Posts Tagged ‘home- price index’

425,000 more Underwater Borrowers now Floating again

July 12th, 2016 Comments off

underwater_mortgage__news365_today_credit postedDailyBsuinessNewsMHProNewsWhile the negative equity rate is five times higher than it was in 2004, during the first quarter of this year 425,000 borrowers who were once underwater regained equity, according to what Black Knight Financial Services tells nationalmortgagenews, leaving just 2.8 million borrowers in negative equity.

Black Knight’s Home Price Index has documented 48 consecutive months of annual home price appreciation, and that 38 million borrowers have at least 20 percent equity in their homes, with each borrower averaging $116,000 in tappable equity. MHProNews has learned that overall tappable equity grew $260 billion in Q1 2016.

It seems borrowers are still being prudent when it comes to drawing upon that equity, though,” said Ben Graboske, data and analytics executive vice president at Black Knight, in a news release Monday. “Just $20 billion in equity was tapped via cash-out refinances in 1Q 2016 — roughly one-half of 1% of total available equity. Even so, cash-outs still accounted for some 42% of all refinance activity in 1Q 2016.”

While fewer than 1% of all active mortgages were made to borrowers severely delinquent on student loans, Black Knight reported that borrowers severely delinquent on student loan debt were five times more likely to be delinquent on their mortgages than those who are current on student loan debt. ##

(Image credit: news365today–home beginning to float after being underwater)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J Silver to Daily Business News-MHProNews.

Home Prices Gain Nearly Ten Percent

July 7th, 2016 Comments off

home_pr_increase___etftrends_creditAccording to what CoreLogic’s Home Price Index, home prices posted a year-over-year gain in May of 5.9 percent, and an increase over April, 2016 of 1.3 percent, above CoreLogic’s expectations of an 0.9 percent rise.

CoreLogic Chief Economist Frank Nothaft said year-over-year home prices have risen by 5-6 percent for 22 consecutive months, as reported by nationalmortgagenews. He added, “The consistently solid growth in home prices has been driven by the highest resale activity in nine years and a still-tight housing inventory.”

In May, Oregon and Washington posted the highest price increases, 11% and 10%, respectively, while three eastern states experienced depreciation: Connecticut 0.9%, New Jersey at 0.2% and Pennsylvania at 0.1%.

MHProNews has learned CoreLogic forecasts an increase of home prices in June as compared to May of 0.8%, and a 5.3% increase year-over-year in May of 2017. ##

(Home prices rising-credit=etftrends-posted DailyBusinessNewsMHProNews)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J Silver to Daily Business News-MHProNews)

Mortgage Application Approvals and Home Values Rise

January 4th, 2016 Comments off

mortgage app   texaslendingtoday creditAccording to themortgagereports, home values have reached new highs for the first time in eight years, since early 2007, but not adjusted for inflation.

The Federal Housing Finance Agency (FHFA) publishes the Home Price Index (HPI) which reveals that property values rose +0.5 percent in October, marking the 23rd consecutive month of rising home values. Values have risen 6.1 percent from a year ago. The HPI tracks changes in the value of a home between sales, and is based on data from Fannie Mae and Freddie Mac.

With home values up, as MHProNews understands, more people refinance their homes in order to take cash out. Rising values also create an urgency for homebuyers to act, and take advantage of the prices before they rise more.

Additionally, mortgage rates remain low, and there are a number of low-and-no down payment mortgages available. One, called HomeReady, allows a three percent down payment, and banks are approving more mortgage applications than anytime in this decade. ##

(Image credit: texaslendingtoday)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily business News-MHProNews.

New Index: Housing Crash not so bad; Recovery not so Good

September 12th, 2014 Comments off

sold home  mattheafeyCase-Shiller’s improved house price index (HPI) now offers a monthly read on the housing market instead of a quarterly overview, according to Paul Diggle of Capital Economics says, “The new index suggests that prices ‘only’ fell by 26% during the crash, relative to 34% on the previous quarterly index. And at 20%, relative to 23%, the subsequent rebound has been a little weaker. For comparison, the same figures for the CoreLogic index are 32% and 26%.”

In addition, new HPI indicates that house prices have actually been dropping instead of just slowing in gains: Relative to incomes per capita in Q2, housing was undervalued 8.8 percent. Says Diggle, “That’s slightly less than the 10.8% shown on the previous quarterly index, meaning that at the margins the new series adds to our view that housing is approaching fair value. That’s one reason why we expect the slowdown in house price inflation to be sustained.” Meanwhile, sales of manufactured homes continue to grow each month, as MHProNews has reported in the Daily Business News since Aug. 2011. ##

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Home Prices will Moderate in Nov. and Dec.

