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CoreLogic has released its Homeowner Equity Report for Q1 2021, indicating a 19.6% year-over-year increase in equity for U.S. homeowners with mortgages, totaling over $1.9 trillion. The average homeowner has gained approximately $33,400 in equity since Q1 2020. The report highlights the impact of rising home prices, with an 11.4% increase noted in the CoreLogic Home Price Index. The number of homes in negative equity decreased by 7% quarter-over-quarter and 24% year-over-year, with the national aggregate value of negative equity at $273 billion.
CoreLogic has successfully completed its acquisition by funds managed by Stone Point Capital and Insight Partners for $80 per share in cash, resulting in the cessation of its common stock trading on the New York Stock Exchange. CoreLogic will maintain its headquarters in Irvine, California, with its existing management team remaining intact to steer the company as a private entity. Leadership from both Stone Point and Insight Partners expressed excitement about leveraging their financial expertise to enhance CoreLogic's growth and innovation across the real estate ecosystem.
CoreLogic (NYSE: CLGX) released its Home Price Index (HPI) and Forecast for April 2021, revealing a 13% increase in national home prices year-over-year, with a 2.1% rise month-over-month. Demand is driven by younger and older millennials, with 64% of younger millennials seeking more space. However, baby boomers, owning 54% of homes, are hesitating to sell, exacerbating inventory shortages. Detached properties appreciated by 14.7%, while projections indicate a 2.8% price growth by April 2022.
CoreLogic (NYSE: CLGX) released its Loan Performance Insights Report for February 2021, revealing that 5.7% of U.S. mortgages were in delinquency, a 2.1 percentage point increase from February 2020. The report highlights a slight month-to-month uptick, despite a serious delinquency rate of 3.7%, up from 1.2% in the previous year. Notably, early-stage delinquencies decreased to 1.5%, and the foreclosure inventory rate fell to 0.3%. Improving job markets and government support contributed to a more positive outlook for mortgage borrowers.
CoreLogic (NYSE: CLGX) reported a strong financial performance for Q1 2021, achieving $423 million in revenue, a 20% increase year-over-year. Operating income rose to $85 million, and net income from continuing operations was $55 million, up 31%. The company returned $24 million to shareholders and reduced debt by $100 million. Notably, adjusted EBITDA increased by 39% to $160 million. CoreLogic is exiting its multi-family tenant screening operations, expected to enhance profitability and improve revenue growth trends. CEO Frank Martell emphasized the company's strong momentum and growth opportunities.
CoreLogic (NYSE: CLGX) released its Home Price Index (HPI) for March 2021, showing a 11.3% year-over-year increase in home prices and a 2% month-over-month rise compared to February 2021. Looking ahead, home prices are anticipated to rise 3.5% by March 2022, amid affordability challenges. Notably, Boise, Idaho, saw the highest year-over-year increase at 27.7%. The spring homebuying season is showing strong trends, propelled by low mortgage rates, although competition for limited housing supply could affect demand.
CoreLogic (NYSE: CLGX) has received shareholder approval for its acquisition by Stone Point Capital and Insight Partners at $80 per share. The transaction is pending regulatory approval and customary closing conditions. CoreLogic's Chairman Paul Folino emphasized that this is a significant milestone, anticipating completion in Q2. Stone Point's CEO, Chuck Davis, highlighted the potential for CoreLogic to accelerate growth through enhanced innovative solutions. The financial advisory role is held by Evercore, while Skadden, Arps, Slate, Meagher & Flom LLP serves as legal advisor.
CoreLogic (NYSE: CLGX) released its Loan Performance Insights Report for January 2021, revealing that 5.6% of U.S. mortgages were in some stage of delinquency, a 2.1-percentage point increase from January 2020. Early-stage delinquencies decreased to 1.3%, while serious delinquencies rose to 3.8%. The foreclosure inventory rate fell to 0.3%. Despite higher delinquency rates, CoreLogic noted a decline in transition rates and historic lows in foreclosures. The Federal Housing Finance Agency announced a six-month extension of forbearance for affected loans. The next report is scheduled for May 11, 2021.
