1. Housing Market Outlook The Housing Renaissance
Frank E. Nothaft
CoreLogic Senior Vice President & Chief Economist
August 7, 2015

2. U.S. Housing Market Forecast
Home sales: 2015 expected to be best since 2007
U.S. Home Price Index projected up 4%-5% in next year
Headwinds make home-sale recovery sluggish
Rental remains robust: vacancy low, rents up

3. Home Sales: Increase 5% in 2015, Best since 2007
Non-Distressed Resale up every year since 2011
Home Sales (millions)
Forecast
New
Short
REO
Resale
Source: CoreLogic REAS MarketTrends through April 2015, projected after. 2

4. U.S. Home Prices Projected to Rise 4.5% Next Year
Projected to reach prior peak by mid-2017 ( growth rate 4% per year)
CoreLogic Home Price Index (January 2000 = 100)
Forecast
Source: CoreLogic Home Price Index including distressed sales, January 2000 = 100 (August 4, 2015 release) and CoreLogic REAS HPI Forecasts 3

5. For-Sale Home Inventory Has Been Very Low Since 2012
Sources: National Association of Realtors, U.S. Census Bureau (New Residential Sales and Housing Vacancy Survey). Note: Existing home inventory excludes Condo & Co-op Inventory before 1999. 4

6. Months’ Supply, Days on Market, Home-Price Growth
Home Price Gain 9
12.4% 5
11.0% 31
4.8% 48
9.0% 22
7.2% 46
9.8% 28
3.7% 88
104
1.5%
100
1.3%
127
Metro Area
U.S. 5.9 months
Number of Months
Source: CoreLogic Home Price Index (percent change, April 2014 to April 2015) and CoreLogic Listing data for April 2015 (median Days on Market for sold properties). 5

7. Negative Equity Share in U.S.: 10.2%, or about 5 Million Homeowners
Source: CoreLogic Equity Report, First Quarter Louisiana, Maine, Mississippi, South Dakota, Vermont, West Virginia and Wyoming have insufficient equity data to report.

8. Short & REO Sales Down, non-Distressed Sales Up
Percent Change in Sales
(Jan-Mar, 2014 vs 2015)
-9% Short
-11% REO
10% Non-Distressed
7% Total
Distressed
2015
Q2:
REO
10% 7%
Short 3%
Source: CoreLogic REAS MarketTrends; 2015 based on 95% collection of data for Q1 and partial data for Q2 7

9. Underwriting Remains Cautious
HCI Factors
Credit Score
Loan-to-Value
Debt-to-Income
Broker Share
Documentation (Full/Low/No)
Adjustable-Rate Mortgage
2015Q2 27
Source: CoreLogic TrueStandings, 2015Q2 based on partial data; 2000Q1 = Bars represent 2001 and recessions. 8

10. Underwriting Remains Cautious
Purchase Orig.
(Blue)
April 2015 (Red)
Source: CoreLogic TrueStandings, April 2015 purchase-money originations compared with 2000 and 2001 9

11. Single-Family Detached Rental Stock Growth 2006–2013
Change in Number of Single-Family Detached Rental Stock
Percent Change in Single-Family Detached Rental Stock
Source: U.S. Census Bureau, 50 largest metropolitan rental markets;
size of bubble represents the size of the single-family rental detached stock. 10

12. Single-family Rent Growth Strong, Especially in West
Rent Growth for 3-Bedroom Detached Houses, April 2014 to April 2015
Rent
Atlanta
Chicago
Dallas
Detroit
Houston
Los Angeles
Miami
New York
Philadelphia
Phoenix
San Francisco
Seattle
Washington DC
1043
1613
1341
994
1297
2434
1787
2161
1193
1280
4008
2000
1759
Source: CoreLogic Rental Trends, metropolitan area median rent April 2015

13. Where to find more information
Look for regular updates to our housing forecast, commentary and data at
The views, opinions, forecasts and estimates herein are those of the CoreLogic Office of the Chief Economist, are subject to change without notice and do not necessarily reflect the position of CoreLogic or its management.  The Office of the Chief Economist makes every effort to provide accurate and reliable information, however, it does not guarantee accuracy, completeness, timeliness or suitability for any particular purpose.
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