CoreLogic Home Price Index Report

Home Price Index Report MAY 2015

“Mortgage rates on 30-year fixed-rate loans remained below 4 percent through May, helping to fuel homepurchase activity. Our homes-for-sale listing data shows that markets with high demand and limited supply, such as San Francisco, are recording double-digit appreciation rates over the past year.” Dr. Frank Nothaft, chief economist at CoreLogic

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Home Price Index – National Overview ►►

CoreLogic Reports Home Prices Rose by 6.3 Percent Year Over Year in May

►►

CoreLogic HPI Forecast Projects Increase of 0.9 Percent Month Over Month in June

►►

National Home Prices Are Expected to Rise by 5.1 Percent from May 2015 to May 2016

6.3%

1.7%

8.4%

in May 2015

May from April 2015

below April 2006 peak

Home prices, including distressed

On a month-over-month basis, home

Home prices nationwide remain

sales, increased 6.3 percent in

prices increased by 1.7 percent

8.4 percent below their peak,

May 2015 compared to May 2014.

in May compared to April* data.

which was set in April 2006.

April marks the 39th consecutive

Excluding distressed sales, home

month of year-over-year home

prices were up 1.4 percent month

price gains.

over month in May 2015.

Home prices, excluding distressed sales, were still 4.7 percent below the peak. Distressed sales are

Excluding distressed sales, home

composed of short sales and real

prices increased by 6.3 percent year

estate owned (REO) transactions.

over year in May.

* April data was revised. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results.

© 2015 CoreLogic — Proprietary. This material may not be reproduced in any form without express written permission.

MAY 2015

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Short-Term Projections

0.9%

0.8%

Increase in home prices including distressed sales

Increase in home prices excluding distressed sales

The CoreLogic HPI Forecasts™ indicates

Excluding distressed sales, home prices

that home prices, including distressed

are expected to increase 0.8 percent

sales, are projected to increase 0.9 percent

month over month from May 2015 to

month over month from May 2015 to

June 2015 and increase by 4.7 percent

June 2015 and increase by 5.1 percent

(+/− 2.0 percent)** year over year from

(+/− 2.0 percent) May 2015 to May 2016.

May 2015 to May 2016.

The CoreLogic HPI Forecasts are a monthly forecast built on the CoreLogic HPI™ and other economic variables.

** The forecast accuracy represents a 95-percent statistical confidence interval.

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“The rate of home price appreciation ticked up in May with gains being fairly widely distributed across the country. Importantly, higher home prices over the past couple of years have spurred increases in new single-family construction. Sales of newly built homes during the first five months of 2015 were up 23 percent from a year ago, and as rising values build equity for homeowners, we expect to see more existing homes offered for sale in the coming year.” Anand Nallathambi, president and CEO of CoreLogic

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Jan-2002 May-2002 Sep-2002 Jan-2003 May-2003 Sep-2003 Jan-2004 May-2004 Sep-2004 Jan-2005 May-2005 Sep-2005 Jan-2006 May-2006 Sep-2006 Jan-2007 May-2007 Sep-2007 Jan-2008 May-2008 Sep-2008 Jan-2009 May-2009 Sep-2009 Jan-2010 May-2010 Sep-2010 Jan-2011 May-2011 Sep-2011 Jan-2012 May-2012 Sep-2012 Jan-2013 May-2013 Sep-2013 Jan-2014 May-2014 Sep-2014 Jan-2015 May-2015

6.2 w

Percentage Change in Home Prices Year Over Year 20%

15%

10%

5%

0%

-5%

-10%

-15%

-20%

Including Distressed Sales

Excluding Distressed Sales Including Distressed Sales

Source: CoreLogic May 2015

Excluding Distressed Sales

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National Snapshot HPI peak-to-current change including distressed sales*** -4.1% -1.8%

