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Home Prices Expected to Soften Through Next Spring
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Home Prices Expected to Soften Through Next Spring
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
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Home Prices Expected to Soften Through Next Spring
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October 10, 2011 (Jeff Alan)

U.S. home prices in the current rolling quarter ending in September increased by 3.5 percent, down from 4.0 percent last month, indicating a softening of prices which is expected to continue through next spring according to Clear Capital’s Home Data Index (HDI).

Year-over-year, home prices were still 3.8 percent lower than at this time last year, with prices forecast to drop 1.6 percent over the next three months and 3.2 percent by the end of the first quarter of 2012.

The home price gains observed over the last several months were primarily due to seasonal forces as prices bounced back from the double dip that occurred in the first quarter of 2011. However, these gains are expected to halt as early as next month, reflecting the current slowdown in price growth.

All four regions posted quarterly gains for the third consecutive month with the largest price gains posted in the Midwest (7.2%), followed by the Northeast (3.5%), the South (3.2%), and the West (0.3%).

The price gains in the latest quarter were still not nearly large enough to offset last year’s price declines as all four regions continued to post year-over-year declines with the West suffering the largest decline (-6.1%), followed by the Midwest (-4.9%), the South (-3.2%), and the Northeast (-0.9%).

However, home prices in the last six months continued to show some signs of stabilizing as prices in the Northeast have increased 5.5 percent, in the Midwest prices are up 7.7 percent, in the South prices have increased 3.9 percent, and in the West prices have increased 0.6 percent.

“The September home price measures show continued slowing of the price gains we’ve seen this year, especially across the spring and summer months,“ said Dr. Alex Villacorta, Director of Research and Analytics at Clear Capital. “The housing market has yet to demonstrate the fundamentals necessary to overcome a seasonal slowdown over the next six months, which drives our projected 3.2 percent drop in national home prices through the first quarter of 2012.

The Real Estate Owned (REO) saturation rate improved nationally to 25.3 percent from 26.3 percent at the end of the previous quarter. The saturation rate is down 9.2 percentage points since May and down 15.6 percentage points from its peak in the first quarter of 2009

In the 15 highest performing markets, four of markets experienced year-over-year price gains. Pittsburgh posted a gain of 4.3 percent, Washington D.C. posted a 2.5 percent price gain, Honolulu posted a 1.1 percent price gain and Boston posted a gain of 0.5 percent. All four cities with the exception of Washington D.C. had REO saturation rates in the single digits.

Quarter-over-quarter, Cleveland (18.2%), New Orleans (11.2%), Chicago (10.4%) and Columbus (10.1%) all posted double digits increases in home prices.

Only eight markets posted price declines in the latest quarter led by Las Vegas (-1.7%), Tucson (-1.6%), Riverside CA (-1.5%), Los Angeles (-1.3%), San Diego (-1.2%), Rochester (-0.9%), Seattle (-0.4%), and San Jose (-0.2%). All areas but one are from the West region.

Clear Capital’s housing model forecasts a 3.2 percent decline in home prices over the next six months with the anticipation of the first year-over-year price increase since mid-2010 occurring by the end of the first quarter of 2012, however, if a second recessionary period were to occur, there is potential for a triple dip during that period, especially if there should be a major shock to the economy.

“The normally positive market forces of record low mortgage rates and near record lows in home prices are being offset by high unemployment rates and general consumer pessimism about the economic future. Until we experience a more stable economic environment, I expect home prices to remain relatively flat or slightly down for the foreseeable future,” added Villacorta.

Tags: Clear Capital, housing prices, price declines, REO, saturation rate, consumer demand, metropolitan areas

Source:
Clear Capital

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October 10, 2011 (Jeff Alan)

U.S. home prices in the current rolling quarter ending in September increased by 3.5 percent, down from 4.0 percent last month, indicating a softening of prices which is expected to continue through next spring according to Clear Capital’s Home Data Index (HDI).

Year-over-year, home prices were still 3.8 percent lower than at this time last year, with prices forecast to drop 1.6 percent over the next three months and 3.2 percent by the end of the first quarter of 2012.

The home price gains observed over the last several months were primarily due to seasonal forces as prices bounced back from the double dip that occurred in the first quarter of 2011. However, these gains are expected to halt as early as next month, reflecting the current slowdown in price growth.

All four regions posted quarterly gains for the third consecutive month with the largest price gains posted in the Midwest (7.2%), followed by the Northeast (3.5%), the South (3.2%), and the West (0.3%).

The price gains in the latest quarter were still not nearly large enough to offset last year’s price declines as all four regions continued to post year-over-year declines with the West suffering the largest decline (-6.1%), followed by the Midwest (-4.9%), the South (-3.2%), and the Northeast (-0.9%).

However, home prices in the last six months continued to show some signs of stabilizing as prices in the Northeast have increased 5.5 percent, in the Midwest prices are up 7.7 percent, in the South prices have increased 3.9 percent, and in the West prices have increased 0.6 percent.

“The September home price measures show continued slowing of the price gains we’ve seen this year, especially across the spring and summer months,“ said Dr. Alex Villacorta, Director of Research and Analytics at Clear Capital. “The housing market has yet to demonstrate the fundamentals necessary to overcome a seasonal slowdown over the next six months, which drives our projected 3.2 percent drop in national home prices through the first quarter of 2012.

