Home >> Media >> The MReport Webcast: Thursday 1/15/2015
Print This Post Print This Post

The MReport Webcast: Thursday 1/15/2015

Based on economic and historical data, Trulia estimated Wednesday that home prices at the national level were still 2 percent undervalued in the fourth quarter of 2014. Breaking down local market data, Trulia reported in its quarterly housing bubble watch that home prices in 70 of the country's largest markets are now within 10 percent of where the company says they should be. That’s the highest number of healthy markets since prices bottomed out in early 2012.

As of the fourth quarter, the most overvalued market is Austin, where home prices are now 16 percent higher than the level that local conditions should support, Trulia says. Several of California’s biggest locales also appeared on the list of the top 10 overvalued markets, attesting to the effects of low inventory levels and the state's tech boom.

The Mortgage Bankers Association reported Wednesday that mortgage application volumes jumped by a seasonally adjusted 49.1 percent for the week ending January 9th. The surge, which the group said was the largest weekly increase since 2008, followed a sharp drop in 2014's closing weeks. Driving the increase in large part was a 66 percent spike in refinance applications as the average 30-year fixed interest rate tumbled to a 20-month low.

About Author: Jordan Funderburk

x

Check Also

The Week Ahead: Balancing the Economy and Housing

An upcoming webinar will feature Patrick F. Stone, and Economist Dr. Bill Conerly analyzing the economy and its impact on housing, and provide predictions on the upcoming quarter and the remainder of 2023.