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☆ Home Sellers' Tough Summer: Get Ready for Lower Prices, Fewer Offers
▼ + stars: | 2024-05-08 | by ( James Rodriguez | ) www.businessinsider.com time to read: +11 min

Rich baby boomers jumped in with all-cash offers, and sellers scored huge windfalls as weary buyers pushed prices to new heights. After all, people have to move for a wide variety of life reasons; mortgage rates be damned. "The further and further we get from the peak of the market," Peterson told me, "the harder it is to deny what's happened." Mortgage rates haven't fallen — in fact, they've gone up about 0.6 percentage points since the start of the year. "It can always be tricky telling somebody that they were just lucky because it makes you sound envious," Peterson told me.

Persons: Rich, Sellers, Eric Peterson, Peterson, Austin, Freddie, they've, Selma Hepp, Freddie Mac, Mike Simonsen, Redfin, towners, Libby Levinson, Katz, Price, Levinson, John Burns, they'll, Realtor.com, you'd Organizations: Freddie Mac, Reserve, Federal Housing Finance Agency, Altos Research, Sun, John, John Burns Research, Consulting Locations: Austin, Boise , Idaho, Denver

☆ Opinion | The Case for Letting Mortgages Move With Us
▼ + stars: | 2024-05-06 | by ( Peter Coy | ) www.nytimes.com time to read: +1 min

At the moment, the market for existing homes is partly frozen because people who have 3 percent mortgage loans don’t want to give them up for 7 percent loans on new homes. Making mortgages portable sounds unrealistic. After all, mortgages are tied by contract to particular pieces of property. “We’re getting this question a lot, even from our own members,” Mike Fratantoni, the group’s chief economist, told me. Nevertheless, he said he couldn’t imagine that owners of securitized loans would go along with the idea.

Persons: Fannie Mae, Freddie Mac, “ We’re, ” Mike Fratantoni, there’s Organizations: Federal Housing Finance Agency, Mortgage Bankers Association

☆ A Huge Number of Homeowners Have Mortgage Rates Too Good to Give Up
▼ + stars: | 2024-04-15 | by ( Emily Badger | Francesca Paris | ) www.nytimes.com time to read: 1 min

Indeed, according to new research from economists at the Federal Housing Finance Agency, this lock-in effect is responsible for about 1.3 million fewer home sales in America during the run-up in rates from the spring of 2022 through the end of 2023. That’s a startling number in a nation where around five million homes sell annually in more normal times — most of those to people who already own. These locked-in households haven’t relocated for better jobs or higher pay, and haven’t been able to downsize or acquire more space. They also haven’t opened up homes for first-time buyers. And that’s driven up prices and gummed up the market.

Persons: That’s, haven’t Organizations: Federal Housing Finance Agency Locations: America

☆ 11 U.S. cities where you need to earn over $200,000 to buy a typical home
▼ + stars: | 2024-04-09 | by ( Mike Winters | ) www.cnbc.com time to read: +2 min

You'll need to earn just over six figures to buy a typical home in the U.S. right now. San Jose is by far the most priciest place to buy a home, even among 10 other metro areas where qualifying income exceeds $200,000. Some of the wealthiest people in the U.S. live in cities like San Jose, San Francisco and Anaheim. In contrast to California's most expensive markets, the qualifying income needed to buy a typical home in the U.S. overall is $103,835. It's even cheaper in the Midwest and the South, where the qualifying income is $74,967 and $95,511, respectively.

Persons: NAR's Organizations: National Association of Realtors, Thousand Oaks, San, Housing Finance Agency, CNBC Locations: U.S, California, San Jose, Jose, Sunnyvale, Santa Clara , California, Anaheim, Santa Ana, Irvine , California, Francisco, Oakland, Hayward , California, Honolulu, Hawaii, Salinas , California, Diego, Carlsbad , California, Oxnard, Ventura , California, San Luis Obispo, Paso Robles , California, Angeles, Long, Glendale , California, Boulder , Colorado, Naples, Marco Island, Florida, San Francisco, Atherton, Midwest

☆ I was a renter. Then I bought my house from my landlord.
▼ + stars: | 2024-04-02 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +10 min

About four years ago, when my landlord bought the property, I was his very first tenant. Before the pandemic, I had been in the market for quite a long time looking to buy a house. When I signed that first rental lease with my landlord in May 2020, I completely pulled myself out of the market. After being bummed about that, a few days later my landlord texted me saying, "Hey, I'm putting this house on the market. He shared with me that he bought his own place and that he was no longer going to be living in that house.

