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CoreLogic (NYSE: CLGX) announces that Marc-Olivier Huynh, Senior Leader of Software Development and Technology, has received the 2020 HousingWire Tech Trendsetter Award. This award recognizes 50 professionals who have significantly influenced the housing industry's performance during the pandemic by introducing innovative tech solutions. Huynh's efforts in adapting CoreLogic's property insurance solution suite to support virtual adjusting have been crucial for insurance carriers and homeowners amid COVID-19 challenges. CoreLogic aims to foster a healthy housing market through its data solutions and services.
CoreLogic (NYSE: CLGX) reported that national home prices rose by 7.3% in October 2020 compared to the previous year, marking the fastest growth since April 2014. Month-over-month, prices increased 1.1%. This surge is attributed to high demand amid ongoing supply shortages, exacerbated by COVID-19. The HPI Forecast predicts a slowdown in growth to 1.9% by October 2021. Local markets show varied trends, with Phoenix experiencing a 12.1% increase while New York recorded just 2.1%. The CoreLogic Market Risk Indicator highlights potential declines in cities like Las Vegas.
CoreLogic (NYSE: CLGX) has confirmed the initiation of a potential consent solicitation by Senator Investment Group LP and Cannae Holdings, Inc. to remove seven current directors from its board. The CoreLogic Board supports its robust sale process aiming to maximize shareholder value, with indications of interest for acquisition starting at $80 per share from multiple parties. Definitive proposals are expected in early 2021. The press release also highlights potential risks related to the unsolicited proposal and other operational uncertainties affecting future performance.
CoreLogic (NYSE: CLGX) announced the appointment of W. Steve Albrecht, Wendy Lane, and Henry W. "Jay" Winship to its Board of Directors, filling three vacancies post a Special Meeting of shareholders. The new members bring extensive experience in finance and management, with Albrecht's background in auditing and finance, Lane's expertise in investment, and Winship's real estate knowledge. Chairman Paul Folino expressed optimism about leveraging the board's diverse skill set to enhance shareholder value and oversee the ongoing strategic review process.
CoreLogic (NYSE: CLGX) announced preliminary results from its Special Meeting, indicating shareholders likely voted against replacing most of the current board directors. Nine directors, including chairman Paul Folino, will remain, while three directors are expected to be replaced by nominees from Senator Investment Group and Cannae Holdings. The final voting results will be confirmed and reported in a Current Report on Form 8-K. The company expressed gratitude to the outgoing directors for their contributions, highlighting a significant transformation that quadrupled the stock price.
CoreLogic (NYSE: CLGX) announced the successful implementation of its DigitalTax Platform by Rushmore Loan Management Services. This cloud-based solution has led to substantial improvements in mortgage servicing efficiency. Key metrics include a 20% reduction in inbound borrower calls, 30% reduction in tax research tasks, 56% reduction in property tax payment exceptions, and 17% reduction in penalties and interest fees. The platform integrates with over 22,000 taxing agencies, enabling real-time data exchange, increased accuracy, and enhanced customer experience.
CoreLogic (NYSE: CLGX) is actively evaluating strategic alternatives amid misinformation from Senator/Cannae. The Board has received interest from multiple parties for an acquisition, valuing the company at over $80 per share, significantly more than the $66 offer from Senator/Cannae. This reflects CoreLogic's strong operational performance and future growth potential. The Board has rejected the lowball bid, affirming their commitment to maximizing shareholder value through a thorough strategic review process.
CoreLogic (NYSE: CLGX) announced a change in the format of its upcoming Special Meeting of Stockholders scheduled for November 17, 2020, from in-person to virtual due to COVID-19 health concerns. The meeting will still take place at 8:00 a.m. PST, with the same agenda as previously stated. Stockholders of record as of September 18, 2020, are encouraged to register and vote remotely, with necessary instructions provided. The Board recommends voting AGAINST all proposals associated with Senator and Cannae using the provided WHITE proxy card.
CoreLogic (NYSE: CLGX) released its CoreLogic HPI Forecast Validation Report, comparing forecasts made in June 2019 to actual home prices until June 2020. The report highlights that 11 out of 50 major metros had forecasts accurate within 1%. While the National Index forecasted a 5.6% change, the actual change was 4.3%. Milwaukee and Atlanta showed near-perfect accuracy, while Austin's growth of 7% was significantly underestimated. The report indicates the company's strong forecasting capabilities amidst economic volatility caused by the COVID-19 pandemic.
CoreLogic (NYSE: CLGX) announced its Home Price Index (HPI) for September 2020, indicating a 6.7% annual increase, the highest since May 2014, with a 1.1% month-over-month rise. Demand remains robust due to low mortgage rates, but housing supply hit a record low at 40% of September 2008 levels, pushing prices up. Future forecasts suggest a modest 0.2% increase over the next year amid affordability concerns. Areas like Las Vegas may see price drops of 5.6%, while San Diego could see a 5.7% increase.
