Industry News

CoreLogic report sees home prices bottoming out

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Home prices appear to be bottoming out, but the market is in a transitional phase where rising delinquencies and foreclosures may have "a concentrated and contagious impact" on local markets, according to a new report by First American CoreLogic. CoreLogic's quarterly Core Mortgage Risk Monitor tracks the risk of loan delinquencies due to fraud and collateral risks, home prices and the health of local economies. Thanks to continued moderation in home prices, stable economic health at the national level, and a stabilization of fraud and collateral risk, CoreLogic's overall risk index held steady during the first quarter of 2007. The index posted a slight 6 percent increase, but remains below a baseline established in the first quarter of 2002. CoreLogic's foreclosure index was up 10.5 percent over the previous quarter, however, a trend that's expected to continue throughout 2007 and into 2008 as borrowers with adjustable-rate mortgages cope with interest-rate resets. "Not only has the o...