Report Examines Correlation of GDP & the U.S. Housing Market
Press release from the issuing company
Monday, September 23rd, 2013
CoreLogic, a leading residential property information, analytics and services provider, today released its September MarketPulse report. In this report, CoreLogic Chief Economist Mark Fleming, Ph.D., discusses the relationship between the broad economy, macroeconomic policy and the housing market. CoreLogic Case-Shiller Principal Economist David Stiff, Ph.D., analyzes the benefits of using repeat sales to track home price changes. This month's edition also features commentary by CoreLogic President and CEO Anand Nallathambi who discusses the trend toward fewer mortgage originations for the second half of 2013 and into 2014.
Additional key findings in the September MarketPulse report include:
- Long-run potential GDP growth is estimated to be approximately 1.75 percent today as opposed to 3.5 percent prior to the recession.
- Single-family housing starts have moderated recently, influenced by rising mortgage interest rates.
- The housing sector has played a pivotal role in driving GDP growth since late 2011, but rising rates will modestly temper the contribution moving forward.
- Repeat sales is a simple, yet accurate method of estimating home price changes and an efficient use of housing data.
- While repeat sales models are influenced by foreclosure resales, the impact is reflective of market dynamics.
For a full copy of the September CoreLogic MarketPulse report, including a complete set of data and charts, visithttp://www.corelogic.com/downloadable-docs/MarketPulse_2013-September.pdf.