Persons: Dom Guerra, —, There's, Guerra, Selena Tovanche, — I'm, you've, It's Organizations: Service, Ohio Housing Finance Agency Locations: Cleveland, Parma , Ohio

☆ The housing market is thawing as an increasing number of 'mortgage lock' homes go up for sale, JPMorgan says
▼ + stars: | 2024-03-29 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

The housing market looks to be gradually approaching a recovery. A growing number of mortgage-locked homes are going up for sale, JPMorgan said. AdvertisementThe housing market looks like it's starting to thaw, thanks to a growing number of mortgage-locked sellers who are opting to put their homes on the market anyway, according to JPMorgan Asset Management. Homeowners could now be more willing to dip into the housing market, as many are realizing high mortgage rates aren't going away anytime soon, real estate economists have said. Researchers from the Federal Housing Finance Agency recently warned that the mortgage lock-in effect could linger for years to come, barring a sudden drop in mortgage rates.

Persons: —, Stephanie Aliaga, Aliaga Organizations: JPMorgan, Service, Asset Management, National Association of Realtors, Homeowners, Fed, Buyers, Federal Housing Finance Agency

☆ Puerto Rican tax breaks are luring wealthy newcomers. A millennial says that's bad news for members of her generation with dreams of careers and homeownership.
▼ + stars: | 2024-03-28 | by ( Cork Gaines | ) www.businessinsider.com time to read: +6 min

Puerto Rico is becoming an increasingly popular destination for mainland Americans looking to relocate for tax purposes without giving up their US citizenship. Maridav/Getty ImagesBetween 2021 and 2022, about 27,000 individuals moved from the US mainland to Puerto Rico, according to data collected by the US Census Bureau . Related storiesIn 2021, the cost of living in Puerto Rico rose by 7%, the largest jump seen in 40 years. According to data from Realtor.com, the median home price in San Juan, Puerto Rico, in February was $950,000, up 37% in the past year. AdvertisementAccording to the Associated Press, there are now 25,000 short-term rentals in Puerto Rico, up from 1,000 in 2014.

Persons: —, Anna, Brock Pierce, Anna aren't, Adrián González Costa, Hurricane Maria, Puerto Ricans Organizations: Service, Puerto Ricans, Business, US Census Bureau, Federal Housing Finance Agency, San Juan, Puerto Rican Independence Party, San Juan Daily Star, Associated Press, AP Locations: Puerto Rico . Puerto Rico, Europe, Puerto Rico, Maridav, Puerto, Realtor.com, San Juan , Puerto Rico, Aguas Buenas, San Juan, San Juan ., AFP

☆ Homebuyers' Biggest Mistake: Waiting for Mortgage Rates to Fall
▼ + stars: | 2024-03-27 | by ( James Rodriguez | ) www.businessinsider.com time to read: +11 min

Then, as the Federal Reserve began its battle against inflation in 2022, mortgage rates shot up, eventually hitting a 20-year high in October. Over the past decade, there's been a clear correlation between mortgage rates and inventory: When mortgage rates fall, the number of available homes for sale at a given moment shrinks. So, yes, waiting it out until mortgage rates decline sure seems appealing. The Federal Reserve has signaled that it plans to drop borrowing rates this year, which would likely push down mortgage rates. Advertisement"People are focusing on mortgage rates because every week they hear about mortgage rates changing," Doerner of the FHFA told me.

Persons: swiping, there's, Mike Simonsen, Freddie Mac, CoreLogic, —, homebuyers, Redfin, John Burns, Alex Thomas, There's, Will Doerner, Doerner, They're, Simonsen, it's, Jerome Powell Organizations: Federal Reserve, Buyers, Altos Research, Bank of America, John, John Burns Research, Consulting, Federal Housing Finance Agency, Federal, Fed

First-time homebuyer no down payment programsIt's possible to get a mortgage with no down payment. VA mortgage borrowers enjoy the ability to put no money down and interest rates that are typically lower than conventional mortgage rates. Other low down payment mortgage optionsIf you don't qualify for VA or USDA no down payment home loans, there are other strategies you can use to reduce the down payment you're required to pay. Preparing for the application processTo ensure you qualify for a no down payment mortgage, work on getting your credit score in a good place. Forgoing a down payment may mean paying a higher interest rate and higher monthly payment on your mortgage.

