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☆ Should you refinance your mortgage? Here are three signs it's time, real estate experts say
▼ + stars: | 2024-04-10 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +3 min

Thanks to those high mortgage interest rates, refinance activity in 2023 was at the lowest level in 30 years. In the first and second quarters of 2023 there was only $75 billion and $80 billion, respectively, in mortgage refinance originations nationally, according to Freddie Mac, a government-sponsored entity that buys mortgages from banks. "We're just in a much higher interest rate situation with the economy," she said. "We've been so accustomed to mortgage rates as a baseline being at 2% or 3%," said Veronica Fuentes, a certified financial planner at Northwestern Mutual. Some lenders may require a higher interest rate if you finance closing costs, plus you'll be paying interest on those expenses for the life of the mortgage.

Persons: Freddie Mac, Jeff Ostrowski, Chen Zhao, Zhao, We've, Veronica Fuentes, that's, Ostrowski, CoreLogic's Organizations: Westend61, Getty, Federal Reserve, Northwestern Mutual

☆ 20 metro areas expected to see the fastest-appreciating real estate in 2024 and 5 most at risk of declining. Plus, what will happen to mortgage rates, according to a property data firm.
▼ + stars: | 2024-01-15 | by ( Laila Maidan | ) www.businessinsider.com time to read: +4 min

Tight inventory, combined with pent-up demand, kept prices in an uptrend last year despite 23-year-high mortgage rates, according to Selma Hepp, CoreLogic's chief economist. AdvertisementCooling mortgage rates and newly built homes will help bring more houses on the market but won't create enough inventory to outpace demand, wrote Hepp. She isn't expecting much change to mortgage rates but said that they will likely be slightly higher from January to February, in line with historical trends that precede the busy spring sales season. If inflation remains tamed and trending downward, and the Federal Reserve begins cutting rates as a response, declining mortgage rates would follow, she added in an email to Business Insider. Metro area Forecasted YOY % change Redding CA Metropolitan Statistical Area 7.30% Santa Maria-Santa Barbara CA Metropolitan Statistical Area 6.81% Bremerton-Silverdale WA Metropolitan Statistical Area 6.51% Coeur d'Alene ID Metropolitan Statistical Area 6.49% Fairbanks AK Metropolitan Statistical Area 6.38% Santa Rosa CA Metropolitan Statistical Area 6.37% Corvallis OR Metropolitan Statistical Area 6.36% Merced CA Metropolitan Statistical Area 6.32% Bend-Redmond OR Metropolitan Statistical Area 6.29% Mount Vernon-Anacortes WA Metropolitan Statistical Area 6.20% Grand Junction CO Metropolitan Statistical Area 6.09% Longview WA Metropolitan Statistical Area 6.07% Pocatello ID Metropolitan Statistical Area 6.00% Casper WY Metropolitan Statistical Area 5.99% Walla Walla WA Metropolitan Statistical Area 5.88% Lewiston ID-WA Metropolitan Statistical Area 5.87% Santa Cruz-Watsonville CA Metropolitan Statistical Area 5.81% Prescott AZ Metropolitan Statistical Area 5.70% Lakeland-Winter Haven FL Metropolitan Statistical Area 5.67% Kahului-Wailuku-Lahaina HI Metropolitan Statistical Area 5.63%The list below is CoreLogic's forecast for the five metro areas that are at the highest risk of price declines.

