Case-Shiller Report Shows Home Prices Rose in January

Home prices were 5.70 percent higher year-over-year in January according to S&P Case-Shiller's 20-City Home Price Index. Top year-over-year gains were posted by Portland, Oregon at 11.80 percent, San Francisco, California at 10.80 percent and Seattle Washington posted a year-over-year gain of 10.70 percent. Denver, Colorado, which had top gains in recent months, posted year-over-year home price growth of 10.20 percent. Lowest year over-year gains for January were posted by Chicago, Illinois at 2.10 percent, Washington, D.C at 2.20 percent and New York, New York at 2.80 percent. Average home prices remained about 12 percent below their summer 2006 peak,…
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What’s Ahead For Mortgage Rates This Week – March 28, 2016

Increasing Home Prices Good For Sellers The National Association of Realtors (NAR) reported lower sales of pre-owned homes in February. Would-be buyers were discouraged by rapidly rising home prices. Short supplies of available homes sidelined potential buyers as higher home prices and cash buyers squeeze out buyers who need mortgages to buy homes. Multiple offers resulting in bidding wars have also deterred buyers in high demand markets. According to NAR's February report, sales of existing homes fell 7.10 percent to their lowest level since November. NAR has predicted that rapidly rising home prices would eventually damage housing markets. While analysts…
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What’s Ahead For Mortgage Rates This Week – March 21, 2016

Housing Starts Up in February Shortages of available homes are a major factor in rising home prices; shortages also make it more difficult for buyers to find homes they want. Housing starts in February rose, which is good news for the peak spring and summer home buying season. Other housing related news released last week included the Fed's decision not to raise the target federal funds rate and Housing Starts and Building Permits reports issued by the Commerce Department. Consumer Sentiment was also released along with regularly scheduled releases on mortgage rates and weekly unemployment claims. Builder Confidence Holds Steady,…
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