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Posts tagged: CoreLogic

Home Prices in Spokane drop, or rise, depending on which source you’re using

Numbers are supposed to be neutral and generally behave the same, no matter who handles then.

But in many instances, including home sale prices, the numbers vary depending on the source.

CoreLogic, one of the country's leading real estate data gathering firms, said in its recent release that Spokane home prices, including distressed sales, declined by 1.8 percent in July 2012 compared to July 2011.

They also declined by 2.3 percent in June 2012 compared to June 2011, CoreLogic reported.

On a month-over-month basis, home prices including distressed sales, increased by 0.4 percent in July 2012 compared to June 2012.

But ask Rob Higgins of the Spokane Association of Realtors, and the numbers don't line up that way.

As reported last month, Spokane County median sale price jumped to $170,000 in July, up from $159,500 in June, said Rob Higgins.

The SR will pick up the more detailed August numbers in a day or two. But Higgins summarized the key points for the local association:

  •    For August the average and median price actually fell slightly from July.
  •    Compared to August last year the average sold price is up 10.6 percent and the median is up 9.5 percent.

Spokane foreclosed home sales, an infographic covering 2010 and 2011

CoreLogic, a company that puts out a branded real estate summary called RealtyTrac, just completed a summary of foreclosures for metros across the nation. Later we'll have more on that report and compare the differences between Spokane and North Idaho.

This chart provided via the CoreLogic website is a snapshot of sale prices for foreclosed homes in Spokane County over the last two full years, ending in December 2011. The extremely low prices in late December are skewed by the relative scarcity of home sales at that point.

Spokane, CDA home prices slumping; bright spot is fewer foreclosures

Average home prices in Spokane fell by 4.1 percent in October, in line with a national and regional decline driven in part by foreclosures and high unemployment.

The Spokane sales number reflects regular sales and “distressed” sales — homes foreclosed by banks or sold by owners selling short  – essentially having no home equity.

Excluding distressed home sales in October, Spokane’s average home sale was 2.9 percent lower than October 2010, according to CoreLogic, a national real estate data collector.

Coeur d’Alene's October’s home prices fell 10.3 percent; excluding distressed sales, Coeur d’Alene's average sale was 5.1 percent lower than the same month one year earlier.

CoreLogic reported all U.S. home sales in October were 3.9 percent lower than a year earlier; excluding distressed home sales, the average home sale across the country was 0.5 percent lower than in October 2010.

Prices reflect a continuing rebalancing of supply and demand, said Mark Fleming, chief economist for CoreLogic.

The Spokane Association of Realtors reported slightly worse numbers for October. Spokane’s average price among 323 single-family homes and condos sold in October was 9.8 percent lower than a year earlier, said Rob Higgins, the association’s executive officer.

The Spokane number includes condo sales while CoreLogic data don't.

The median price for October 2011 home sales, compared to a year earlier, was down 3.8 percent, Higgins said.

Of October’s 323 home sales, 79, or roughly 24 percent, were distressed sales, Higgins noted.

A bright spot for Spokane is a trend toward fewer foreclosure sales, he added.  Foreclosure sales in Spokane from August through October totaled 81, 87 and 65, respectively.

The Spokane November total for foreclosed sales is down to 63, Higgins noted.

Of the top 100 U.S. metro statistical areas measured by population, 78 are showing year-over-year declines in October, two fewer than in September, CoreLogic reported.

The map provided here from CoreLogic shows state price indexes measured vs. one year earlier. Dark red striped states have seen the largest declines. Solid red states, like Washington and Idaho, are in the minus-4 to minus-8 percent per year category.

Spokane County foreclosure rate inched up in June, compared with 2010

CoreLogic, a company that aggregates real estate data, said Spokane County's foreclosure rate inched up in June compared with 12 months ago.

Here are the general data, which are not pleasant. They show a clear steady increase in delinquencies. Though the increase is minimal month by month, the trend is disturbingly upward. (Click the map of Spokane County for a larger format version.)

The trend line for 90-day delinquencies and foreclosures in Spokane.

Spokane 90+ Day Delinquency Rate Foreclosure Rate
June 2011 4.58% 1.69%
May 2011 4.57% 1.67%
April 2011 4.56% 1.71%
June 2010 4.40% 1.27%
May  2010 4.39% 1.25%
April 2010 4.38% 1.20%

Source: CoreLogic: www.corelogic.com

READ below the jump for a key explanation of what CoreLogic is tracking in these data.

Spokane foreclosure rates inch upward in July

Foreclosure rates in Spokane increased in July over the same period last year, CoreLogic reports.

New data from the company show that the rate of foreclosures among outstanding mortgage loans in the Spokane area was 1.26 percent for July, up from a rate of 1.14 percent in July 2009.

Foreclosure activity in Spokane was lower than the national foreclosure rate of 3.13 percent for July.

Also in Spokane, the mortgage delinquency rate increased. According to CoreLogic data for July, 4.38 percent of mortgage loans were 90 days or more delinquent, compared to 3.2 percent for the same period last year.

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