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Economy in Brief
U.S. Mortgage Loan Applications Remain Little Changed; Variable Rate Apps Surge
The MBA total Mortgage Market Volume Index slipped 0.8% last week (-12.4% y/y)...
La Dolce Vita? Italian Confidence Bumps Higher
Italian business and consumer confidence moved higher in March...
U.S. Consumer Confidence Improves Significantly
The Conference Board Consumer Confidence Index for March strengthened 8.2% (30.7% y/y) to 125.6...
U.S. Energy Product Prices Remain Under Pressure
Regular gasoline prices held steady at $2.32 per gallon last week (12.1% y/y) for the third straight week...
German Federal Debt Levels Fall
German debt level fell outright in Q4 2016 as the ratio of federal debt-to-GDP also fell...
NABE 2018 Forecast: Modest Improvement in Economic Growth & Higher Inflation
The NABE expects 2.5% real U.S. economic growth in 2018 compared to 2.3% forecast for 2017...
by Tom Moeller March 22, 2016
The U.S. House Price Index from the Federal Housing Finance Agency (FHFA) during January increased 0.5% for the third consecutive month. The annual rate of increase has been fairly steady near 6.0% since 2014.
Prices were strongest in the South Atlantic region where they rose 8.9% y/y, and accelerated to an 11.6% annual rate of growth during the last three months. In the Pacific region, prices 7.3% y/y and at an 8.2% annual rate in the last three months. The rise was followed by a 7.1% y/y increase in the Mountain states, but the rate cooled to 4.2% recently.
Prices rose 6.3% y/y in the West North Central region and have accelerated to 8.4% since October. Prices in the West South Central region gained 5.2% y/y, but the rate of increase slowed to 2.1% recently. In the East North Central region, house prices rose 5.1% y/y, and at 5.5% in the last three months.
Home prices rose roughly 4.5% y/y in the New England and East South Central regions, but the pace nearly doubled in both recently. In the Middle Atlantic states, house prices rose 1.7% y/y, but declined at a 2.1% rate in the last three months.
The FHFA house price index is a weighted repeat sales index. It measures average price changes in repeat sales of the same property. An associated quarterly index also includes refinancings on the same kinds of properties. The indexes are based on transactions involving conforming, conventional mortgages purchased or securitized by Fannie Mae or Freddie Mac. Only mortgage transactions on single-family properties are included. The FHFA data are available in Haver's USECON database.
|FHFA U.S. House Price Index, Purchase Only (SA %)||Jan||Dec||Nov||Jan Y/Y||2015||2014||2013|
|West North Central||1.2||0.4||0.5||6.3||4.4||4.1||4.9|
|West South Central||0.3||0.1||0.0||5.2||6.5||5.8||6.2|
|East North Central||0.4||0.8||0.1||5.1||4.6||4.7||5.4|
|East South Central||0.1||1.5||0.4||4.6||4.9||3.6||4.2|