30 Apr 2020
By Mortgage Blog Content

Case-Shiller: February Home Prices Gained Before Coronavirus Outbreak

Market Outlook
Home prices continued to grow in February according to the Case-Shiller Home Price Indices. National home prices grew at a seasonally-adjusted annual pace of 4.20 percent as compared to national home price growth of 3.90 percent in January. Case-Shiller's 20-City Home Price Index showed higher home price growth rates in February with average annual home price growth of 3.50 percent. January home prices grew by 3.10 percent for cities included in the 20-City Index. The lowest year-over-year home price growth rates were posted by Chicago, Illinois with 0.70 percent; New York City posted 1.50 percent growth, and Dallas, Texas with 2.50 percent home price growth. Phoenix, Arizona home prices grew by…
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20 Feb 2020
By Mortgage Blog Content

NAHB: Home Builder Confidence Near 1999 High

Market Outlook
The National Association of Home Builders reported a housing market index reading of 74 in February; the index reading was one point lower than for January and was only two points below the highest reading of 76 reported in December. Readings over 50 indicate that most builders consider housing market conditions to be positive. Factors contributing to builder confidence included strong housing markets and low mortgage rates; job growth and higher wages also boosted builder confidence. Low Inventory Influences Home Prices Low inventories of available homes continued to drive demand and rising home prices. Homebuyers faced with low supplies of existing homes turned to new home developments for additional options. First-time…
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31 Jan 2020
By Mortgage Blog Content

FOMC Statement: Key Fed Rate Unchanged; Policymakers Monitor Impact of Asian Flu Outbreak

Market Outlook
The Federal Open Market Committee of the Federal Reserve issued its scheduled post-meeting statement Wednesday. Policymakers unanimously decided to leave the target federal funds rate range unchanged at 1.50 to 1.75 percent. FOMC members reasserted previous views that inflation was "subdued" and the economy was growing at a moderate pace. The Fed typically bases decisions about interest rates on its dual mandate of achieving maximum employment and an annual inflation rate of 2.00 percent. U.S. Economy Strong, Fed Chair Sees No Immediate Risk From China FOMC cut the target interest rate range three times in 2019 to offset higher prices associated with a trade war with China, but the Committee considered…
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29 Jan 2020
By Mortgage Blog Content

Case-Shiller Reports Growth In Home Prices In November

Market Outlook
Case-Shiller Home Price Indices reported that national growth of home prices rose by 0.30 percent in November. Analysts said that slim inventories of available homes boosted home prices. Whether or not home price growth continues gaining speed depends on variables including supplies of homes for sale, affordability and home-buyer confidence in the economy. Mr. Craig Lazzara, managing director and global head of index investment strategy at S&P Dow Jones Indices said, "It is, of course, too soon to say whether this marks an end to the deceleration [of home price growth] or is merely a pause in the longer-term trend." Phoenix Holds First Place In Home-Price Growth For 6 Consecutive Months…
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11 Dec 2019
By Mortgage Blog Content

FOMC Statement: Fed Holds Steady On Its Interest Rate Range

Market Outlook
The Federal Open Market Committee of the Federal Reserve announced its unanimous decision not to change to the current target federal funds range of 1.50 to 1.75 percent. The committee’s customary post-meeting statement said the decision not to change the Fed’s target range for federal funds was based on factors including a strong labor market, moderate economic growth, continued job growth, and low unemployment. Economic readings reviewed prior to the FOMC meeting held Tuesday and Wednesday supported the achievement of the committee’s dual mandate to achieve maximum employment and maintain price stability. According to the post-meeting statement issued on December 11, FOMC members consistently review incoming global and domestic economic news…
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26 Sep 2019
By Mortgage Blog Content

Case-Shiller: July Home Price Growth Hits Lowest Pace in 12 Years

Market Outlook
Case-Shiller's National Home Price Index reported U.S. home prices grew by 3.20 percent year-over-year in July; as compared to year-over-year home price growth 0f 3.00 percent posted in June. Cities with the highest rates of year-over-year home price growth were Phoenix, Arizona with 5.80 percent year-over-year home price growth. Las Vegas, Nevada had 4.70 percent year-over-year home price appreciation and Charlotte, North Caroline bumped Tampa, Florida from the top three cities with home price appreciation of 4.60 percent. Tampa, Florida posted 4.50 percent year-over-year home price growth in July. Home Price Growth Stalls In West 14 cities had higher home price gains than in June and Seattle, Washington was the only…
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