Persons: you'll, Here's who's, Fannie Mae, Freddie Mac Organizations: US Department of Veterans Affairs, US Department of Agriculture, Federal Housing Administration, Federal Housing Finance Agency, USDA, Chevron Locations: homebuyers

The title acceptance pilot waives the need for a lender's title insurance policy on some refinance mortgages. The Federal Housing Finance Agency recently rolled out a new pilot program that would lower refinance closing costs for some borrowers. Called the "title acceptance pilot," this program would waive the requirement that conforming loans have a lender's title insurance policy on certain refinance mortgages. Borrowers are required to purchase a lender's title insurance policy, which can be a significant out-of-pocket cost. Pushback from the mortgage industryLeaders from the mortgage and title insurance industries overall weren't pleased with this announcement.

Persons: —, Biden, Fannie Mae, Freddie Mac, homebuyers, Christopher Tyson, Tyson, doesn't Organizations: Service, Federal Housing Finance Agency, Mortgage Bankers Association, Union, Consumer Financial, National Community Stabilization Trust, homebuyers

☆ How the Canadian mortgage model could help unfreeze the housing market
▼ + stars: | 2024-03-09 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +6 min

Read previewCopying the way mortgages work in countries such as Canada and the UK could help thaw the frozen US housing market, experts say. Prospective buyers are also balking at paying such high mortgage rates, especially when national home prices are near record levels, fueling an affordability crisis. AdvertisementOffering portable mortgages would enable hesitant sellers to keep their rock-bottom mortgage rates when they move, potentially boosting overall inventory and transaction volumes. She suggested the best fix for the frozen housing market will be if inflation cools, the Fed cuts interest rates, and mortgage rates fall to historical norms. Fannie Mae and Freddie Mac, the government-sponsored enterprises that direct the mortgage market, would have to be on board to make mortgage portability a reality, but that doesn't appear to be the case.

Persons: —, Julia Fonseca, Fonseca, Richard Martin, University of Georgia's Terry, Susan Wachter, Wachter, Fannie Mae, Freddie Mac Organizations: Service, Business, University of Illinois, University of Georgia's, University of Georgia's Terry College of Business, The Wharton School, Federal Reserve, Federal Housing Finance Agency, American Banker Locations: Canada, University of Illinois Urbana, Champaign, conservatorship

Biden unveiled a plan that includes tax credits and down payment assistance to improve housing affordability. Eligible homebuyers would get this tax credit for two years, meaning you could get a total of $10,000 in tax credits for buying a house. Down payment assistanceAnother piece of Biden's plan for more affordable homeownership is the $25,000 in down payment assistance he wants Congress to provide to first-generation homebuyers. What hopeful homebuyers should knowAs a whole, this plan could substantially improve housing affordability, enabling more Americans to become homeowners. And even for homebuyers who qualify for tax credits or other assistance, saving up for a down payment remains a big barrier to homeownership.

Persons: Biden, —, Dan Green, homebuyers Biden, hasn't, doesn't, Green, Daryl Fairweather, Fairweather, White, homebuyers Organizations: Biden, Service, Federal Housing Finance Agency, Consumer Financial, homebuilders, Loan, Program, Bank of America Mortgage, Democrats

☆ Home prices continued to soar higher across the US in the 4th quarter
▼ + stars: | 2024-02-27 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +2 min

US home prices climbed up 6.5% year-over-year in the last quarter of 2023. AdvertisementUS home prices continued their rise in the last quarter of 2023, though they showed slower growth compared to the prior quarter. The Federal Housing Finance Agency on Tuesday said home prices climbed 6.5% year-over-year in the fourth quarter, up 1.5% from the third quarter, and up 0.1% on a seasonally-adjusted basis in December compared to November. "U.S. house prices increased modestly over the course of 2023," said Dr. Anju Vajja, acting deputy director for FHFA's Division of Research and Statistics. "However, the market showed signs of softening as house price appreciation was lower in the fourth quarter of the year than in the previous quarter."