-2.9%

-0.3%

0.0%

-3.7%

-9.2% -14.0%

-8.8%

-1.6%

0.0%

-16.4%

-0.3% 0.0%

-32.9% -6.5% -10.2%

-19.7%

-26.0%

-3.2%

-9.4%

-8.9%

-16.7% -23.1% 0.0%

-13.0%

0.0% 0.0%

0.0%

0.0%

-16.9%

-21.4%

-7.6%

0.0% -3.8%

-27.5% -23.1%

-5.9%

0.0%

-12.9%

-14.5%

0.0%

-1.4% -10.4%

-4.9%

-7.9%

-2.6%

0.0% 0.0%

-28.8% -0.5%

0.0%

-32.9% Source: CoreLogic HPI®, single-family combined series, as of May 2015

HPI peak-to-current change excluding distressed sales*** -1.6% 0.0%

-4.3%

-1.0%

-2.7%

-2.0%

-7.8% -13.3%

-4.9%

-2.2%

0.0%

-9.7%

0.0% 0.0%

-33.7% -5.2% -9.2%

-12.9%

-24.6%

-1.2%

-13.8%

-14.5%

-5.6%

0.0%

-10.5%

0.0%

-12.8% -16.9% 0.0%

0.0%

0.0% -0.2%

0.0% -7.9%

0.0%

-17.1%

-3.6%

0.0% -1.2%

-24.6% -16.3%

-1.7%

0.0%

-10.3%

-9.4%

-2.6%

-2.2%

-3.4%

0.0% -23.3% -0.9%

-33.7%

0.0%

Source: CoreLogic HPI, single-family combined excluding distressed sales series, as of May 2015 *** 0.0% indicates that state is at a new HPI peak. © 2015 CoreLogic — Proprietary. This material may not be reproduced in any form without express written permission.

MAY 2015

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State highlights

7.9%

8.5%

8.9%

9.2%

9.6% 8.3%

8.7%

8.8%

Five states remaining furthest from peak values in May

NV FL

HPI state highlights may 2015

AZ MD

Excluding distressed

sales, five states

sales, five states

registering largest year-

registering largest year-

over-year home price

over-year home price

appreciation in May

appreciation in May

-23.1%

Including distressed

-26.0%

SC CO FL WA OR

-32.9%

Including distressed sales, the U.S. has experienced 39 consecutive months of yearover-year increases; however, the national increase is no longer posting double-digits.

SC CO WA FL NV

-28.8%

THIRTY-NINE

RI

-27.5%

States and the District of Columbia reached new highs in the Home Price Index: Alaska, Colorado, Iowa, Nebraska, New York, North Carolina, Oklahoma, Tennessee, Texas, Vermont and the District of Columbia.

9.8%

10

10.3%

Including distressed sales, five states showed negative home price appreciation: Massachusetts (−4.8 percent), Connecticut (−1.8 percent), Maryland (−1.5 percent), Mississippi (−1.4 percent), Louisiana (−0.8 percent).

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Metropolitan Area Highlights SINGLE FAMILY (INCLUDING DISTRESSED)

SINGLE FAMILY (EXCLUDING DISTRESSED)

Dallas-Plano-Irving, TX

10.5%

10.1%

Houston-The Woodlands-Sugar Land, TX

8.0%

7.6%

Los Angeles-Long Beach-Glendale, CA

7.4%

7.1%

Atlanta-Sandy Springs-Roswell, GA

6.6%

5.1%

Phoenix-Mesa-Scottsdale, AZ

5.3%

4.9%

METROPOLITAN AREA

New York-Jersey City-White Plains, NYNJ

Riverside-San Bernardino-Ontario, CA

Minneapolis-St. Paul-Bloomington, MNWI

Chicago-Naperville-Arlington Heights, IL

Washington-Arlington-Alexandria, DCVA-MD-WV

5.0%

5.5%

4.8%

5.0%

4.5%

4.5%

3.8%

5.3%

1.2%

1.2%

Source: CoreLogic

© 2015 CoreLogic — Proprietary. This material may not be reproduced in any form without express written permission.

