Corelogic February MarketPulse Report Less Optimistic

I have talked about this a few times before, but I think the housing market in the US is in the bottoming phase, albeit a phase that will likely be uneven and may take a long time to play out. The monthly Corelogic MarketPulse report has been fairly positive, that is up until the February report. The synopsis reads.

Additional key findings in the February MarketPulse report include:

• Consumer spending levels will likely be impacted by the reduction in disposable income due to the expiration of the payroll tax holiday.
• Purchase demand for homes may be negatively impacted by uncertainty created by ongoing debt ceiling debates.
• Strong mortgage origination volumes in 2012 were dominated by refinance transactions; in 2013 and 2014 refinance transactions as a share of the total mortgage origination market is expected to decrease.
• Only about half of the total mortgage originations today would qualify for QM coverage if there was no GSE exemption.
• The states most impacted by QM are Nevada and Hawaii.

Not negative, but not necessarily the brightest outlook.

Here is the full report, which can also be found here.

CoreLogic Marketpulse by