National home prices soared in 2021, pushed up by strong demand and a limited supply of properties for sale. CoreLogic economist Molly Boesel offers a closer look, including how the numbers stack up when adjusted for inflation.
CoreLogic chief economist Dr. Frank Nothaft discusses recent price indexes showing inflation is at a 40-year high. He looks at how supply chain disruptions have spiked prices in consumer goods and construction costs, and has delayed home completions.
The real savings that many potential buyers expected from record low interest rates were quickly outstripped by the pandemic-fueled housing demand and price increases that followed a temporary market shutdown.
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The latest edition of CoreLogic’s quarterly analysis of the latest home equity trends of the national, state and metro levels. Data shows U.S. homeowners with mortgages (roughly 62% of all properties) have seen their equity increase by a total of over $3.8 trillion since the Q1 2021, a gain of 32.2% year over year.
Five housing markets in the Southeast and South continued to post more than 20% annual price gains in August Rising mortgage rates continue to rattle the U.S. housing market. With homebuyer demand quickly slowing, price appreciation has followed suit in many metro areas.
Only 2.8% of U.S. homeowners with mortgages were delinquent in August, the lowest level since near the start of the pandemic. "The share of U.S. borrowers who are six months or more late on their mortgage payments fell to a two-year low in August," said Molly Boesel, principal economist for CoreLogic.
