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The MReport Webcast: Tuesday 10/14/2014

Condo prices are rising faster than single-family home prices, according to real estate data firm Trulia. The company’s price monitor, a monthly measure of price trends, shows asking prices for condos rose 7.3 percent year-over-year in September, while asking prices for single-family homes rose just 6 percent. In fact, among the 20 largest condo markets, price gains for condo units outpaced single-family growth in 18, Trulia reported.

Overall, asking prices—including both single-family and condo units—increased in 92 of the largest 100 metros in the U.S., with Southern metros accounting for much of that growth, including half of the top 10 markets. At the same time, more metros are seeing diminishing returns as the recovery slows. Compared to last year, annual price increases turned up lower in four of the top 10 markets, including Ventura County, Oakland, Detroit, and Atlanta.

Rating agency A.M. Best is revising its outlook for the U.S. title industry, bringing it down from positive to stable as concerns build about uncertainty in the housing recovery. In its announcement, A.M. Best said its outlook takes into account the title industry's strong financial condition, as reflected in improved balance sheet strength at the biggest insurers. At the same time, the company cited recent mixed signals in the housing market in backing off from its positive outlook. Those indicators include homeownership—currently at its lowest level in nearly two decades—and pending home sales, which fell annually in June, the month considered to be the peak of the selling season.

About Author: Jordan Funderburk

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