthony Lamacchia.

Short sales are increasing across the country for several reasons:

  •     They are becoming better known to distressed homeowners.
  •     Banks have realized that they save tremendous money through a short sale vs. a foreclosure
  •     Banks have finally hired more staff and are working hard to better their short sale processes
  •     All the major banks are now sending out letters offering short sales to homeowners who cannot qualify for a loan modification. Bank of America recently came out with a Home Transition Guide.
  •     Banks recognize that the sooner they get out of a non-performing loan the more money they save.

“I did my first short sale 20 years ago. They are a great alternative to foreclosure and it is nice to see more distressed homeowners are finally opting for them, especially now that these great incentives are being offered,” says Attorney Hillery Dorner.

Nationally short sales have increased 12% in 2011 and many believe they will increase by much more in 2012.

“One thing distressed homeowners need to know now is that banks will be foreclosing much faster in 2012 than they did in 2011 due to these robo-signing issues for the most part being worked out. Therefore it is important for people who cannot pay their mortgage to be proactive with an alternative such as a short sale,” says John McGeough.

For more on this story, visit the New England Short Sale Blog

About McGeough Lamacchia:

McGeough Lamacchia is the #1 Listing Agency in Massachusetts and named one of the Top 100 Real Estate Teams in the country by RealTrends and the Wall Street Journal. They are a full service real estate agency specializing in short sales in Massachusetts and New Hampshire.

So there you have it. All you seminar graduates, go out there and make some money.

Mortgage Availability Remains a Real Concern: NAR

Mortgage Availability Remains a Real Concern: NAR

Mortgage Availability Remains a Real Concern: NAR-Image via Wikipedia

Realtors® stand ready to protect and defend opportunities for homeownership, and many of them have gathered here at the 2011 REALTORS® Conference & Expo to prepare for the challenges ahead.

During the opening session today at this week’s meetings, National Association of Realtors® President Ron Phipps outlined obstacles and opportunities facing the real estate industry.

“For the first time in generations, the American dream of homeownership is being threatened,” said Phipps, broker-president of Phipps Realty in Warwick, R.I. “We need to keep housing first on the nation’s public policy agenda, because housing and home ownership issues affect all Americans.”

NAR is actively advocating public policies that promote responsible, sustainable homeownership. Those include ensuring affordable, accessible financing; supporting tax policies that encourage homeownership; and helping more people stay in their homes or avoid foreclosure through streamlined short sales.

As Realtors® convene in California this week, conforming loan limits is one top-of-mind issue. On October 1, Congress allowed those limits to revert from 125 percent of the local area median home price to 115 percent of the local median home price. As a result, home buyers and sellers in 669 counties across 42 states and the District of Columbia have been affected. The lower limits mean that fewer people will have access to mortgage loans, and the loans that are available will be more expensive.

“Mortgage availability remains a real concern since the private market has yet to return,” said Phipps. “While the housing market is still in recovery, we firmly believe that lower loan limits will only further restrict liquidity in mortgage markets.”

NAR has urged Congress to reinstate the higher loan limits temporarily, and more than 200 members of Congress currently support efforts to reinstate these limits.

Session attendees also heard about the results of last month’s New Solutions for America’s Housing Crisis forum. The forum was hosted by the Progressive Policy Institute and Economic Policies for the 21st Century and brought together policy leaders, industry representatives, members of Congress, thought leaders and the media.

From this forum, NAR has endorsed a five-point housing solutions plan to help reenergize housing markets and spur the economic recovery.

“Many of the solutions that came out of this forum evolved from ideas that Realtors® have been advocating for several years,” said Phipps. “Realtors® and the families we work with, day in and day out, know that homeownership matters, and now, with our combined and continued efforts, we’re going to make sure that policymakers understand that, too.”

