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Home Value Appreciation Set to Ease Over the Next Year

The recent fast-paced home price appreciation across the country led some markets to the brink of a bubble, but deceleration over the summer months has Zillow analysts breathing a sigh of relief as the bubble threat deflates. Home value appreciation has declined steadily for three months, according to Zillow, and half of the nation's 20 largest metros experienced negative appreciation in September. "Far from being a negative sign, we're relieved to see more noticeable signs of cooling in the market," said Stan Humphries, chief economist for Zillow.

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Fannie Downgrades Forecasts in Response to Consumer Sentiment

Overall, Fannie's outlook is "largely unchanged from the previous forecast," although "fiscal uncertainties associated with the federal government shutdown, the protracted negotiations to raise the debt ceiling, and the timing of the Federal Reserve's tapering of its asset purchase program, pose significant downside risks to economic activity in the current quarter," said Doug Duncan, chief economist at Fannie Mae. As such, the GSE is revising its forecasted GDP growth for this year from 2 percent to 1.9 percent.

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Economy Grows at ‘Modest to Moderate’ Pace with ‘Cautious Optimism’

Fed

Sentiment is "cautiously optimistic" surrounding the future of the nation's economy, although the federal government shutdown was cause for some concern, according to the Federal Reserve's Beige Book released Wednesday. Revealing economic conditions in each of the Federal Reserve's 12 districts, the report found "modest to moderate" economic expansion over the reporting period from August 27 through October 7. Reports of the housing market were generally positive, with most markets growing--or at least not faltering.

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MBA Names VP of Membership

New

The Mortgage Bankers Association (MBA) has appointed Tricia Migliazzo as VP of membership for the association's Residential Policy & Member Services Group.

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