Home prices rose 12.4% nationwide over the 12 months ended Sept. 30, up from 5.7% in the previous 12 months, according to Freddie Mac.In the third quarter, prices rose at an annualized rate of nearly 16%, Freddie Mac reported in releasing its quarterly Conventional Mortgage Home Price Index. The index showed that, for the sixth quarter in a row, the Pacific states recorded the largest gains in home prices, which rose 20.9% for the 12-month period. The Middle Atlantic states of New Jersey, New York, and Pennsylvania followed with a 16.5% growth rate, and the New England states finished third with a 16.2% rate. "The cumulative effect of two years in which 30-year fixed mortgage rates averaged just 5.8% and an improving employment picture this year ha[s] buoyed the housing market to new highs," said Frank Nothaft, Freddie Mac's chief economist. ".... We are expecting national home price growth to slow next year as a result of higher interest rates. However, there is no reason to expect a decline in house prices in any area as long as job growth continues." The index was jointly developed by Freddie Mac and Fannie Mae.
-
Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
10h ago -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
10h ago -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
10h ago -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25