This year’s Realtors® Conference & Expo is expected to draw approximately 18,000 Realtors® and guests. More than 400 exhibitors are expected to participate in the Expo, which showcases the latest real estate products and innovations across various fields, including technology, data communications and financial programs and services.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

CoreLogic (NYSE: CLGX), a leading provider of information, analytics and business services, today released its September Home Price Index (HPI®) which shows that home prices in the U.S. decreased 1.1 percent on a month-over-month basis, the second consecutive monthly decline. According to the CoreLogic HPI, national home prices, including distressed sales, also declined by 4.1 percent in September 2011 compared to September 2010.  This follows a decline of 4.4 percent* in August 2011 compared to August 2010.  Excluding distressed sales, year-over-year prices declined by 1.1 percent in September 2011 compared to September 2010 and by 2.2* percent in August 2011 compared to August 2010.  Distressed sales include short sales and real estate owned (REO) transactions.

“Even with low interest rates, demand for houses remains muted. Home sales are down in September and the inventory of homes for sale remains elevated. Home prices are adjusting to correct for the supply-demand imbalance and we expect declines to continue through the winter. Distressed sales remain a significant share of homes that do sell and are driving home prices overall,” said Mark Fleming, chief economist for CoreLogic.

Highlights as of September 2011

  • Including distressed sales, the five states with the highest appreciation were:  West Virginia (+7.0 percent), Wyoming (+3.8 percent), South Dakota (+3.6 percent), Maine (+3.5 percent), and North Dakota (+3.1 percent).
  • Including distressed sales, the five states with the greatest depreciation were: Nevada (-12.4 percent), Illinois (-9.2 percent), Arizona (-9.0 percent), Minnesota (-8.3 percent), and Georgia (-7.2 percent).
  • Excluding distressed sales, the five states with the highest appreciation were: West Virginia (+13.2 percent), Maine (+5.8 percent), Wyoming (+4.8 percent), Montana (+4.4 percent), and Kansas (+3.9 percent).
  • Excluding distressed sales, the five states with the greatest depreciation were: Nevada (-9.6 percent), Arizona (-7.7 percent), Minnesota (-5.9 percent), Michigan (-4.8 percent), and Delaware (-3.7 percent).
  • Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to September 2011) was -31.2 percent.  Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -21.9 percent.
  • Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, 82 are showing year-over-year declines in September, the same as in August.

Full-month September 2011 national, state-level and top CBSA-level data can be found at http://www.corelogic.com/HPISeptember2011.

*August 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.

September HPI for the Country’s Largest Core Based Statistical Areas (CBSAs) by Population:

September 2011 12-Month HPI
CBSA Change by CBSA
Single Family Single Family  Excluding Distressed
Chicago-Joliet-Naperville, IL -9.7% -1.9%
Phoenix-Mesa-Glendale, AZ -8.0% -7.1%
Atlanta-Sandy Springs-Marietta, GA -7.8% -3.9%
Riverside-San Bernardino-Ontario, CA -6.3% -4.0%
Los Angeles-Long Beach-Glendale, CA -5.8% 0.2%
Houston-Sugar Land-Baytown, TX -4.3% 0.9%
Philadelphia, PA -0.3% -0.4%
Dallas-Plano-Irving, TX -0.1% 2.8%
Washington-Arlington-Alexandria, DC-VA-MD-WV 1.0% 2.3%
New York-White Plains-Wayne, NY-NJ 2.2% 2.9%

Source: CoreLogic.