The Real Estate Owned (REO) saturation rate improved nationally to 25.3 percent from 26.3 percent at the end of the previous quarter. The saturation rate is down 9.2 percentage points since May and down 15.6 percentage points from its peak in the first quarter of 2009

In the 15 highest performing markets, four of markets experienced year-over-year price gains. Pittsburgh posted a gain of 4.3 percent, Washington D.C. posted a 2.5 percent price gain, Honolulu posted a 1.1 percent price gain and Boston posted a gain of 0.5 percent. All four cities with the exception of Washington D.C. had REO saturation rates in the single digits.

Quarter-over-quarter, Cleveland (18.2%), New Orleans (11.2%), Chicago (10.4%) and Columbus (10.1%) all posted double digits increases in home prices.

Only eight markets posted price declines in the latest quarter led by Las Vegas (-1.7%), Tucson (-1.6%), Riverside CA (-1.5%), Los Angeles (-1.3%), San Diego (-1.2%), Rochester (-0.9%), Seattle (-0.4%), and San Jose (-0.2%). All areas but one are from the West region.

Clear Capital’s housing model forecasts a 3.2 percent decline in home prices over the next six months with the anticipation of the first year-over-year price increase since mid-2010 occurring by the end of the first quarter of 2012, however, if a second recessionary period were to occur, there is potential for a triple dip during that period, especially if there should be a major shock to the economy.

“The normally positive market forces of record low mortgage rates and near record lows in home prices are being offset by high unemployment rates and general consumer pessimism about the economic future. Until we experience a more stable economic environment, I expect home prices to remain relatively flat or slightly down for the foreseeable future,” added Villacorta.

Tags: Clear Capital, housing prices, price declines, REO, saturation rate, consumer demand, metropolitan areas

Source:
Clear Capital

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
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MORTGAGELOANRATEUPDATE
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Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at MortgageLoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
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FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

October 10, 2011 (Jeff Alan)

U.S. home prices in the current rolling quarter ending in September increased by 3.5 percent, down from 4.0 percent last month, indicating a softening of prices which is expected to continue through next spring according to Clear Capital’s Home Data Index (HDI).

Year-over-year, home prices were still 3.8 percent lower than at this time last year, with prices forecast to drop 1.6 percent over the next three months and 3.2 percent by the end of the first quarter of 2012.

The home price gains observed over the last several months were primarily due to seasonal forces as prices bounced back from the double dip that occurred in the first quarter of 2011. However, these gains are expected to halt as early as next month, reflecting the current slowdown in price growth.

All four regions posted quarterly gains for the third consecutive month with the largest price gains posted in the Midwest (7.2%), followed by the Northeast (3.5%), the South (3.2%), and the West (0.3%).

The price gains in the latest quarter were still not nearly large enough to offset last year’s price declines as all four regions continued to post year-over-year declines with the West suffering the largest decline (-6.1%), followed by the Midwest (-4.9%), the South (-3.2%), and the Northeast (-0.9%).

However, home prices in the last six months continued to show some signs of stabilizing as prices in the Northeast have increased 5.5 percent, in the Midwest prices are up 7.7 percent, in the South prices have increased 3.9 percent, and in the West prices have increased 0.6 percent.

“The September home price measures show continued slowing of the price gains we’ve seen this year, especially across the spring and summer months,“ said Dr. Alex Villacorta, Director of Research and Analytics at Clear Capital. “The housing market has yet to demonstrate the fundamentals necessary to overcome a seasonal slowdown over the next six months, which drives our projected 3.2 percent drop in national home prices through the first quarter of 2012.

The Real Estate Owned (REO) saturation rate improved nationally to 25.3 percent from 26.3 percent at the end of the previous quarter. The saturation rate is down 9.2 percentage points since May and down 15.6 percentage points from its peak in the first quarter of 2009

In the 15 highest performing markets, four of markets experienced year-over-year price gains. Pittsburgh posted a gain of 4.3 percent, Washington D.C. posted a 2.5 percent price gain, Honolulu posted a 1.1 percent price gain and Boston posted a gain of 0.5 percent. All four cities with the exception of Washington D.C. had REO saturation rates in the single digits.

Quarter-over-quarter, Cleveland (18.2%), New Orleans (11.2%), Chicago (10.4%) and Columbus (10.1%) all posted double digits increases in home prices.

Only eight markets posted price declines in the latest quarter led by Las Vegas (-1.7%), Tucson (-1.6%), Riverside CA (-1.5%), Los Angeles (-1.3%), San Diego (-1.2%), Rochester (-0.9%), Seattle (-0.4%), and San Jose (-0.2%). All areas but one are from the West region.

Clear Capital’s housing model forecasts a 3.2 percent decline in home prices over the next six months with the anticipation of the first year-over-year price increase since mid-2010 occurring by the end of the first quarter of 2012, however, if a second recessionary period were to occur, there is potential for a triple dip during that period, especially if there should be a major shock to the economy.

“The normally positive market forces of record low mortgage rates and near record lows in home prices are being offset by high unemployment rates and general consumer pessimism about the economic future. Until we experience a more stable economic environment, I expect home prices to remain relatively flat or slightly down for the foreseeable future,” added Villacorta.

Tags: Clear Capital, housing prices, price declines, REO, saturation rate, consumer demand, metropolitan areas

Source:
Clear Capital

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
MORTGAGELOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.