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  • Ocwen2.26-0.03 -1.31%
  • Zillow38.62+1.03 +2.74%
  • Trulia47+0 +0%
  • NationStar16.17-0.08 -0.49%
  • CoreLogic42.68+0.72 +1.72%
  • RE/MAX59.95+0.60 +1.01%
  • Fannie Mae2.95+0.11 +3.87%
  • Freddie Mac2.77+0.09 +3.17%
  • Wells Fargo54.54-0.02 -0.04%
  • CitiMortgage60.10-0.11 -0.18%
  • Bank of America23.89-0.09 -0.38%
  • Fidelity National Financial40.90+0.40 +0.99%
  • First American40.77+0.30 +0.74%
  • Black Knight Financial Services41.50+0.95 +2.34%
  • AUDUSD=X0.7472-0.0062 -0.8230%
  • USDJPY=X111.0670+0.0070 +0.0063%
Home | News | Market Studies

Price Index Up in February

Home prices continued their steady climb in February. A new report shows prices up over January as well as last year. But this period of sustained growth only happened once before, and things didn’t go well when the train stopped.

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Inventory Drops Again, Seattle Hit Worst

Inventory has dropped yet again, declining 14 percent over last year and 25 percent since 2015. Seattle was hit the worst as far as inventory, coming in with a 1.75, the lowest Months Remaining Inventory index of all metros measured. An MRI between six and 10 indicates a balanced market.

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Housing Still Affordable, Despite Pricing Upticks

Though prices are up and mortgage rates are rising, housing is still pretty affordable—at least by historical standards. According to new data, the beginning of 2017 saw steady credit access, rising borrower FICO scores, and a decline in refinance transactions. The average FICO score of a first-time GSE buyer in January was 739.7.

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Fraud Risk Increases Nationwide

Mortgage fraud risk is up across the country, according to the CoreLogic National Mortgage Application Fraud Risk Index (FRI) for Q1 2017. The FRI is a measure of loan-application level fraud risk in the mortgage industry, based on residential mortgage loan applications processed by CoreLogic Loan Safe Fraud Manager. The index jumped 8 percent in Q1, up to 132 from 113 a year ago and 122 last quarter.

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Housing Prices Hit Post-Crisis High

According to a new home price index, national housing prices have appreciated to a new post-crisis high as of February. With an index of $268,000 for the month, the U.S. saw its highest home price growth since June 2006. Prices rose 0.8 percent for the month and 5.7 percent over the year.

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The Week Ahead: FSC to Hold Financial CHOICE Hearing

In the wake of President Trump’s executive order targeting Dodd-Frank and Consumer Protection, the Financial Services Committee (FSC) will hold a hearing to discuss the Financial CHOICE act. Committee Chairman Jeb Hensarling first unveiled the rules and principles guiding Financial CHOICE last June, and the act was approved by the FSC in September. At the center of the act is a plan eliminate bailouts and hold Wall Street accountable. Additionally, the act calls for banks to be better capitalized, and to reduce the strain of regulation on smaller banks.

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Home Values Rise 6 Percent, Inventory Dips

New data shows inventory is down 5 percent over the year, with the biggest decreases in Minneapolis, Columbus, and Seattle. Home values are up 6.8 percent year-over-year, hitting $196,500 for the month of March. Values appreciated most in Tampa, Dallas, and Seattle.

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SunTrust’s Income Boosted by Mortgage Servicing

SunTrust Banks, Inc. reported its Q1 2017 results. The bank posted a net income of $451 million, or $0.91 per average common diluted share. This is a three percent increase over the previous quarter and a four percent year-over-year increase. The bank noted that higher mortgage-related income and investment-related income pushed the noninterest income up by $32 million.

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Spending Will Rise as Rates Drop

A new JPMorgan Chase Institute report highlights the link between interest rate changes and consumer spending for homeowners with adjustable-rate vs. fixed-rate mortgages. The study, released on Thursday, could provide valuable insight to housing policy makers regarding how their actions affect the type of mortgage a homeowner chooses as well as how they impact the consumption habits of homeowners with ARMs, compared to those with fixed rates, throughout the business cycle.

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Young Adults Not So Hot On Construction Careers

If the future of the construction trades rests in the hands of young adults, that future might not have such a strong foundation. In a national poll by NAHB, young adults proved less interested in pursuing construction careers than in law and marketing. But construction still outweighs military career options among the young.

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