92 of the Top 100 Core Based Statistical Areas (CBSAs) measured by population showed year-over-year increases in May 2015 The eight CBSAs that showed year-over-year declines were: BaltimoreColumbia-Towson, MD (−1.8 percent); Boston, MA (−4.8 percent); BridgeportStamford-Norwalk, CT (−0.32 percent); CambridgeNewton-Framingham, MA (−2.9 percent); Camden, NJ (−0.96 percent); New Orleans-Metairie, LA (−6.4 percent); Silver Spring-Frederick-Rockville, MD (−0.31 percent) and Worcester, MA-CT (−6.6 percent).

MAY 2015

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State-Level Detail Single-Family Including Distressed

12-MONTH HPI CHANGE

3-MONTH

1-MONTH

PEAK-TOCURRENT HPI CHANGE

PEAK DATE

Nevada

8.3%

4.0%

1.6%

-32.9%

MAR-2006

Florida

8.7%

5.7%

1.9%

-28.8%

OCT-2006

Rhode Island

2.57%

3.2%

2.2%

-27.5%

OCT-2005

Arizona

5.36%

3.7%

1.2%

-26.0%

JUN-2006

Maryland

-1.5%

1.1%

0.1%

-23.1%

NOV-2006

Connecticut

-1.8%

3.0%

2.3%

-23.1%

JUL-2006

New Jersey

2.76%

1.4%

0.8%

-21.4%

JUN-2006

Illinois

2.80%

5.4%

2.0%

-19.7%

NOV-2006

New Mexico

2.19%

3.3%

0.3%

-16.9%

JUN-2007

Delaware

0.78%

2.6%

1.4%

-16.7%

JUN-2007

Michigan

5.22%

2.9%

1.1%

-16.4%

NOV-2005

Massachusetts

-4.8%

-3.4%

-1.7%

-14.5%

OCT-2005

Idaho

4.73%

4.5%

1.3%

-14.0%

JUL-2007

Virginia

0.69%

2.5%

0.9%

-13.0%

MAY-2006

New Hampshire

4.92%

4.0%

1.2%

-12.9%

MAY-2006

Mississippi

-1.4%

-3.2%

-1.7%

-10.4%

NOV-2006

California

6.4%

4.5%

0.5%

-10.2%

MAY-2006

West Virginia

1.19%

1.2%

-1.9%

-9.4%

SEP-2005

Minnesota

4.36%

4.0%

1.8%

-9.2%

APR-2006

Missouri

3.52%

4.3%

0.9%

-8.9%

SEP-2006

Wisconsin

4.33%

4.8%

1.8%

-8.8%

NOV-2006

Alabama

4.47%

6.2%

2.8%

-7.9%

AUG-2007

Ohio

2.80%

4.6%

1.7%

-7.6%

OCT-2005

Utah

6.4%

4.1%

1.5%

-6.5%

JUN-2007

Pennsylvania

3.28%

4.8%

2.3%

-5.9%

SEP-2006

Georgia

5.94%

4.9%

1.6%

-4.9%

DEC-2006

STATE

National HPI 12-mo. change: 6.3% 3-mo. change:

5.2%

1-mo. change:

1.7%

PC* change: −8.4% Peak date: *Peak-to-Current

April 2006

continued on page 11

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State-Level Detail Single-Family Including Distressed (continued)