Persons: —, Anju Vajja Organizations: Service, Federal Housing Finance Agency, FHFA's Division of Research, Statistics, District of Columbia, Federal Reserve, New England, West South Central Locations: Rhode, Vermont, West Virginia, Connecticut, New Jersey, Hawaii, New

401(k) withdrawal for a home purchase: Is it a good idea? 401(k) withdrawal rules for buying a homeFirst, you'll need to check with your plan administrator to see if early withdrawals are allowed, and under what circumstances. Tax implications of a 401(k) withdrawal for a home purchaseLet's take a closer look at the penalties and taxes you might incur from a 401(k) home purchase withdrawal. 401(k) loan for buying a houseInstead of withdrawing money from your 401(k), you also have the option to take out a loan. 401(k) withdrawal for a home purchase FAQsIs buying a home considered a hardship for 401(k)?

Persons: you'll, —, You'll, doesn't, Roth, you've, Brian Pirri, Pirri, Chase, Homebuyer Grant Organizations: Service, IRS, Roth IRA, Local, Rocket Mortgage Locations: Massachusetts, Chevron

☆ Home Prices May Be Sky-High, but America Is Not in a Housing Bubble
▼ + stars: | 2024-02-14 | by ( James Rodriguez | ) www.businessinsider.com time to read: +12 min

The housing market, they claimed, was a bubble destined to burst. I’ve spent the past few years asking experts a simple question: Has the housing market reached bubble territory? AdvertisementFor a time, it seemed like the housing market was doing a speedrun through Simonsen’s checklist. And even if the economy does take a turn, a run-of-the-mill recession probably wouldn’t be enough to topple the housing market. The housing market is far from balanced, but we’re at least heading in that direction.

Persons: doomsayers, I’ve, Redfin, you’ve, you’ll, Mike Simonsen, megalandlords, ”, Ian Shepherdson, Goldman Sachs, Jerome Powell, Powell, Rick Palacios Jr, John Burns, ” doomsayers, might’ve, It’s, it’s, Logan Mohtashami, don’t, US homebuilders, “ It’s, ” Mohtashami, Selma Hepp, Fannie Mae, Palacios, ” Palacios, Mohtashami Organizations: Altos Research, Wall, John, John Burns Research, Consulting, Mortgage Bankers Association, Federal Reserve Bank of New, Federal Housing Finance Agency Locations: Charlotte, North Carolina, Austin, Las Vegas, Miami, Boise , Idaho, Dallas, Federal Reserve Bank of New York, US

Low-income mortgage borrowers could get a $2,500 homebuyer credit through Fannie Mae or Freddie Mac. Major mortgage investors Fannie Mae and Freddie Mac are temporarily offering a $2,500 credit to very low-income homebuyers to help offset their down payment and closing costs. The Fannie Mae credit is available through the company's HomeReady program, while people can get the Freddie Mac credit through its Home Possible program. Both Fannie Mae and Freddie Mac have tools that let you see the area median income in a given location. How the $2,500 credit worksIf you qualify for this credit, you'll get the $2,500 through your lender, which Fannie Mae or Freddie Mac later reimburses the lender when your loan is sold.

Persons: Fannie Mae, Freddie Mac, —, Freddie, Fannie Mae's, Freddie Mac's, it's, you'll, Fannie, Eileen Tu, Cyndi Danko, You'll Organizations: Service, Rocket Mortgage, National Council of State, Agencies

☆ Life insurers binge on US financing aimed at helping housing
▼ + stars: | 2023-12-05 | by ( Koh Gui Qing | ) www.reuters.com time to read: +8 min

It has been predominantly used by life insurers, because they need to boost their investment returns with cheap funding to meet long-term liabilities. They provide the cheap funding to banks and insurers in exchange for collateral to ensure they get their money back. Insurers are entitled to tap FHLB funding. Insurers’ borrowing from FHLBs picked up in 2008 financial crisis, as those that spread themselves thin with aggressive investments scrambled for cash. They did not explain why insurers need FHLB funding to invest in mortgages.

