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Polar Vortex Sparks Rush to Warmer Markets

Florida

If this year's subfreezing temperatures have you fantasizing about warmer climes, you're not alone: An analysis of Web search traffic on Trulia finds home searches in the country's warmer regions have gone up this winter as the mercury has plunged. The company's statistics (collected from December 1, 2013, through January 21, 2014) show that for every 10-degree drop in temperature, searches on the company's engine increase by 2.6 percent nationally. For warm regions specifically, home searches rise 4.4 percent.

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Consumer Confidence Continues to Improve

The Conference Board's Consumer Confidence Index increased again in January, continuing December's rebound from months of declines. According to the group, the index rose 3.2 points to a reading of 80.7 in January. December's original reading was revised down from the originally reported 78.1 to 77.5. January's increase puts the index just above the 80.2 reading reported before the government shutdown in October. "All in all, confidence appears to be back on track," said Lynn Franco, director of economic indicators at the Conference Board.

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Home Prices Increase 0.3% in November

Home prices edged up again in November as markets across the nation climbed a little closer to their pre-crash peaks--and others pushed up past them. The latest Home Price Index (HPI) report from Black Knight Financial Services (BKFS) shows prices rising in November to a national index value of $232,000, up 0.3 percent from October. Coming out strong were Texas and Colorado, which climbed to $186,000 and $257,000, respectively--well above the levels they experienced during last decade's bubble.

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Freezing Conditions Keep Competition Down in December

According to Redfin's most recent Real-Time Bidding Wars report, 52.0 percent of offers made by the company's agents faced competition last month, down from 52.8 percent in November and 62.4 percent a year earlier. Competition plummeted in the Northeast, which experienced "[p]articularly frosty weather" in the year's final month. Instances of competing offers dropped most in Boston and Baltimore, falling 19.7 and 13.5 percentage points, respectively.

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