12-MONTH HPI CHANGE

3-MONTH

1-MONTH

PEAK-TOCURRENT HPI CHANGE

PEAK DATE

Washington

8.8%

7.6%

2.2%

-4.1%

JUL-2007

Kansas

4.81%

3.0%

1.3%

-3.8%

AUG-2007

Oregon

7.7%

5.3%

1.9%

-3.7%

JUL-2007

Indiana

4.31%

4.2%

1.9%

-3.2%

JUL-2007

Maine

1.23%

1.3%

-0.5%

-2.9%

JUL-2006

Louisiana

-0.8%

-1.7%

0.5%

-2.6%

DEC-2014

Montana

5.65%

2.7%

0.8%

-1.8%

AUG-2007

South Dakota

1.11%

2.4%

1.6%

-1.6%

AUG-2014

South Carolina

10.3%

5.5%

1.3%

-1.4%

APR-2007

Hawaii

5.80%

0.2%

0.7%

-0.5%

JAN-2015

Wyoming

3.24%

-0.3%

0.3%

-0.3%

FEB-2015

North Dakota

5.72%

-0.3%

0.2%

-0.3%

FEB-2015

Arkansas

4.42%

2.0%

0.1%

0.0%

JUL-2007

Kentucky

3.36%

3.3%

1.9%

0.0%

AUG-2006

Colorado

9.8%

5.3%

1.9%

0.0%

MAY-2015

Texas

7.7%

3.6%

1.3%

0.0%

MAY-2015

New York

5.64%

3.3%

2.6%

0.0%

MAY-2015

Tennessee

6.05%

5.5%

1.6%

0.0%

MAY-2015

District of Columbia

5.36%

4.4%

2.2%

0.0%

MAY-2015

North Carolina

5.08%

4.4%

1.4%

0.0%

MAY-2015

Alaska

3.71%

2.3%

1.0%

0.0%

MAY-2015

Oklahoma

3.77%

1.8%

0.9%

0.0%

MAY-2015

Iowa

3.18%

3.4%

1.3%

0.0%

MAY-2015

Nebraska

2.62%

3.1%

1.2%

0.0%

MAY-2015

Vermont

5.67%

5.7%

1.1%

0.0%

MAY-2015

STATE

National HPI 12-mo. change: 6.3% 3-mo. change:

5.2%

1-mo. change:

1.7%

PC* change: −8.4% Peak date:

April 2006

*Peak-to-Current

Source: CoreLogic May 2015

© 2015 CoreLogic — Proprietary. This material may not be reproduced in any form without express written permission.

MAY 2015

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State-Level Detail Single-Family Excluding Distressed

12-MONTH HPI CHANGE

3-MONTH

1-MONTH

PEAK-TOCURRENT HPI CHANGE

PEAK DATE

Nevada

7.8%

4.0%

1.8%

-33.7%

MAY-2006

Florida

8.9%

4.6%

1.8%

-23.3%

MAY-2006

Rhode Island

2.7%

3.2%

2.5%

-24.6%

OCT-2005

Arizona

5.1%

3.3%

1.2%

-24.6%

JUL-2006

Maryland

1.6%

2.2%

0.1%

-16.9%

JUL-2006

Connecticut

0.9%

3.4%

2.3%

-16.3%

JUL-2006

New Jersey

3.3%

1.3%

0.5%

-17.1%

JUN-2006

Illinois

4.1%

4.2%

1.2%

-12.9%

OCT-2006

New Mexico

2.1%

3.2%

0.6%

-13.8%

APR-2007

Delaware

3.3%

2.4%

1.9%

-12.8%

JUL-2007

Michigan

5.0%

4.2%

1.5%

-9.7%

OCT-2005

Massachusetts

-2.0%

-1.4%

-1.0%

-9.4%

OCT-2005

Idaho

4.9%

4.3%

1.7%

-13.3%

JUL-2007

Virginia

0.9%

2.0%

0.6%

-10.5%

MAY-2006

New Hampshire

4.4%

2.6%

0.9%

-10.3%

SEP-2005

Mississippi

2.0%

-0.3%

-1.2%

-7.9%

SEP-2007

California

6.3%

4.4%

0.3%

-9.2%

MAY-2006

West Virginia

0.2%

1.2%

-1.1%

-14.5%

SEP-2005

Minnesota

4.3%

3.5%

1.7%

-7.8%

JUN-2006

Missouri

3.0%

2.6%

0.5%

-5.6%

JUL-2007

Wisconsin

4.4%

4.3%

1.4%

-4.9%

OCT-2006

Alabama

4.8%

4.3%

2.3%

-2.6%

JUL-2007

Ohio

3.7%

2.8%

1.3%

-3.6%

JUL-2006

Utah

6.5%

3.7%

1.4%

-5.2%

JUL-2007

Pennsylvania

3.8%

3.6%

1.6%

-1.7%

SEP-2007

Georgia

4.9%

4.0%

1.3%

-2.2%

AUG-2007

STATE

National HPI 12-mo. change: 6.3% 3-mo. change:

