Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Market
January Home Prices Record Biggest Increase Since 2006
MADISON, Wis. (3/27/13)--January U.S. home prices recorded their biggest year-over-year increase since the summer of 2006, according to Standard & Poor's Case-Shiller home-price indexes.

The 20-city index rose 8.1% in January from a year earlier, beating the 7.9% consensus expectations of economists in a Thomson Reuters poll and a Bloomberg poll (The Wall Street Journal and Bloomberg.com March 26).

That increase was the most since the housing bubble burst, David Blitzer, chairman of S&P's index committee, told the Journal.

The 10-city index gained 7.3% year over-year. However, the two indexes, through January, still are roughly 30% below their peaks in June/July 2006.

The shrinking inventory of homes on the market, reduced foreclosures, low mortgage rates and the improving economy bolstered a gradual recovery in the housing market, the Journal said.

In a related matter, sales of new U.S. houses in February resulted in the best back-to-back months in more than four years (Bloomberg.com and Moody's Economy.com March 26).

Purchases of newly constructed homes dropped 4.6% to an annual pace of 411,000--following a 431,000 rate in January, the Commerce Department said Tuesday.
RSS print
News Now LiveWire
NCUA re-schedules start of tomorrow's closed meeting to 9 a.m. ET. Open meeting still at 10 a.m. ET.
4 hours ago
.@lisamurkowski @SenatorEnzi @SenJohnBarrasso are latest to weigh in on NCUA risk-based capital proposal. See #NewsNow tomorrow for more
4 hours ago
Now up on News Now: Fed stays course on taper, interest rates http://t.co/6DntsW58vA
6 hours ago
Positive performance indicators and the potential for rising interest rates in @TheNCUA 's latest economic update. http://t.co/yptPbIGvnU
9 hours ago
The @CFPB has launched a nationwide effort to provide financial education. http://t.co/sF3FXHpv3k
10 hours ago