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Sign into your accountCoreLogic: Most Cities Shortlisted for Amazon’s Second Headquarters Are Already 'Hot' Housing Markets
January 22 2018
More Than Half of Potential Cities Have "Overvalued" Housing Markets
January 18, 2018, Irvine, Calif. – CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today revealed its analysis of the housing economy in cities* being considered for Amazon's "second headquarters" location.
CoreLogic monitors the health of the housing economy through historic home price changes and other market conditions including sustainability of prices in the market, referred to as the CoreLogic Market Condition Indicators (MCI). The MCI analysis defines an overvalued housing market as one in which home prices are at least 10 percent higher than the long-term, sustainable level, while an undervalued housing market is one in which home prices are at least 10 percent below the sustainable level.
Source: CoreLogic, November 2017
*CoreLogic does not monitor the Toronto, Canada market
"As leaders at Amazon continue to narrow their location choices, the housing situation is an important consideration," said Dr. Frank Nothaft, chief economist for CoreLogic. "Some of the contenders have home price increases that are trending higher than the national average of 6 percent. Denver and Nashville lead the pack with home price increases at more that 8 percent, but CoreLogic research indicates that these markets are overvalued right now. Adding a job creator like Amazon would add further housing demand and upward pressure to housing costs."
About CoreLogic
CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.