December 4th, 2013 Comments off

Marking the 20th consecutive month of yearly increases, home prices in the U. S. increased 12.5 percent in October, compared to last year, according to CoreLogic. The worldpropertychannel reports CoreLogic’s Home Price Index, when including distressed sales, rose just 0.2 percent in October, 2013. Anand Nallathambi, president and CEO of CoreLogic, says, “The deceleration in month-on-month trends was anticipated as strong gains in home prices over the spring and summer slow in line with normal seasonal patterns and the impact of higher mortgage interest rates.” As MHProNews has learned, Dr. Mark Fleming, chief economist for CoreLogic, adds, “The monthly growth rate is expected to moderate even further in November and December. The slowdown in price appreciation is positive for the housing market as almost half the states are now within 10 percent of their respective historical price peaks.”

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Home Prices Continue Rising

July 30th, 2013 Comments off

While the S&P/Case-Shiller national home price index of the 20 largest markets remains 24.4 percent below the peak of June 2006, it rose 12.2 percent in May above May 2012, the largest year-over-year increase since March 2006. April 2013 rose 12.1 percent over April 2012. A year ago homes that had been on the market for many months, even years, began selling, with prices rising each month since June 2012, and each month saw a bigger increase than the previous month. The rise in mortgage rates has yet to stem the rise in prices, which have been fed by an accompanying drop in foreclosures. Some of the markets hardest hit by the housing bubble are the ones experiencing the largest current gains: Prices in San Francisco, Las Vegas, Phoenix and Atlanta are all up more than 20% from a year ago. Some fear the housing bubble may return, according to what CNNMoney tells MHProNews. But Joseph LaVorgna, chief US economist for Deutsche Bank, says, “Affordability remains near historic highs despite the recent rise in rates and home prices. And the increase in home prices should encourage banks to ease lending standards for mortgages, since the collateral for the underlying loan is appreciating in value.”

(Image credit: etftrends)

Home Prices Rise for 15th Straight Month

July 2nd, 2013 Comments off

May saw the largest increase in the CoreLogic Home Price Index (HPI) since Feb. 2006, rising 12 percent over May 2012, and 2.6 percent higher than April, marking the 15th consecutive month of year-over-year increases. For June 2013, as nationalmortgagenews informs MHProNews, the CoreLogic Pending HPI indicates home prices are expected to increase 13.2 percent year-over-year from June 2012, and 2.9 percent on month-over-month basis. Noting the blazing rise of home prices, especially in the West, Anand Nallathambi, president and CEO of CoreLogic, says, “Across the country, pent-up demand and continued low interest rates are fueling strong demand for a limited inventory of properties. We expect that trend to continue to drive up prices throughout the balance of the summer months.”

(Image credit: etftrends)

Existing and New Home Sales Rising

June 25th, 2013 Comments off

New home sales rose 2.1 percent in May over April, according to Commerce Dept. figures, the highest rate since 2008. The S&P Case Shiller home price index (HPI) of existing homes rose 12.1 per cent from last year, the best rate in seven years, according to what David Blitzer of Dow Jones S&P tells abcnews. In addition, the survey of 20 major metro areas show average home prices rising in all 20 cities. He says: “The most recent Fed Senior Loan Officer Opinion Survey shows that some banks are easing credit restrictions. Given this, the recovery should continue.” Stan Humphries, Zillow’s chief economist, says, “The housing market worm has turned over the past few weeks – inventory levels are beginning to show signs of easing, and mortgage interest rates are creeping up. Going forward, both of these factors will help mitigate extreme price spikes caused by very strong housing demand and very low housing supply.” As MHProNews has learned, he says while the recovery is strong and sustainable, prices will not continue rising at the current rate.

(Photo credit: Reuters)

CoreLogic reports Home Price Jump

May 9th, 2013 Comments off

HousingWire tells MHProNews that the most recent CoreLogic home price index spiked 10.5 percent nationally, the 13th consecutive monthly increase in home prices nationally. “For the first time since March 2006, both the overall index and the index that excludes distressed sales are above 10 percent year over year,” said Dr. Mark Fleming, chief economist for CoreLogic. “The pace of appreciation has been accelerating throughout 2012 and so far in 2013 leading into the home buying season,” he adds. Paul Diggle, of Capital Economics, says there is no housing bubble on the horizon. However, “Price gains which are well above twice the pace of income or rental growth are not sustainable in the long-run.” Nevertheless, he expects home prices to continue rising.

(Image credit: etftends)

S&P Home Price Index keeps Climbing

May 1st, 2013 Comments off

CNNMoney informs MHProNews the S&P Case-Shiller index of home prices in 20 major markets rose 9.3 percent in Feb. over the last 12 months, an increase from January’s 8.1 percent rise, and the biggest gain in home prices since May 2006. Over a five-year period through May 2012, the index showed a decline almost every month, but since then the index has risen each month. Home price increases allow more people to refinance, which helps the underwater borrower. In addition, lower house payments allow borrowers to spend money on other items, which buoys the overall economy. However, analysts note even with the increase over the last 12 months, the index remains 28 percent below the index peak of 2006.

(Image credit: HousingWire)