Average house prices increased at a 12.5% annual rate from the first quarter of 2004 through the first quarter of 2005, according to the Office of Federal Housing Enterprise Oversight.House price appreciation has been in double digits for the past four quarters and it hit a record annual rate of 13.4% in the third quarter of 2004, before slowing to 11.8 % in the fourth quarter. "The House Price Index shows the rise in house prices continues at an extremely strong pace and raises the potential for declines in some areas later on," said OFHEO chief economist Patrick Lawler. The highest annual price appreciation occurred in Nevada (31.2%), California (25.4%) and Hawaii (24.4%). The lowest annual price appreciation occurred in Texas (3.77%) Indiana (4.09%) and Oklahoma (4.11).
-
A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
July 11 -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
July 11 -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
July 11 -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
July 11 -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11