Interesting development. The Case-Shiller guys regularly updated Boston realtors throughout my career in Boston. Nice to hear that they will now have an even broader platform.
CoreLogic revenue up, acquires Case-Shiller
The first quarter results are in, and CoreLogic not only reports revenues up by 10.9 percent, operating income is up 22.2 percent and their full-year common share repurchase target has been raised from 3 to 5 million shares. With healthy revenues, the company also unveiled that they have acquired Case-Shiller from Fiserv, Inc. for roughly $6.0 million.
Case-Shiller has long been one of the most widely accepted economic indicators in real estate, strengthening CoreLogic’s role as what they call a “leading residential property information, analytics and services provider.” The acquisition close don March 20, 2013 and was announced this week with the first quarter CoreLogic earnings results.
CoreLogic says they will continue to offer its CoreLogic Home Price Index (HPI), which they say “represents the most geographically comprehensive and current set of home price indexes available.”
What each will be called, how they will operate
The Case-Shiller Indexes will be renamed the CoreLogic Case-Shiller Indexes and the S&P/Case-Shiller Home Price Indices will retain their brand name. The CoreLogic HPI and the Case-Shiller Indexes are complementary measures of home price trends utilizing the same baseline methodology of repeat home sales.
Dr. David Stiff, Chief Economist for Case-Shiller, will continue to supervise the preparation of the CoreLogic Case-Shiller Indexes and comment on the findings of those indexes while Dr. Mark Fleming, Chief Economist for CoreLogic, will continue to supervise the preparation of the CoreLogic HPI reports and comment on the findings of those reports.
The company notes that the CoreLogic Case-Shiller Indexes offer over 6,000 indexes covering states, counties, metros and ZIP codes across the U.S., and 30 year home price forecasts for all indexes which are used to track residential real estate trends, manage price risk, value loan portfolios, estimate default probabilities and loss severity within specific markets, and to determine firm capital sufficiency.