The latest Home Price Index from CoreLogic reveals that U.S. home prices increased for the seventh consecutive month in February, up 6.7 percent from February 2017 and 1 percent from January 2018. CoreLogic’s HPI Forecast predicts that U.S. home prices will increase 4.7 percent by February 2019.
In addition, an analysis of the country’s 100 largest metros based on housing stock shows that 34 percent were considered overvalued as of February, unchanged from January. Meanwhile, 30 percent of the biggest 100 metropolitan areas were undervalued while 36 percent were at value.
In other real estate news:
- As interest rates rise, fewer households are refinancing their mortgages. According to MarketWatch, the fourth quarter of 2017 saw the share of all refinances that were cash-outs rose to the highest level since 2008. It is also unclear if the overall volume of cash-out refinances is rising or just making up a larger share because traditional lower-monthly-payment refinancings are dropping.
- A U.S. Census Bureau report reveals that construction spending edged up 0.1 percent from January to a total of $1.27 trillion in February. Residential construction was at a seasonally adjusted annual rate of $533.4 billion in February, 0.1 percent above the revised January estimate of $532.9 billion.
- The newly assembled Association of Independent Mortgage Experts announced that former NAMB President John Councilman has joined its leadership team. HousingWire reports that Councilman will serve as the senior vice president of legislative and government affairs.
- A new Lennar report reveals earnings of $136.2 million for the fiscal first quarter of 2018. BuilderOnline confirms the results included $104.2 million related to the acquisition of CalAtlantic Group, Inc. and a $68.6 million one-time non-cash write down of deferred tax assets.
- The CalAtlantic Mortgage team joined Lennar’s Eagle Home Mortgage after the merger of the two companies. Over 200 CalAtlantic associates will be joining the Eagle team.