Persons: —, Selma Hepp, it's, Hepp, isn't Organizations: Service, Business, Federal Reserve, Redding, Santa Barbara, Metropolitan, Silverdale WA Metropolitan, Coeur, Fairbanks AK Metropolitan Statistical, Santa, Corvallis, Longview, Longview WA Metropolitan, Casper, Casper WY Metropolitan, Walla Walla WA Metropolitan, Lewiston, Prescott, Prescott AZ Metropolitan, Lakeland Locations: Metro, Maria, Santa, Bremerton, Silverdale WA, Coeur d'Alene, Santa Rosa, Merced CA, Redmond, Vernon, Anacortes WA, Longview WA, Pocatello, Casper WY, Walla Walla WA, Santa Cruz, Watsonville CA, Prescott AZ, Haven, Lahaina HI

☆ US home prices jump another 5% on tumbling mortgage rates and tight supply
▼ + stars: | 2024-01-10 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

US home prices climbed 5.2% year-over-year in November, according to CoreLogic. Falling mortgage rates and a dwindling supply have helped prop up the market. AdvertisementUS home prices have continued to climb, according to CoreLogic data, with tumbling mortgage rates helping prop up the nation's supply-starved housing market. The US housing market stagnated last year – but there have been signs of a thaw in recent months, with mortgage rates falling away from 23-year highs. Home prices rose the most in the US's northeastern region in November – with the Rhode Island, Connecticut, and New Jersey housing markets each experiencing double-digit year-over-year growth.

Persons: Selma Hepp, —, Freddie Mac Organizations: Service, Biden Administration, National Association of Realtors Locations: –, Rhode Island , Connecticut, New Jersey, Idaho , Utah, Washington

☆ 20 US cities where home prices are expected to take off due to affordability and tax advantages — plus where mortgage rates could be by the end of 2024, according to a property-data firm
▼ + stars: | 2023-11-09 | by ( Laila Maidan | ) www.businessinsider.com time to read: +3 min

Contagion from spiking yields quickly trickled into real estate, lifting the average 30-year fixed mortgage rate above 8%. "Even before mortgage rates went up to 8%, we saw significant slowing in home sales activity, and some recent reports pointed to a 12-to-13-year low." But where mortgage rates will be depends on the fed funds rate. Following this trend, CoreLogic indicators forecast that mortgage rates could be at about 6.3% by year-end. Forecasts are based on multiple metrics including home prices, the unemployment rate, real disposable income per capita, and population growth.

Persons: Selma Hepp, Hepp Organizations: Reserve Locations: California

☆ 20 US Cities Expected to See the Highest Home-Price Growth: CoreLogic
▼ + stars: | 2023-09-17 | by ( Laila Maidan | ) www.businessinsider.com time to read: +2 min

Halfway through 2023, mortgage rates are still elevated compared to the last decade. It's not likely that interest rates will come down this year; Selma Hepp, the chief economist at CoreLogic, expects the year to end with mortgage rates at 6.7%. That's up from her forecast in April that saw the year ending with mortgage rates near 5.8%. "And I think with lower mortgage rates, we will see a lot of pent-up demand coming in." This year, appreciation has largely been a function of low inventory, though elevated mortgage rates are helping to mute that increase.

Persons: It's, Selma Hepp, Hepp Organizations: Federal Reserve, Treasury

☆ These are the 10 most undervalued real estate markets in America right now, according to a housing data provider
▼ + stars: | 2023-09-14 | by ( James Faris | ) www.businessinsider.com time to read: +4 min

Price growth for US homes bounced back this summer from its lowest level in over a decade, according to a new report from real estate data provider CoreLogic. Rising mortgage rates have hurt mortgage demand. 10 undervalued markets for homebuyers to look in nowIn addition to sharing their latest Home Price Index report, CoreLogic also shared exclusive data with Insider about which US housing markets are most undervalued right now. Below are 10 undervalued metropolitan areas in the US, according to CoreLogic, along with each's home price index change from the last 12 months as of July and forecasted home price index change. The cities are listed in descending order by expected home price index change.

