House price appreciation slowed considerably in the third quarter, with five states and 15 cities in California experiencing actual price declines, according to the Office of Federal Housing Enterprise Oversight.Nationally, house prices increased at a 3.45% annual rate in the third quarter, down from 5.10% in the second quarter and 13.20% in the third quarter of 2005. "House prices continued to rise through the third quarter in most of the country, but generally at only low or moderate rates," said OFHEO chief economist Patrick Lawler. The OFHEO report points out that New York, Rhode Island, Michigan, New Hampshire, and Massachusetts saw price declines from the second quarter to the third quarter. Meanwhile, 15 of California's 25 major cities experienced price declines, including Sacramento (-0.89%) and San Francisco (-0.21%). OFHEO can be found on the Web at http://www.ofheo.gov.
-
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.
6h ago -
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.
8h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
11h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
11h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
11h ago -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
11h ago