The risk of price declines over the next two years has risen in the nation's 50 largest housing markets, but a "soft landing" is likely, according to PMI Mortgage Insurance Co., Walnut Creek, Calif.The median risk index value in the PMI U.S. Market Risk Index rose 25% in the fourth quarter, increasing from 134 to 168, the company reported. This means the probability of experiencing a home price decline in the next two years has risen from 13.4% to 16.8% in the 50 largest housing markets. "We expected what we are seeing in the third-quarter data, which is a moderating of appreciation that, over time, is likely to bring prices back into line with the economic fundamentals that support them, particularly incomes," said Mark Milner, chief risk officer of PMI Mortgage Insurance. Mr. Milner said he believes that a gradual slowing of appreciation will contribute to a soft landing as long as the U.S. and regional economies stay robust. According to the index, there are now 11 markets with a greater than 50% chance of price declines over two years, up from five in the third quarter. PMI can be found online at http://www.pmigroup.com.
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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.
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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.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11