Home prices

Also, the percentage of loan-to-value ratios in all buckets above 50% shrunk between the first and second quarter, according to a new CoreLogic report on homeowner equity.

Home values dropped for the first time in 31 months between June and July but this is obscured by 14.5% year-over-year appreciation.

Housing's unusually high appreciation rates have now slowed for three months straight, and the number of metropolitan areas that are considered overvalued keeps growing, according to CoreLogic.

Although housing costs are still far higher than levels from a year ago, monthly data showed prices declined across five U.S. regions in June, and a separate survey indicated almost one-third of sellers had recently slashed prices.

A national measure of prices rose 18% year-over-year, smaller than the 19.9% climb in May, the S&P CoreLogic Case-Shiller index showed Tuesday.

The slowdown also has not been enough to ease affordability in any state given changes in interest rates and incomes, according to research from First American.

In actuality, the law establishes the procedure for setting the maximum limits; in principle, the director could set the limits below these maximum levels, argues a former principal economist for the Federal Housing Finance Agency.

The city remains one of the most unaffordable and as tech companies continue to work remotely, there is little appetite to pay millions to live in the area.

July marked the first month this occurred, suggesting that the small reversal in the upward trend of financing costs wasn't enough to change the downward trajectory in homebuyer activity.

The market has shown signs of cooling down as sellers slash prices and homes linger longer.