Persons: Price, Selma Hepp, Hepp, CoreLogic Organizations: Mortgage, New, West : Locations: California , Washington, Massachusetts, Miami , Florida, St, Louis , Missouri, Detroit , Michigan, Northeast, Vermont, New Hampshire, New Jersey, West, West : Idaho, Nevada, Montana, Washington, Arizona, Utah, Oregon, Colorado, Texas, Wyoming, California, CoreLogic

☆ If Barbie's Malibu Dreamhouse were real, it would cost $2.7 million more now than in 1962
▼ + stars: | 2023-07-26 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +3 min

Corelogic identified how much Barbie's iconic Dreamhouse has appreciated since its 1962 debut. It discovered that Barbie's mansion has seen the most appreciation during the past three years. A new report from Corelogic identifies how much Barbie's iconic Dreamhouse — if it were real — has appreciated in 20 markets across the country since its debut in 1962. While a life-sized iteration of the Barbie Dreamhouse exists on Airbnb — though its booking period is now closed — it did not figure into Corelogic's price estimate. Thomas Malone, a researcher with Corelogic, told Insider that given the location of Barbie's Dreamhouse and the demand seen during the pandemic, it's not surprising that Barbie's home is so expensive today.

Persons: Corelogic, She's, Barbie, Selma Hepp, Thomas Malone, Dreamhouse, it's, Malone Organizations: Service, Malibu Locations: Los Angeles, Phoenix, New York, Wall, Silicon, Malibu , California

☆ Australian home prices climb for fourth month in June
▼ + stars: | 2023-07-02 | by ( ) www.reuters.com time to read: +2 min

REUTERS/David Gray/File PhotoSYDNEY, July 3 (Reuters) - Australian home prices rose for a fourth consecutive month in June as a sustained squeeze on housing supply helped lift values nationwide, data showed on Monday. Property consultant CoreLogic figures showed national home prices were up 1.1% in June from the previous month, after bottoming in February and starting a sustained rise. Every state and territory capital except Tasmania's Hobart recorded higher prices for dwellings, according to CoreLogic. "A slowdown in the pace of capital gains could be a reflection of a change in sentiment as interest rate expectations revise higher," Lawless said. "Higher interest rates and lower sentiment will likely weigh on the number of active home buyers, helping to rebalance the disconnect between demand and supply."

Persons: David Gray, Tasmania's Hobart, CoreLogic's Tim Lawless, Lawless, Sam McKeith, William Mallard Organizations: REUTERS, ., Reserve Bank of Australia, Thomson Locations: Sydney, Clovelly, Australia, Tasmania's, CoreLogic, New South Wales, Brisbane, Queensland

☆ 51 US cities expected to see the highest home price increases and 5 at risk of falling in the next 12 months — plus where mortgage rates could be by year-end — according to a housing economist
▼ + stars: | 2023-06-11 | by ( Laila Maidan | ) www.businessinsider.com time to read: +7 min

Areas that saw price declines during the pandemic are expected to make a comeback. Metropolitan areas including Anaheim, Seattle, and Sacramento top the list. In April, prices for single-family homes rose by 2% year-over-year and 1.2% from the previous month, according to CoreLogic's Home Price Index. Below is a list of 51 metropolitan areas expected to see the most home prices increase in the next 12 months, beginning from the highest to the lowest. The CoreLogic HPIFinally, while mortgage rates can be difficult to predict, Hepp believes we have likely peaked for the year.

