CoreLogic this week released its July MarketPulse report in which CoreLogic Chief Economist Mark Fleming, Ph.D., and Deputy Chief Economist Sam Khater share their optimism about the ongoing recovery in the U.S. housing market.
Key findings in the July MarketPulse report include:
- According to CoreLogic the market is not experiencing a housing bubble, and the rise in mortgage rates will help to prevent one in the future.
- Housing affordability is near its height due to historically low interest rates and home prices.
- According to the housing affordability index, all but two states are affordable today, and most states are near their recent affordability high points.
- Cash sales peaked above 40 percent two years ago and are slowly receding.
- Cash sales are one of the drivers behind the rapid house price recovery.