CoreLogic’s Market Pulse for August 2016 reports on the national market and local trends, including a new inside look at the rental sector. Similar to the data company’s CoreLogic Home Price Index (HPI) and CoreLogic Case-Shiller Index, the new Single-Family Rental Index (SFRI) measures the growth of the rental market since January 2007.

After a massive growth spurt at the tail end of 2009 and into 2011 and steady growth that continued for a few years after, the SFRI shows rental price gains have recently begun to soften.

  • Single-family rental growth has slowed in the high-end tier as of May, while the lower end of the market has remained strong throughout the nation, at 5.3 percent annual growth.
  • In June 2016, the Home Price Index increased 2.6 percent in District of Columbia on an annual basis, and the monthly uptick was 1.5 percent.
  • D.C. had one of the nation's highest rates of foreclosure inventory in June, at 2 percent.

CoreLogic’s Market Pulse for August 2016 reports on the national market and local trends, including a new inside look at the rental sector. Similar to the data company’s CoreLogic Home Price Index (HPI) and CoreLogic Case-Shiller Index, the new Single-Family Rental Index (SFRI) measures the growth of the rental market since January 2007.

After a massive growth spurt at the tail end of 2009 and into 2011 and steady growth that continued for a few years after, the SFRI shows rental price gains have recently begun to soften.

sfr

Rent growth peaked at 4.6 percent in December 2014 over the previous year, but as of May, the growth rate was 1.2 percent lower, at an annual uptick of 3.3 percent. Following a similar pattern to that seen in the homebuying market, the rental market has seen a slow-down in the high-end sector as of recently, while lower price points are holding their own.

Rent prices at the lowest end of the spectrum were up 5.3 percent in May over the previous year, marking a three-year growth trend around 5.5 percent. At the high end of the market, rentals were up 2.1 percent annually.

Current housing market trends

Boomerang buyers — homebuyers returning to the market after losing a foreclosed home — have slowly but surely made their way back into the real estate market. Looking ahead to 2017, the return of boomerang buyers has the potential to be strong, the report says.

CoreLogic reports the year is nearing seven years from the foreclosure crisis peak in 2010, which means that the ‘black mark’ of foreclosure will be officially erased from consumer credit reports.

CoreLogic reports on the hardest hit locations for boomerang buyers that returned by 2013. The three highest states for boomerang buyers — Arizona, Nevada and Michigan — saw 32 percent of its foreclosed homeowners come back to action in the market, compared to a 22 percent national average.

boomerangCL

Using CoreLogic property tax and sale transaction data linked to a randomly selected group of one million individuals who went into foreclosure between 2000 and 2013. The cumulative return rates of foreclosed homeowners is shown below, considering the time between 2008 and 2011.

Nationally, the foreclosure rate in June 2016 was 3 percent lower than the previous month and 21.3 percent lower than the same month in 2015. Completed foreclosures increased 5.1 percent monthly in June and dipped 4.9 percent annually in the same month.
foreclosure inventory2

The foreclosure rate in Washington D.C. was among the highest in the nation in June, at 2 percent. All northeast coast states have a reported high foreclosure inventory rate except for New Hampshire, according to the report.

D.C. market trends

HPI2

In the District of Columbia, home price growth is moderate and expected to continue at the same rate for the next year, CoreLogic says. Annually in June 2016, the Home Price Index increased 2.6 percent. The monthly uptick was 1.5 percent, which is relatively strong for a month-over-month change.

[Tweet “DC home prices increased 2.6 percent annually in June”]

That growth is expected to slow but continue to climb, CoreLogic says. The CoreLogic month-to-month forecasted growth for D.C. is 0.4 percent, and the predicted year-over-year change is 3.8 percent.

HPI

Email Kimberly Manning

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×