Persons: Sarah Silbiger, Ryan Donovan, CMBS, Lawrence White, White, Graphics JUICING, Cynthia Beaulieu, Cornelius Hurley, Hurley, FHLBs, ’, Michael Ericson, Jack Dolan, Koh Qui, Greg Roumeliotis, Anna Driver Organizations: REUTERS, Loan, Federal Housing Finance Agency, of Federal Home Loan, FHLBs, FHLB, National Association of Insurance, New York University, MetLife Inc, Equitable Holdings Inc, Corebridge, Brighthouse Financial, MetLife, TIAA, Equitable, Graphics, Wellington Management, Boston University School of Law, Coalition, Silicon Valley Bank, First, American, of, Insurance Coalition, Reuters, Thomson Locations: Washington , U.S, U.S, Boston, Silicon, First Republic, Chicago, New York

The dollar index , which measures its value against six major currencies, fell as far as 102.89, the lowest since Aug. 31. The index is on track for a loss of more than 3% in November, its worst performance since November 2022. The Conference Board said its consumer confidence index increased to 102.0 this month from a downwardly revised 99.1 in October. In other currencies, the euro rose to a 3-1/2-month peak of $1.0985 . The dollar fell 0.2% to 148.33 yen , with the Japanese currency continuing its recovery from the brink of 152 per dollar earlier in the month.

Persons: Dado Ruvic, Sterling, Karl Schamotta, underscoring, Gertrude Chavez, Dreyfuss, Alun John, Brigid Riley, Ed Osmond, Mark Potter, Kevin Liffey Organizations: REUTERS, U.S, Federal Reserve, Board, Federal Housing Finance Agency, Traders, Australian, New Zealand, Reserve Bank of New, Thomson Locations: Swiss, U.S, Toronto, OPEC, Reserve Bank of New Zealand, New York, London, Tokyo

☆ US annual home price growth at 6.1% in September, FHFA says
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Sarah Silbiger/File Photo Acquire Licensing RightsNov 28 (Reuters) - U.S. annual home price growth accelerated again in September, underscoring the rebound of the housing market as it entered the final quarter of the year, data showed on Tuesday. Home prices rose 6.1% on a year-over-year basis in September, up from an upwardly revised 5.8% increase in the prior month, the Federal Housing Finance Agency (FHFA) said. On a quarterly basis, annual house prices increased 5.5% between the third quarter of last year and the comparative period this year. The report also showed prices rose moderately on a month-over-month basis, in line with recent trends. Annual house prices rose the most in the New England and Middle Atlantic regions in August, with gains of 11.4% and 8.3%, respectively, the FHFA data showed.

Persons: Sarah Silbiger, Lindsay Dunsmuir, Paul Simao Organizations: REUTERS, Federal Housing Finance Agency, Federal Reserve, Chicago, Thomson Locations: Washington , U.S, New England, Atlantic, Detroit

REUTERS/Sarah Silbiger/File Photo Acquire Licensing RightsWASHINGTON, Nov 7 (Reuters) - The U.S. regulator charged with overseeing the Federal Home Loan Banks said in a report on Tuesday the system is overdue for an overhaul in its mission and structure. The Federal Housing Finance Agency emphasized in the report that there needs to be a clearer distinction between the purpose of the FHL banks and the Federal Reserve, which is the primary emergency lender for banks. The agency said FHL banks were created by Congress in 1932 to provide liquidity to banks for affordable housing and other economic development. Tuesday's report was the culmination of a year-long project by the agency to review the FHL banks. FHL Banks are 11 regional government-chartered institutions that raise money for low-cost lending to their members.

Persons: Sarah Silbiger, Loan Banks, Banks, Ryan Donovan, Pete Schroeder, Aurora Ellis Organizations: REUTERS, Rights, Federal, Loan, Federal Housing Finance Agency, Federal Reserve, of Federal Home Loan, Thomson Locations: Washington , U.S, U.S

☆ Bezos makes third losing bet on real estate
▼ + stars: | 2023-11-03 | by ( Ben Winck | ) www.reuters.com time to read: +4 min

It’s not the only questionable real estate decision Bezos has made in the past several years. He announced in a Thursday Instagram post that he will move to Miami, leaving the Washington city where he founded Amazon in 1994. Bezos grew up in the south-Florida city in the early 1980s, and he will return to a two-mansion compound worth some $147 million, according to Bloomberg. Miami-based real estate had a renaissance during the pandemic as people sought warmer climates where they could be outside. Still, the founder is no stranger to real estate bets that don’t always make financial sense.

