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Tag Archives: Investors

Home Prices Jump 13.6% in October

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Home prices rose annually for the 17th straight month in October, achieving their highest yearly gain in nearly eight years, according to the S&P/Case-Shiller Home Price Indices released Tuesday. Both the 10- and 20-city composite indices saw annual increases of 13.6 percent in October--the largest year-over-year growth since February 2006. As of the end of the month, average home prices nationwide had recovered to mid-2004 levels; compared to their mid-2006 peaks, both composites were still down about 20 percent.

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Pending Home Sales Maintain Holding Pattern

Pending home sales remained essentially flat in November, with regional shifts more or less offsetting each other, the National Association of Realtors (NAR) reported. The group's Pending Home Sales Index (PHSI), used as an indicator for expected home sales, bumped up slightly to 101.7 in November from October's downwardly revised 101.5. Compared to last November, the latest index was down 1.6 percent. NAR chief economist Lawrence Yun said the data indicates a flattening market.

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Market Speed Remains Steady in November

According to Redfin's most recent Real-Time Fastest Markets report, 27.2 percent of homes in 23 metros all over the United States went under contract within two weeks of listing in November.

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Home Values Up 7.1% in November, Slowdown Expected

Zillow's Home Value Index (HVI) stood at $168,900 in November, an increase of 0.6 percent month-over-month. On a yearly basis, the index was up 7.1 percent, reflecting a slight slowdown from the 7.3 percent peak recorded in the summer. For the next 12-month period, Zillow anticipates "moderating influences" will lead to a fairly significant leveling off in appreciation rates, with values rising an estimated 4.6 percent to a national average of $176,731.

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Wells Fargo, Fannie Mae Announce $591M Settlement

Fannie Mae and Wells Fargo have reached an agreement that will close the book on a number of problem legacy loans, both companies announced. According to the separate announcements, Wells Fargo has agreed to pay $591 million to Fannie Mae to resolve repurchase requests on certain loans originated prior to 2009. Adjusting for prior repurchases, the bank will pay $541 million in Q4 2013. In its own statement, Wells Fargo said it had fully accrued for the cost of the agreement as of the end of the third quarter.

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