March home prices were again dominated by the Northwest with Portland, Oregon posting a year-over-year gain of 12.30 percent followed by Seattle, Washington's year-over-year gain of 10.80 percent. Denver, Colorado rounded out the top three cities with a year-over-year gain of 10.00 percent. San Francisco, California, which consistently posted double-digit gains in recent months slipped to a year-over-year gain of 8.50 percent. This may indicate that prices in high cost metro areas are nearing their peak. S&P Dow Jones Chair David M Blitzer attributed outsized price gains to the shortest supply of available homes since the mid-1980s. Homes for sale account for only two percent of U.S. … [Read more...]
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, but have recovered to 2007 levels. … [Read more...]
What’s Ahead For Mortgage Rates This Week – March 7, 2016
Week in Review Last week's scheduled economic news included reports on pending home sales, construction spending and several jobs related readings including ADP Payrolls, the government's Non-Farm Payrolls and the national unemployment rate. Mortgage Rates, Weekly Unemployment Claims Rise Mortgage rates rose across the board according to Freddie Mac's weekly report. The average rate for a 30-year fixed rate mortgage rose two basis points to 3.64 percent; the average rate for a 15-year fixed rate mortgage rose by one basis point to 2.94 percent and the average rate for a 5/1 adjustable rate mortgage rose five basis points to 2.84 percent. Discount points were consistent at 0.50 percent for … [Read more...]