September HPI State and National Ranking:

September 2011 12-Month HPI
State Change by State
Single Family Single Family

Excluding Distressed

National -4.1% -1.1%
Nevada -12.4% -9.6%
Illinois -9.2% -2.5%
Arizona -9.0% -7.7%
Minnesota -8.3% -5.9%
Georgia -7.2% -3.6%
California -6.5% -1.6%
Ohio -6.0% 0.0%
Delaware -5.8% -3.7%
Washington -5.6% -1.9%
Idaho -5.1% 0.0%
Wisconsin -4.7% -3.3%
New Mexico -4.7% -2.5%
Alabama -4.6% 2.4%
Missouri -4.4% -1.6%
Oregon -4.3% -3.3%
Utah -4.3% -0.8%
Florida -3.8% -1.7%
Michigan -3.7% -4.8%
Connecticut -3.5% -3.6%
New Hampshire -3.2% -1.1%
Rhode Island -2.7% -0.7%
Massachusetts -2.2% -1.6%
Hawaii -2.0% 0.9%
Arkansas -1.8% -1.0%
Kentucky -1.7% 0.2%
Maryland -1.6% 0.1%
Colorado -1.5% -0.2%
Texas -1.4% 1.6%
New Jersey -1.2% -1.5%
Indiana -0.7% 0.7%
Louisiana -0.6% 2.2%
Vermont -0.6% 3.1%
North Carolina -0.5% 0.4%
Iowa -0.4% 0.3%
Montana -0.3% 4.4%
Virginia -0.2% 0.7%
Oklahoma -0.2% 0.4%
Pennsylvania -0.1% 0.6%
Mississippi 0.0% 0.6%
South Carolina 0.6% 2.1%
Tennessee 0.7% 0.1%
Alaska 0.8% 1.4%
Kansas 1.2% 3.9%
Nebraska 1.2% 0.8%
District of Columbia 1.4% 0.3%
New York 2.4% 2.5%
North Dakota 3.1% 3.4%
Maine 3.5% 5.8%
South Dakota 3.6% 1.2%
Wyoming 3.8% 4.8%
West Virginia 7.0% 13.2%

Source: CoreLogic.

Methodology

The CoreLogic HPI incorporates more than 30 years’ worth of repeat sales transactions, representing more than 65 million observations sourced from CoreLogic industry-leading property information and its securities and servicing databases. The CoreLogic HPI provides a multi-tier market evaluation based on price, time between sales, property type, loan type (conforming vs. nonconforming), and distressed sales. The CoreLogic HPI is a repeat-sales index that tracks increases and decreases in sales prices for the same homes over time, which provides a more accurate “constant-quality” view of pricing trends than basing analysis on all home sales. The CoreLogic HPI provides the most comprehensive set of monthly home price indices and median sales prices available covering 6,607 ZIP codes (58 percent of total U.S. population), 608 Core Based Statistical Areas (86 percent of total U.S. population) and 1,146 counties (84 percent of total U.S. population) located in all 50 states and the District of Columbia.

About CoreLogic

CoreLogic (NYSE: CLGX) is a leading provider of consumer, financial and property information, analytics and services to business and government. The Company combines public, contributory and proprietary data to develop predictive decision analytics and provide business services that bring dynamic insight and transparency to the markets it serves. CoreLogic has built one of the largest and most comprehensive U.S. real estate, mortgage application, fraud, and loan performance databases and is a recognized leading provider of mortgage and automotive credit reporting, property tax, valuation, flood determination, and geospatial analytics and services. More than one million users rely on CoreLogic to assess risk, support underwriting, investment and marketing decisions, prevent fraud, and improve business performance in their daily operations. The Company, headquartered in Santa Ana, Calif., has more than 5,000 employees globally. For more information visit www.corelogic.com.

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 web site.  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. This data is compiled from public records, contributory databases and proprietary analytics, and its accuracy is dependent upon these sources.

CORELOGIC, the stylized CoreLogic logo and HPI are registered trademarks owned by CoreLogic, Inc. and/or its subsidiaries. No trademark of CoreLogic shall be used without the express written consent of CoreLogic.

CONTACT: For real estate industry and trade media: Bill Campbell, +1-212-995-8057 (office), +1-917-328-6539 (mobile), bill@campbelllewis.com; For general news media: Lori Guyton, +1-901-277-6066, lguyton@crosbyvolmer.com

Web Site: http://www.corelogic.com

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