Case-Shiller: Home prices set 30-month high in December

Mar 02, 2017, 00:44
Case-Shiller: Home prices set 30-month high in December

The index's 10-city and 20-city composites each saw home prices increase 0.9%, on an adjusted basis, month over month.

Of the nation's 20 largest cities, seven reached their all-time highs in December: Seattle, Portland, Denver, Boston, Charlotte, San Francisco, and Dallas. He said that some people might naturally assume that prices are rising too quickly for a normal market and "could be heading for a fall", but he argued against that.

Home prices in New Jersey have lagged behind because of slow job growth and a continued backlog of distressed properties in the foreclosure pipeline.

Low inventories and robust sales have caused prices to move up more quickly, said David Blitzer, managing director and chairman of the Index Committee at S&P Down Jones Indices.

The moderation in U.S. bond yields has halted the increase in mortgage rates which should provide some further support to the housing sector and low inventory levels will also support prices in the short term.

While San Diego's increase was still higher than many major cities - Chicago, Phoenix and others - it was below year-over-year jumps at the start of 2016.

Nintendo Switch Midnight Release Event: GameStop and More Retailers
One of the Nintendo Switch's main attractions is the promise of playing the same games on the go as you do at home. Shovel Knight: Treasure Trove is a game developed by Yacht Club Games which features the original Shovel Knight.

Man Stabbed To Death In Apparent Dispute Over Unpaid Rent
Despite his prominence in the local community he was no stranger to legal problems. He studied at the City College of NY , and then started his real estate business.

Iraqi forces storm Mosul airport, military base
The Pentagon has said that there will not be a public announcement that accompanies the strategy review. The campaign involves a 100,000-strong force of Iraqi troops, Kurdish fighters and Shi'ite militias.

A number of markets that have seen prices grow modestly since the recession are starting to see much faster rates of increase than they had in the recent past. If this were to continue that would mean that eventually Chicago would rise in the rankings of annual appreciation rates. Portland followed at 10 percent; Denver at 8.9 percent; Tampa, 8.4 percent; and Dallas, up 8.1 percent. Since 1975, the average pace is 1.3 percent; about two-thirds of the time, the rate is between -4 percent and +7 percent.

For his part, Ian Shepherdson, chief economist at Pantheon Macroeconomics, said: "Details aside, the key point here is that very low inventory is pushing home prices up quite quickly, so implied real mortgage rates are negative".

The index for Bay Area condo values slipped 0.2 percent in December but remains 3.2 percent higher versus the same time a year ago and 20.8 percent above its previous cycle peak in October 2005.

When adjusted for inflation, the index's nationwide annual increase of 5.8 percent would be 3.8 percent.

December's numbers reflect the peak of a sharp rise in mortgage rates following the USA election. "A 30-year fixed rate mortgage today is 4.2 percent compared to the 6.4 percent average since 1990".

YOU MIGHT ALSO LIKE
  • Palo Alto Networks Inc's (PANW) Management Points Finger At GTM Strategy

    Palo Alto Networks Inc's (PANW) Management Points Finger At GTM Strategy

    Also weighing on the stock - which is down 7% in electronic trading - is the firm's 2017 forecast for Exondys 51, its only drug. Wunderlich Capital Managemnt increased its stake in shares of Palo Alto Networks by 83.7% in the second quarter.
    Swedes puzzle over Fox News' Swedish 'security advisor'

    Swedes puzzle over Fox News' Swedish 'security advisor'

    Mr Rasmus Eljanskog, a spokesman for the Swedish Ministry of Foreign Affairs, said no one by the name of Nils Bildt worked there. Swedish media outlets have reported that Bildt, who was born Nils Tolling, left Sweden in 1994 and emigrated to the U.S.

    Singapore PM to Netanyahu: Stick with 2

    However, Trump said he expects Israel to temporarily halt the expansion of the settlements, Jewish communities built on Palestinian lands.
  • Rep. Daniel Donovan will vote 'no' on Obamacare repeal without a replacement

    Rep. Daniel Donovan will vote 'no' on Obamacare repeal without a replacement

    When asked whether he would vote no on a repeal bill unless there was a replacement tied to it, he said , "Absolutely". Since that legislation was passed seven years ago, Republicans have vowed to dismantle it if given the chance.
    El Salvador: Hippo Gustavito dies after a brutal attack in national zoo

    El Salvador: Hippo Gustavito dies after a brutal attack in national zoo

    The hashtags #Gustavito and #todossomosgustavito (We are all Gustavito ) spread worldwide as more people learned of the incident. Zoo director Vladlen Hernandez was devastated by Gustavito's passing, telling the BBC the hippo "generated empathy".

    Remembering Peak Oil: Saudi Arabian Production Was Supposed to Peak in 2006

    Moors says certain oil stocks, "the darlings of energy investors", are about to make a comeback now that oil prices are rising. On the fundamental front, we got word that OPEC is looking to step up its compliance with the late-November supply cut accord.
  • Tamil Nadu traders boycott of cola kicks in

    Tamil Nadu traders boycott of cola kicks in

    Retail outlets had displayed only Pepsi and Coke the past few weeks to clear the existing stocks. A majority of the colleges in Coimbatore have stopped sales of the drinks in their canteens.
    Mexican officials riled by Trump's new deportation memos

    Mexican officials riled by Trump's new deportation memos

    They will discuss border security, law-enforcement cooperation, trade and other issues, the State Department said. The relations between Mexico and the United States were chilly long before disclosure of the deportation plan.

    Verizon Gets a Fix on 5G Trials

    Verizon's announcement comes shortly after AT&T described its plans for "5G evolution" testing in Austin and Indianapolis . Verizon has yet to comment on what kind of speeds the pilot cities will be experiencing.
  • S Korean Foreign Minister to Raise Issue of N Korea's Chemical Weapons

    S Korean Foreign Minister to Raise Issue of N Korea's Chemical Weapons

    Police previously said the airport had not been decontaminated but that passengers should be confident it was safe. The announcement that VX was used in a crowded airport generated alarm in Malaysia and around the world.
    Kroll, Mulaney take jab at Mel Gibson, Bannon at Spirit Awards

    Kroll, Mulaney take jab at Mel Gibson, Bannon at Spirit Awards

    Denzel Washington, seen as Affleck's chief rival for the best-actor prize at the Oscars , was not nominated. Hosted by Nick Kroll and John Mulaney , the awards will take place in Santa Monica, California.
    Jimmy Kimmel maybe, kind of, possibly announced his retirement date

    Jimmy Kimmel maybe, kind of, possibly announced his retirement date

    They only signed on in November, leaving little time for the preparation involved in putting together this mammoth production. And in an interview ahead of Kimmel's big hosting night, the host doesn't appear to have much planned in regards to Trump.
popular