Persons: Selma, it's, Selma Hepp, Hepp, Louis Organizations: CoreLogic, Irvine CA Metropolitan, Everett WA Metropolitan Division, Arcade, Statistical, Oakland, Berkeley CA Metropolitan, Metropolitan Statistical, Riverside, Jacksonville FL, Vegas, Paradise, Clearwater FL, Newark, Sanford FL, Angeles, Glendale CA Metropolitan, Palm Beach, Boca Raton, Delray Beach FL, Cambridge, Suffolk County NY Metropolitan, Towson, Metropolitan, Fort Lauderdale, Boston, Scottsdale, Scottsdale AZ Metropolitan Statistical, Miami, Kendall FL Metropolitan, Alexandria DC, Bloomington, Franklin TN Metropolitan, Virginia, Newport News, Livonia MI, Gastonia NC, SC Metropolitan, West Allis WI Metropolitan, Philadelphia PA Metropolitan, Kansas City, KS Metropolitan, Providence, Richmond VA Metropolitan, Cincinnati, Pittsburgh PA, Oklahoma City, Cleveland, Elyria, NJ, Columbus OH, Houston, Indianapolis, Arlington TX Metropolitan, Dallas, Irving TX Metropolitan Locations: Selma Hepp, Anaheim, Seattle, Sacramento, West Coast, Metropolitan, Santa Ana, Irvine, Bellevue, Roseville, Hayward, Berkeley, Portland, Vancouver, Hillsboro, San Bernardino, Ontario, Diego, Carlsbad CA, Denver, Aurora, Lakewood, Henderson, Tampa, St, Petersburg, Clearwater, Newark NJ, Orlando, Kissimmee, Sanford, Long, Glendale CA, Palm, Delray Beach, Newton, Framingham, Nassau County, Suffolk, Baltimore, Columbia, Pompano Beach, Deerfield Beach FL, Mesa, Scottsdale AZ, Miami, Kendall, Montgomery County, Bucks County, Chester County, Washington, Arlington, Alexandria, Sandy Springs, Roswell, Minneapolis, Paul, WI, Murfreesboro, Virginia Beach, Norfolk, Detroit, Dearborn, Livonia, Charlotte, Concord, Gastonia, Milwaukee, Waukesha, Warwick, Chicago, Naperville, Arlington Heights IL, Troy, Farmington Hills MI, Antonio, New Braunfels TX, York, Jersey, White Plains, Carmel, Worth, Plano

☆ 51 US cities expected to see the highest home-price increases and 5 at risk of falling in the next 12 months — plus where mortgage rates could be by year-end — according to a housing economist
▼ + stars: | 2023-06-11 | by ( Laila Maidan | ) www.businessinsider.com time to read: +7 min

The economist Selma Hepp says home prices in some areas are rising because of limited inventory. The US housing market started off on a solid footing this year as home prices rose. In April, prices for single-family homes rose by 2% year-over-year and 1.2% from the previous month, according to CoreLogic's Home Price Index. Below is a list of 51 metropolitan areas expected to see the most home-price increases in the next 12 months, from the highest to the lowest. The CoreLogic HPIFinally, while mortgage rates can be difficult to predict, Hepp said that we had likely peaked for the year.

Persons: Selma Hepp, it's, Hepp, CoreLogic's, Louis, CoreLogic Organizations: Irvine CA Metropolitan, Everett WA Metropolitan Division, Arcade, Statistical, Oakland, Berkeley CA Metropolitan, Metropolitan Statistical, Riverside, Jacksonville FL, Vegas, Paradise, Clearwater FL, Newark, Sanford FL, Angeles, Glendale CA Metropolitan, Palm Beach, Boca Raton, Delray Beach FL, Cambridge, Suffolk County NY Metropolitan, Towson, Metropolitan, Fort Lauderdale, Boston, Scottsdale, Scottsdale AZ Metropolitan Statistical, Miami, Kendall FL Metropolitan, Alexandria DC, Bloomington, Franklin TN Metropolitan, Virginia, Newport News, Livonia MI, Gastonia NC, SC Metropolitan, West Allis WI Metropolitan, Philadelphia PA Metropolitan, Kansas City, KS Metropolitan, Providence, Richmond VA Metropolitan, Cincinnati, Pittsburgh PA, Oklahoma City, Cleveland, Elyria, NJ, Columbus OH, Houston, Indianapolis, Arlington TX Metropolitan, Dallas, Irving TX Metropolitan Locations: Anaheim , California, Seattle, Sacramento , California, West Coast, Metropolitan, Anaheim, Santa Ana, Irvine, Bellevue, Sacramento, Roseville, Hayward, Berkeley, Portland, Vancouver, Hillsboro, San Bernardino, Ontario, Diego, Carlsbad CA, Denver, Aurora, Lakewood, Henderson, Tampa, St, Petersburg, Clearwater, Newark NJ, Orlando, Kissimmee, Sanford, Long, Glendale CA, Palm, Delray Beach, Newton, Framingham, Nassau County, Suffolk, Baltimore, Columbia, Pompano Beach, Deerfield Beach FL, Mesa, Scottsdale AZ, Miami, Kendall, Montgomery County, Bucks County, Chester County, Washington, Arlington, Alexandria, Sandy Springs, Roswell, Minneapolis, Paul, WI, Murfreesboro, Virginia Beach, Norfolk, Detroit, Dearborn, Livonia, Charlotte, Concord, Gastonia, Milwaukee, Waukesha, Warwick, Chicago, Naperville, Arlington Heights IL, Troy, Farmington Hills MI, Antonio, New Braunfels TX, York, Jersey, White Plains, Carmel, Worth, Plano

