While recent reports from Black Knight and CoreLogic show price increases continuing at record levels, the National Association of Realtors® (NAR) reports they are easing in some metropolitan areas. A fourth quarter report, which covers 183 major housing markets, shows that the share of those markets experiencing annual median home price gains in the double digits fell from over three-quarters (78 percent) in the third quarter of 2021 to 67 percent. Further, while all four regions of the country had gains in the double digits in Q3, only the South saw such increases in Q4. Prices in that region increased 17.9 percent while the Northeast’s appreciation was 6.8 percent and prices in the Midwest and West rose 8.6 percent and 7.7 percent, respectively. Nationally, the sales prices of single-family existing homes rose at 14.6 percent in the fourth quarter to a median of $361,700 . The increase in the prior quarter was an annualized 15.9 percent. “Homebuyers in the last quarter saw little relief as home prices continued to climb, albeit not as fast as earlier in the year,” said Lawrence Yun, NAR chief economist. “The increasing prices are indicative of a seller’s market, with an abundance of eager buyers and very limited supply.” The two metros with the largest annual increases were in Florida, Punta Gorda at 28.7 percent and Ocala at 28.2. Others, all in the 25 percent range were Austin-Round Rock, Phoenix-Mesa-Scottsdale, and Sherman-Denison, Texas.
Housing News | | While recent reports from Black Knight and CoreLogic show price increases continuing at record levels, the National Association of Realtors® (NAR) reports they are easing in some metropolitan areas. A fourth quarter report, which covers 183 major h... (read more) |
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Housing News | | For the second time this week a major report on loan performance has confirmed that homeowners are recovering rapidly from the pandemic. The National Delinquency Survey from the Mortgage Bankers Association (MBA) put the nationwide rate of non-curr... (read more) |
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Rob Chrisman | | Everyone has a story about something they said or asked that they shouldn’t have. “When are you due?” is a good one, as is asking, “When did you turn 60?” when the person is only 55. But forecasters are out in force, saying things about interest rat... (read more) |
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| There are many different ways to track mortgage rates and several different sources quoted in the news. For decades, the most prevalently-quoted source has been Freddie Mac's weekly primary mortgage market survey. It consists of a questionnaire sent out to loan officers at the beginning of every week. They can respond as late as Wednesday, ... (read more) |
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| Bonds Obliterated. Why and What Next? Today was an astonishingly bad day for the bond market relative to what the average trader expected. This isn't as noticeable when it comes to 10yr yields, which had a day that was merely in the same league as several of the worst days of the past few years. But it's... (read more) |
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