CoreLogic Buys Case-Shiller, 1Q Profits Up 18%
CoreLogic reported in its 1Q13 results that it had acquired Case-Shiller from Fiserv back on March 20 for $6 million.
Ben Graboske, the senior vice president, Real Estate & Financial Services at CoreLogic, said in a statement, “Clearly the assets we gain from Case-Shiller are in our sweet spot. It is the most followed set of home price indexes in the market. We found that there was only limited overlap in terms of clients, so the acquisition expands our footprint in the areas of property valuation and home pricing trends.”
CoreLogic added the Case-Shiller Indexes will be renamed the CoreLogic Case-Shiller Indexes. The S&P/Case-Shiller Home Price Indices will retain their brand name. The CoreLogic HPI, CoreLogic Case-Shiller Indexes and S&P/Case-Shiller Home Price Indices reports will continue to be published and distributed on their customary time schedules and in their current formats.
In 1Q13, CoreLogic had an 18% increase in net income to $34 million. Mortgage origination services revenue grew nearly 25% to $177 million because of higher demand for credit reports, tax services and flood certifications.
Going forward, said Anand Nallathambi, president and chief executive, "Continued strengthening in U.S. housing market fundamentals, low interest rates and the recently announced HARP extension should support top-line growth at improving margins throughout the remainder of 2013. Over the course of the year, we expect to continue to aggressively reinvest in strategic growth areas and our technology transformation initiatives, and to return capital to our shareholders."