☆ Home prices are back on the rise as the spring market proves more competitive than expected
▼ + stars: | 2023-05-02 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +4 min

After cooling for the better part of last year, home prices are on the rise again. "Just five months ago, prices were declining on a seasonally adjusted month-over-month basis in 92% of all major U.S. markets. Competition among buyers is not only pushing prices higher but also accelerating the market again. Of the nation's 50 largest housing markets by population, just Austin, Salt Lake City and San Antonio are seeing prices fall month to month. A separate report released Tuesday from CoreLogic focuses on home price comparisons from a year ago, but also shows prices gaining month to month.

☆ A housing economist shares the top 5 markets with the highest risk of price declines, plus where mortgage rates could be by year-end
▼ + stars: | 2023-04-26 | by ( Laila Maidan | ) www.businessinsider.com time to read: +4 min

Mortgage rates are expected to be in the high fives by year-end, says Selma Hepp. Five US metros including Salt Lake City and Boise are highly vulnerable to price declines. It is a rough time for the real-estate market as mortgage rates remain volatile. Although mortgage rates are difficult to predict, Hepp says they could be in the high fives or about 5.8% by year-end. Below is a list of the markets with the highest risk of price declines, according to CoreLogic data.

☆ Inside California's tiny-home takeover
▼ + stars: | 2023-02-24 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +8 min

For the state with the most dire housing shortage, the move could be a game changer — eventually. As the US grapples with a massive housing shortage, one possible solution is playing out in California right now — and the state may have struck gold. Oregon, Maine, and Nebraska, as well as cities like Miami, have enacted laws similar to California's. There's been opposition to ADUs from homeowners worried about the density of their neighborhoods and sometimes the aesthetics of the structures. Ultimately, the housing shortage could be alleviated, she said.

☆ Home price increases weakened sharply in November, posting the smallest annual gain in 2 years
▼ + stars: | 2023-01-03 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Home prices are falling into a deep winter chill, as higher mortgage rates push more buyers to the sidelines. Prices are now 2.5% below the spring 2022 peak and are expected to continue to move lower this year. CoreLogic's forecast has price movement falling into negative territory by spring before rebounding to about 2% to 3% growth in the fall. Mortgage rates are back on the rise again after a brief reprieve in November and early December. Florida, South Carolina and Georgia saw the highest home price gains in the nation, as buyers continue to flock to the Sun Belt.

☆ A housing economist shares estimates of where mortgage rates will be by the end of this year and next — and lists the states that may see the most price corrections.
▼ + stars: | 2022-11-04 | by ( Laila Maidan | ) www.businessinsider.com time to read: +6 min

The majority of forecasters estimate mortgage rates will peak at 6.8 to 6.9%. Idaho, Utah, Nevada, Arizona, and Texas may see the most price corrections in housing prices. The hawkish approach has significantly increased anticipated mortgage rates for this time of year, she noted. The good news is, there's a low probability that mortgage rates will peak above 7%, she said. So I think that is always the one segment of the housing market one has to be a little bit more cautious about."

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