Persons: Jeff Bezos, It’s, Bezos, Ken Griffin, David Tepper, lockdowns, That’ll, don’t, Lauren Silva Laughlin, Sharon Lam Organizations: Reuters, Amazon, Bloomberg, U.S . Federal Housing Finance Agency, Reuters Graphics Reuters, Dade, University of Miami, Homes, Climate, U.S . Federal Aviation Administration, Shepard, Thomson Locations: Miami, Seattle, Florida, Washington, Bezos, Indian, Arlington , Virginia, Arlington, Cape Canaveral

☆ SCOTUS to hear case on the constitutionality of CFPB's funding
▼ + stars: | 2023-10-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSCOTUS to hear case on the constitutionality of CFPB's fundingMark Calabria, senior advisor at The Cato Institute and former director of The Federal Housing Finance Agency, along with NBC and MSNBC's Danny Cevallos, join 'The Exchange' to discuss Supreme Court hearing a case on the constitutionality of the Consumer Financial Protection Bureau's funding supply, how this supreme court ruling could impact similarly funded agencies, and the likelihood of the court returning a narrow decision.

Persons: SCOTUS, Mark Calabria, Danny Cevallos Organizations: Cato Institute, Federal Housing Finance Agency, NBC, Consumer

☆ US annual home price growth accelerates in July
▼ + stars: | 2023-09-26 | by ( Amina Niasse | ) www.reuters.com time to read: +2 min

REUTERS/Mike Blake Acquire Licensing RightsNEW YORK, Sept 26 (Reuters) - U.S. annual home price growth accelerated for a second straight month in July, signaling that softening prices in the market may be bottoming out, according to a report released on Tuesday. Home purchase prices increased 4.6% on a year-over-year basis in July, up from a revised 3.2% increase in the prior month. June marked the first acceleration in annual price growth since February 2022, the Federal Housing Finance Agency (FHFA) said. The report also showed prices rose moderately on a month-over-month basis, in line with the trend over the past quarter. "Regionally, all nine census divisions posted positive price appreciation over the last 12 months, although the Pacific and Mountain divisions experienced only modest growth," said Nataliya Polkovnichenko, FHFA's supervisory economist.

Persons: Mike Blake, Nataliya Polkovnichenko, Amina Niasse, Paul Simao Organizations: REUTERS, Federal Housing Finance Agency, Thomson Locations: Rancho, San Diego , California, U.S, New England, Chicago, Cleveland

Like other consumer rates, mortgage rates are impacted in large part by what's going on in the economy. The MBA forecast sees rates falling more aggressively, predicting that 30-year mortgage rates will drop to 5% by the end of 2024. This allowed mortgage rates to drop as low as they did, with 30-year mortgage rates reaching an all-time low of 2.65% in January 2021, according to Freddie Mac. Mortgage rates in 2024: FAQsWhat will mortgage rates do in 2024? Once the Federal Reserve stops hiking rates and inflation slows, all consumer interest rates, including mortgage rates, will likely start going down in 2024.

Persons: homebuyers, what's, Afifa Saburi, Fannie Mae's, Freddie Mac, Lawrence Yun, that's, Karen Kostiw, Coldwell Banker Warburg, refinance, Saburi Organizations: Service, Federal Reserve, Bureau of Labor Statistics, Veterans United, Loans, NAR, National Association of Realtors, CNBC, Federal Housing Finance Agency, Coldwell Banker, Mortgage, Association Locations: Wall, Silicon, New York City, Chevron

☆ US home prices show signs of stabilizing, reports show
▼ + stars: | 2023-08-29 | by ( Amina Niasse | ) www.reuters.com time to read: +2 min

REUTERS/Octavio Jones Acquire Licensing RightsNEW YORK, Aug 29 (Reuters) - U.S. housing prices showed further signs of stabilizing in June, according to two reports out Tuesday that signaled the lengthy run of softening sales prices may be bottoming out. Both reports showed prices rose modestly month-over-month. House prices rose 3.0% between the second quarters of 2022 and 2023, FHFA said. FHFA's data showed June’s year-over-year gains were strongest in the East North Central and New England regions, up by 5.4% and 6.8%, respectively. On a city basis, the Case-Shiller data showed Chicago and Cleveland experiencing the greatest price accelerations.

Persons: Octavio Jones, FHFA, ”, Anju Vajja, ” Craig Lazzara, DJI, Amina Niasse, Safiyah Riddle, Andrea Ricci, Leslie Adler Organizations: REUTERS, Federal Housing Finance Agency, Federal Reserve, FHFA’s Division of Research, Statistics, East North, Thomson Locations: Tampa , Florida, U.S, “ U.S, East North Central, New England, Chicago, Cleveland

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