Mortgage Daily Logo

Northwest, Mountain Lead Home Price Gains

Mortgage News

Mortgage Daily

                                                 April 25, 2017

Home prices continued to rise, with some indices achieving new highs. Areas in the Northwest and Mountain Region maintained a tight grip on top spots.

In February 2017, the S&P CoreLogic Case-Shiller Composite 20 Home Price Index was 193.49, up 0.4 percent from a month earlier.

Compared to the same month last year, the Case Shiller index, which wasn’t adjusted for seasonal factors, has ascended 5.9 percent.

S&P Dow Jones Indices, which released the index Tuesday, said the 20-city index is still 6.3 percent below its July 2006 peak. But its national index reached a 32-month high and was 0.5 percent above the July 2006 peak.

The 20-city index stood 44.3 percent above the March 2012 trough.

In Seattle, home prices were 12.2 percent higher than in February 2016, the most of any of the cities tracked in the 20-city index.
At 9.7 percent, Portland had the second-biggest year-over-year gain. An 8.8 percent increase was recorded for Dallas, while Denver was up 8.5 percent.

New York had the distinction of rising least among the 20 cities: 3.2 percent.

On a month-over-month basis, Seattle’s prices were up 1.9 percent, more than any city. Prices were down the most — 0.5 percent — in Tampa, Florida.

The Federal Housing Finance Agency reported its U.S. House Price Index on Tuesday at 244.8 as of February 2017.

The index, which is determined by national prices on home purchase transactions financed by Fannie Mae and Freddie Mac, indicated that there has been a 6.4 percent increase in home prices since February 2016.

Compared to a year earlier, February 2017’s index was up 9.5 percent in the Mountain Region, the most of nine regions tracked by FHFA. Home prices were up just 4.6 percent in the Middle Atlantic, the lowest of any region.

The U.S. index from FHFA, the regulator and conservator of the two government-sponsored housing enterprises, ascended 0.8 percent
from the previous month.

Over at CoreLogic Inc., a report from early this month said national home prices were up 7 percent between February 2016 and February 2017.

From January to February of this year, CoreLogic’s Home Price Report rose 1 percent. Between February and March, CoreLogic estimates home prices increased just 0.4 percent.

By February 2018, CoreLogic expects prices to rise another 4.7 percent from 12 months earlier.

Black Knight Financial Services’ HPI had average U.S. home price at $268,000 as of February. That was an 0.8 percent month-over-month increase and a 5.7 percent year-over-year improvement.

Black Knight’s data indicate that home prices are at an all-time high. That is 35 percent better than the January 2012 low.

Washington fared better than any other state in Black Knight’s report compared to the prior month, with a 2.2 percent increase. Colorado’s 1.6 percent followed, then Oregon’s 1.5 percent, New York’s 1.2 percent and Utah’s 1.2 percent. No change in West Virginia was the worst performance of any state.

Related Posts

Federal Housing Administration$1,224.5 billionDec. 31

Third-Quarter 2012 Mortgage Litigation Index

Lawsuits involving excessive fees, servicing fees and loan fees beyond state maximums. Defendant Plaintiff Court Amount Overview Case Title Case Number Date Filed Date of Activity Link to Story Fannie Mae and Freddie Mac Orangeburg County, Richland County, South...

Federal Housing Administration$1,224.5 billionDec. 31

Net Branch Lawsuits

Litigation involving net branch operations. Defendant Plaintiff Court Amount Overview Case Title Case Number Date Filed Date of Activity Link to Story PHH Mortgage Corp. Mathews Supreme Court of Virginia na Court held that the term "branch office" includes not only...

Federal Housing Administration$1,224.5 billionDec. 31

Whistleblower Lawsuits

Litigation related to loan servicing, including escrow issues, transfer of servicing and servicing borrowers in bankruptcy and foreclosure.   Defendant Plaintiff Court Amount Overview Case Title Case Number Date Filed Date of Activity Link to Story Bank of...

Federal Housing Administration$1,224.5 billionDec. 31

Mortgage Servicing Lawsuits

Litigation related to loan servicing, including escrow issues, transfer of servicing and servicing borrowers in bankruptcy and foreclosure. Defendant Plaintiff Court Amount Overview Case Title Case Number Date Filed Date of Activity Link to Story BAC Home Loan...

Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming paperwork has been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and furniture need to...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand-new mortgage loan can be a difficult task, especially for first-time homeowners.   After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first...

Newsletter

Don’t worry, we don’t spam