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Posts Tagged ‘balloon’

Underwater Borrowers Beginning to Float?

January 30th, 2013 Comments off

CNNMoney says the S&P CaseShiller home price index (HPI) of 20 major metropolitan markets indicates prices in Nov. were up 5.5 percent over Nov. 2011, the largest monthly increase since Aug. 2006, before the housing balloon deflated. As MHProNews understands, rising prices means fewer homeowners will be underwater on their mortgages, which will allow them to refinance at a more favorable rate, thereby stimulating the economy. Only New York of the 20 posted a modest decline. Still, the HPI is 29 percent below the summer of 2006 home price peak.

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