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CoreLogic (NYSE: CLGX) released its Home Price Index for February 2021, showing a 10.4% annual increase in home prices, the highest since April 2006. Month-over-month, prices rose 1.2%. A projected 3.2% increase is expected by February 2022. The report highlights that metro areas like Phoenix, Seattle, and Los Angeles saw significant price rises. Furthermore, affordability issues are intensifying, driven by rising mortgage rates and limited supply, impacting prospective buyers, especially in high-cost regions.
CoreLogic (NYSE: CLGX) has announced a multi-year renewal agreement with California Regional Multiple Listing Service (CRMLS), the largest MLS in the U.S., serving over 100,000 users. The agreement enhances their existing relationship by providing digital real estate solutions, including the OneHome™ portal, which facilitates virtual collaboration in the homebuying process. CoreLogic aims to empower real estate professionals with integrated platforms that improve customer interactions, reinforcing their commitment to innovation and quality in the housing market.
CoreLogic (NYSE: CLGX) released its Home Equity Report for Q4 2020, revealing a significant 16.2% year-over-year increase in homeowner equity, amounting to over $1.5 trillion in total gains. Homeowners saw an average equity gain of $26,300 since Q4 2019. The report notes that home prices rose by 9.2% in December 2020, boosting average equity over $200,000 for mortgaged homeowners. Negative equity decreased by 21% year-over-year, with 1.5 million homes now underwater, representing 2.8% of all mortgaged properties.
CoreLogic (NYSE: CLGX) released its Loan Performance Insights Report for December 2020, revealing a national mortgage delinquency rate of 5.8%, a 2.1 percentage point increase from December 2019's 3.7%. Early-stage delinquencies decreased to 1.4%, while serious delinquencies rose to 3.9% from 1.2% year-over-year. The report highlights significant job losses in states like Hawaii and Nevada, correlating with increased delinquency rates. Overall, the mortgage environment shows moderate improvement, with monthly decreases in delinquency rates since June 2020.
CoreLogic (NYSE: CLGX) is partnering with director Justin Roberts on the docu-series DO GOOD, which highlights recovery efforts in Louisiana after Hurricanes Laura and Delta. The series, launched today, features CoreLogic’s insights on property damage and climate impact. CoreLogic aims to support rebuilding efforts and provide vital data to aid disaster recovery, showcasing the rise in mortgage delinquency to 16.4% after Hurricane Laura. The company’s commitment to community welfare aligns with its mission to enhance housing market stability.
CoreLogic (NYSE: CLGX) has responded to CoStar Group's (NYSE: CSGP) revised acquisition proposal dated March 1, 2021. The CoreLogic Board has stated that the proposal does not qualify as a Superior Proposal under their existing merger agreement with Stone Point Capital and Insight Partners. Concerns were raised regarding the proposal's value, certainty of value, and timing, especially given CoStar's stock volatility and the potential for a lengthy antitrust process. CoreLogic remains committed to maximizing shareholder value and invites CoStar to improve their offer.
CoreLogic (NYSE: CLGX) reported a significant increase in home prices, rising 10% year-over-year in January 2021. The growth was attributed to record-low mortgage rates and heightened demand from first-time homebuyers. However, a CoreLogic survey revealed that 76% of non-homeowners do not plan to purchase a home within six months, with 43% citing affordability constraints. While some markets, like San Diego, showed strong appreciation, experts warn that the housing market may face challenges ahead, particularly for entry-level buyers.
CoreLogic (NYSE: CLGX) has received a revised acquisition proposal from CoStar Group, offering CoreLogic shareholders $6.00 per share in cash and 0.1019 CoStar shares. This follows CoreLogic's earlier merger agreement with Stone Point Capital and Insight Partners, which valued the company at $80 per share in cash. CoreLogic’s Board of Directors remains committed to the latter deal and is reviewing CoStar’s offer with legal and financial advisors. Shareholders are not required to act at this time.
CoreLogic (NYSE: CLGX) reported strong financial results for 2020, with revenues reaching $1.642 billion, a 14% increase. Adjusted EBITDA rose 45% to $638 million, with a margin of 39%. The fourth quarter saw revenues of $468 million, up 33%, and adjusted EPS up 113% to $1.51. The company achieved organic growth of 8% for the year, buoyed by major wins in insurance and spatial solutions. CoreLogic also announced plans to exit non-core reseller operations to enhance profitability and growth.
