CoreLogic reveals key findings on credit availability in MarketPulse report
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Market Data
Tuesday, February 25, 2014
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CoreLogic, a residential property information, analytics and services provider, released its January MarketPulse report. In their analysis, CoreLogic economists reviewed the residential mortgage financial performance that defined 2013 and discussed significant trends that could affect the industry in 2014.
Key findings in the CoreLogic January MarketPulse report include:
- A CoreLogic analysis of credit availability shows that credit is tight for low credit-score borrowers, those who don’t want to or can’t fully document their loans, and those who would like an ARM product. High-LTV (loan-to-value) lending remains modestly tight relative to normal, and the share of ARM loans originated is much more restricted than normal, as many subprime ARM loan products are no longer available.
- Cash sales comprised 37.4 percent of total home sales in September 2013, down from the peak in January 2011 when cash sales made up 46.1 percent of total home sales.
- The historical trend of auto sales correlating to home sales has been a shift with auto sales recovering much more rapidly over the past three years due to the increase in auto-related subprime lending.
The MarketPulse provides monthly insight into the current and future health of the U.S. economic climate with a particular focus on mortgage metrics.
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