4.5%

1-mo. change:

1.4%

PC* change: −4.7% Peak date: *Peak-to-Current

April 2006

continued on page 13

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State-Level Detail Single-Family Excluding Distressed (continued)

12-MONTH HPI CHANGE

3-MONTH

1-MONTH

PEAK-TOCURRENT HPI CHANGE

PEAK DATE

Washington

8.5%

6.4%

1.8%

-1.6%

JUL-2007

Kansas

5.4%

2.9%

1.4%

-1.2%

AUG-2007

Oregon

7.9%

4.5%

1.7%

-2.0%

JUL-2007

Indiana

4.1%

3.6%

1.5%

-1.2%

JUL-2007

Maine

1.6%

1.7%

1.4%

-4.3%

JUL-2006

Louisiana

-0.2%

-3.3%

-0.3%

-3.4%

JAN-2015

Montana

7.6%

3.6%

0.7%

0.0%

AUG-2007

South Dakota

0.6%

1.4%

1.4%

-2.2%

AUG-2014

South Carolina

9.6%

4.5%

1.2%

0.0%

MAY-2015

Hawaii

4.8%

-0.9%

0.5%

-0.9%

FEB-2015

Wyoming

2.9%

1.0%

1.3%

0.0%

MAY-2015

North Dakota

5.0%

-1.0%

-0.6%

-1.0%

FEB-2015

Arkansas

4.6%

1.7%

-0.2%

-0.2%

APR-2015

Kentucky

3.5%

2.9%

1.5%

0.0%

MAY-2015

Colorado

9.2%

5.0%

1.7%

0.0%

MAY-2015

Texas

7.5%

3.8%

1.2%

0.0%

MAY-2015

New York

6.4%

3.7%

2.6%

0.0%

MAY-2015

Tennessee

6.2%

4.9%

1.4%

0.0%

MAY-2015

District of Columbia

5.1%

4.2%

2.1%

0.0%

MAY-2015

North Carolina

5.1%

3.7%

1.3%

0.0%

MAY-2015

Alaska

3.4%

2.3%

1.3%

0.0%

MAY-2015

Oklahoma

3.2%

1.8%

0.3%

0.0%

MAY-2015

Iowa

2.7%

2.2%

0.6%

0.0%

MAY-2015

Nebraska

2.5%

1.9%

1.0%

0.0%

MAY-2015

Vermont

1.2%

0.2%

-0.1%

-2.7%

JUN-2007

STATE

National HPI 12-mo. change: 6.3% 3-mo. change:

4.5%

1-mo. change:

1.4%

PC* change: −4.7% Peak date:

April 2006

*Peak-to-Current

Source: CoreLogic May 2015

© 2015 CoreLogic — Proprietary. This material may not be reproduced in any form without express written permission.

MAY 2015

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CoreLogic

CoreLogic Econ

HPI Methodology The CoreLogic HPI incorporates more than 30 years’ worth of repeat sales transactions, representing more than 65 million observations sourced from CoreLogic industry-leading property information and its securities and servicing databases. The CoreLogic HPI provides a multitier market evaluation based on price, time between sales, property type, loan type (conforming vs. nonconforming) and distressed sales. The CoreLogic HPI is a repeat-sales index that tracks increases and decreases in sales prices for the same homes over time, including single-family attached and single-family detached homes, which provides a more accurate “constant-quality” view of pricing trends than basing analysis on all home sales.

7,311 ZIP codes (60 percent of total U.S. population), 658 Core Based Statistical Areas (89 percent of total U.S. population) and 1,293 counties (86 percent of total U.S. population) located in all 50 states and the District of Columbia. ABOUT CORELOGIC CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled services provider. The company’s combined data from public, contributory and proprietary sources includes over 3.5 billion records spanning more than 40 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com. CORELOGIC, the CoreLogic logo, CORELOGIC HPI and CORELOGIC HPI FORECASTS are trademarks of CoreLogic, Inc. and/or its subsidiaries. CONTACT For more information, please email [email protected].

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MAY 2015

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