Case-Shiller Reports Home Prices Rise at Fastest Pace in 7 Years

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S & P Case-Shiller Home Price Indices reported the fastest pace of U.S home price growth in seven years. National home prices grew by 10.40 percent year-over-year in December as compared to November’s reading of  9.50 percent home price growth on a year-over-year basis. The S&P Case-Shiller 20-City Home Price Index reported home price growth in 18 of 20 cities included in the index. Detroit, Michigan did not report home price data for December. Phoenix, Arizona held the top position in the 20-City Index for the 19th consecutive month with year-over-year home price growth averaging 14.40 percent. Home prices in…
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What’s Ahead For Mortgage Rates This Week – September 28, 2015

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Last week's scheduled economic news included reports on new and existing home sales, the FHFA House Price Index, weekly reports on mortgage rates, and new jobless claims. The week finished with a report on consumer sentiment.Existing Home Sales Fall as New Homes Sales and Home Prices RiseThe National Association of Realtors reported that home sales for pre-owned homes fell in August. Analysts expected sales of existing homes to reach a reading of 5.52 million sales on an annual basis, but the actual reading was 5.31 million existing homes sold as compared to July's reading of 5.58 million pre-owned homes sold.…
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National Association of REALTORS – Sales of Pre-Owned Homes Dip

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Sales of previously owned homes dropped in August by 4.80 percent on an annual basis for the first time in four months; the dip was likely caused by rising home prices. August sales were reported at a rate of 5.31 million; July's rate was 5.58 million sales of previously owned homes. Sales of existing homes have risen 6.20 percent year-over-year; stronger labor markets and low mortgage rates were seen as contributing factors. Although economists expect the Federal Reserve to raise its target federal funds rate before year end, home sales are expected to stay strong through 2016. A Fed rate…
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What’s Ahead For Mortgage Rates This Week – August 31, 2015

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Last week's economic news included several reports related to housing. The Case-Shiller 20-City Home Price Index for June rose to 4.50 percent as compared to May's reading of 4.40 percent. Denver, Colorado was the only city to post double-digit year-over-year growth. FHFA also released its House Price Index for June. Home prices for properties associated with mortgages owned or backed by Fannie Mae and Freddie Mac rose at a year-over-year rate of 5.60 percent in June as compared to May's reading of 5.70 percent. New Home Sales, Pending Home Sales Rise in July Commerce Department data revealed that new home…
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Case-Shiller: Home Prices Continue to Outpace Inflation

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Denver, Colorado continues to woo homebuyers as home prices rose by 10.20 percent as of June according to the Case-Shiller 20-City Home Price Index. The Mile-High City was the only city included in the index that posted double-digit year-over-year growth in June. San Francisco, California posted a 9.50 percent year-over-year gain in home prices and Dallas, Texas rounds out the top three cities posting highest year-over-year home price growth with a reading of 8.20 percent. Denver's home prices were impacted by the city's rapidly expanding economy and demand for homes coupled with a slim supply of homes for sale. According…
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What’s Ahead For Mortgage Rates This Week – August 24, 2015

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Last week's economic events included a number of readings on housing related topics. The National Association of Home Builders released its report on builder confidence in housing markets, Housing starts reached their highest level since the great recession, and existing home sales exceeded expectations and the prior month's reading. The Federal Reserve released minutes for its most recent FOMC meeting, which indicated that while a majority of FOMC members are leaning toward raising the Fed's target federal funds rate, concerns over certain aspects of the economy continue to keep the Fed from citing a date for raising its target interest…
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What’s Ahead For Mortgage Rates This Week – July 27, 2015

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Last week's scheduled economic news releases were limited as no news was released on Monday or Tuesday, but good news did arrive in the form of a dip in mortgage rates for fixed rate loans. The National Association of Realtors® reported higher sales of pre-owned homes and FHFA reported that home price growth associated with mortgages held or backed by Fannie Mae and Freddie Mac held steady in May. Sales of Pre-Owned Homes and FHFA House Prices Rise According to the National Association of Realtors®, June sales of existing homes reached their highest level since February 2007. Sales of used…
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Good News! Existing Home Sales, FHFA Home Prices Increase

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Housing markets show continued signs of strengthening according to reports released on Wednesday. The National Association of Realtors® reported that sales of pre-owned homes rose to 5.49 million in June as compared to May's revised reading of 5.32 million pre-owned homes sold and expected sales estimated at 5.42 million sales. Expectations were based on May's original reading of 5.35 million sales. June's reading was the highest since February of 2007. Readings for existing home sales are calculated on a seasonally adjusted annual basis. Buyers Gain Confidence in Labor Markets, Rush to Beat Rate Hikes Lawrence Yun, chief economist for the…
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What’s Ahead For Mortgage Rates This Week – June 29, 2015

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Last week's economic news was largely positive as both new and existing home sales beat expectations. FHFA reported that home price growth held steady in May, while weekly jobless claims edged up, but were lower than expected. New and Existing Home Sales Exceed Expectations According to the Commerce Department, new home sales reached 546,000 on an annual basis for May. This surpassed expectations for 525,000 new homes sold and April's revised reading of 534,000 new homes sold. Expectations were based on the original reading of 517,000 new homes sold in April. Existing home sales rose by 5.10 percent in May…
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What’s Ahead For Mortgage Rates This Week – June 1, 2015

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Last week's economic reports included the Case-Shiller Home Price Indexes, FHFA's House Price Index and Pending Home Sales from the Commerce Department. The details: Home Prices Dip in March, Pending Home Sales Up According to the Case-Shiller 20-City Housing Market Index, the national reading for average home prices dipped in March. The 20-City Index moved from February's year-over-year home price growth of 4.20 percent to an average year-over-year home price growth rate of 4.10 percent in March. San Francisco, California reclaimed the top spot for home price growth of 10.30 percent year-over-year. The Federal Housing Finance Agency reported results that…
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