House prices posted double-digit gains in half of the covered metropolitan statistical areas in 2005, but "the overall pace of growth has cooled slightly," according to the National Association of Realtors.The NAR's fourth-quarter metro area home price report shows that 72 of 145 MSAs had double-digit annual increases in median existing-home prices, setting a new record. The previous record was 69 MSAs in the third quarter of 2004. The NAR also reported that the national median resale price stood at $213,000 in the fourth quarter, up 13.6% from $187,500 a year earlier. "Although home sales have eased, the tremendous momentum in price appreciation was sustained in the fourth quarter because tight inventories still favored sellers," NAR chief economist David Lereah said. "The good news is that the supply of homes on the market has been trending up, and we are entering a period of a more normal balance in supply and demand." The NAR can be found on the Web at http:/www./realtor.org.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
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