twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/
Real Estate News | Real Estate Statistics
Residential real estate news and coverage of how residential real estate impacts the mortgage industry and residential mortgage-backed securities.


Home Prices Gains Led by Sin City, Silver State

National house prices keep climbing due to rising rates, tight supply

Aug. 29, 2018

By SAM GARCIA Mortgage Daily



portrait of Sam Garcia

U.S. home prices continued to escalate thanks to historically low interest rates and a persistently tight supply of properties for sale. Las Vegas and its host state saw the biggest gains.

A closely watched indicator of U.S. home prices, the  S&P CoreLogic Case-Shiller Composite-20 Index, was reported Tuesday to be at 213.07 as of June.

Compared to one month earlier, the index ascended 0.5 percent. An even bigger gain was made versus one year earlier, with the index climbing 6.3 percent.

The Case-Shiller index now stands 3 percent above its July 2006 peak and is 59 percent higher than the March 2012 trough.

From June 2017 to June 2018, home prices in Las Vegas have soared 13 percent -- more than any other metropolitan area.

"Population and employment growth often drive homes prices," David M. Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices. "Las Vegas is among the fastest growing U.S. cities based on both employment and population, with its unemployment rate dropping below the national average in the last year."

Next in appreciation was Seattle's 12.8 percent, followed by San Francisco's 10.7 percent, Denver's 8.3 percent and Los Angeles' 7.4 percent.

With a year-over-year gain of just 2.9 percent, Washington -- which likely has seen a decline in the number of government jobs under the Trump administration -- had the worst year-over-year home-price performance.

The Federal Housing Finance Agency's home price index ended June at 264.0, rising just 0.2 percent from May and climbing 6.5 percent from June 2017.

FHFA Supervisory Economist Dr. William Doerner explained in the report that second-quarter home price gains were the lowest in four years. Even though interest rates are still historically inexpensive, "their bump-up appears to have gently pressed the brakes on house price increases."

Among the nine Census Division covered by FHFA's index, prices in the Mountain Division have soared 9.6 percent over 12 months earlier -- the most of any division. The West North Central Division's 5.1 percent was the slowest appreciation.

A 7.3 percent rise between June 2017 and June 2018 was recorded for the First American Real House Price Index. The service provider says house prices are now 1.3 percent higher than their 2006 peak.

After adjusting for income growth and mortgage rates, First American says its Real House Price Index increased 0.5 percent from May and has soared 12.9 percent from a year previous.

"While unadjusted house prices are now 1.3 percent above the housing boom peak in 2006, real, house-buying power-adjusted house prices are 36.9 percent below their housing boom peak, which was reached in July 2006," the report said.

First American explained that price appreciation experienced in the housing market before the crash was characterized by a surge in demand driven by wider access to mortgage financing, while today's price appreciation is characterized by a shortage of supply.

Real home prices have soared 21.0 percent from June 2017 in Nevada -- more than any other state. Ohio's 18.5 percent followed, then New York's 18.3 percent, Michigan's 17.5 percent and New Hampshire's 17.2 percent.

No state had a year-over-year drop in prices.

Another HPI, the CoreLogic Home Price Index for June, was reported earlier this month at 0.7 percent higher than May and 6.8 percent greater than June 2017.

CoreLogic estimates that home prices were flat between June and July of this year, while they are expected to increase 5.1 percent between June 2018 and June 2019.


next story

back to current headlines

Sam Garcia founded Mortgage Daily in 1998 and became its full-time publisher in 2000. Prior to his news career he worked in mortgage lending for two decades.

e-mail:
[email protected]


Appraisal News | AMC Directory
Appraisal industry news coverage, including stories about independence requirements, AVMs and appraiser fraud.


Logout forgot
password?

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders