twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to 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

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

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

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

Press Releases
Reports and announcements from

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









site map
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 Continue Climbing, Records Broken

Inventory shortages persist

Aug. 29, 2017

By SAM GARCIA Mortgage Daily

portrait of Sam Garcia

House values continue to rise, with some home price indices solidly in record territory. But escalating values reflect a persistent inventory shortage.

As of June, the Case-Shiller U.S. National Home Price NSA Index landed at 192.60. That was the seventh month in a row the index reached a new high.

The Case-Shiller U.S. 20-City Composite Home Price Index came in at 200.54. The index increased 0.7 percent from May and jumped 5.7 percent from June 2016.

S&P Dow Jones Indices and CoreLogic Inc. jointly reported the Case-Shiller indices Tuesday.

The 20-city index now stands 50 percent higher than its low back in March 2012 but is still 3 percent shy of the July 2006 peak.

"Price increases are supported by a tight housing market," David M. Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices, said in the report. "Both the number of homes for sale and the number of days a house is on the market have declined for four to five years."

Among the 20 metropolitan areas reflected in the index, Seattle was up from a year earlier by more than 13 percent -- the biggest year-over-year gain of any city. Portland rose more than 8 percent, while Dallas, Denver and Detroit each saw gains of nearly 8 percent.

The weakest year-over-year gain was in Cleveland: less than 3 percent.

The Federal Housing Finance Agency's U.S. HPI was a seasonally adjusted 249.3 as of June 2017. That index rose 0.1 percent from the preceding month and 6.5 percent from the same month last year.

FHFA based its findings on sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac -- which it regulates.

"New home sales are climbing but, relative to the overall population, they still remain low from a historical perspective," FHFA Senior Economist William Doerner stated in the report. "The tight inventory is a major explanation for why house prices have been increasing every quarter over the last six years."

With a 9.8 year-over-year increase, the Pacific Region had the biggest gain from June 2016 in FHFA's report. But in the Middle Atlantic region, prices were up just 3.7 percent -- the smallest gain.

Black Knight Financial Services' current HPI value for June was $281,000 -- an all-time high. That was 0.9 percent higher than the prior month and 6.2 percent more than a year prior.

Based on Black Knight's data, home prices are up 41 percent from the January 2012 trough.

Black Knight had prices in Michigan up 1.9 percent from May 2017 -- the most of any state. Wisconsin saw a 1.8 percent rise, followed by New York's 1.7 percent, Vermont's 1.5 percent and 1.4 percent in both New Hampshire and Rhode Island.

Prices, though, were up just 0.2 percent in West Virginia and Mississippi -- the weakest month-over-month gains.

Looking forward, CoreLogic's HPI forecast has national home prices rising 0.6 percent from June to July. From June 2017 to June 2018, CoreLogic expects prices to climb 5.2 percent.

Between May and June of this year, CoreLogic's HPI was 1.1 percent higher, while they were up 6.7 percent from the same month last year.

"The growth in sales is slowing down, and this is not due to lack of affordability, but rather a lack of inventory," CoreLogic Chief Economist Dr. Frank Nothaft explained in the report. "As of Q2 2017, the unsold inventory as a share of all households is 1.9 percent, which is the lowest Q2 reading in over 30 years."

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.

[email protected]

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

Logout forgot

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


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