Home prices, on average, ended August at $205,000, an almost 4% drop from last year, according to new figures compiled by Lender Processing Services, Jacksonville, Fla.
LPS noted that although values increased during the spring, prices fell on a sequential basis during the summer, declining 1% from July to August. LPS tracks values through a proprietary home price index, or HPI.
Kyle Lundstedt, managing director of the applied analytics division at the firm, said the outlook for early September wasn’t much better. LPS is projecting another 1.1% decline in values.
Since residential home values peaked in June 2006, LPS’ HPI is down 28.3%.
Of the 13,500 zip codes tracked in the index, only 5% experienced price increases in August.
LPS said average prices declined during August in all but three of the 26 largest metropolitan statistical areas, with Chicago, Detroit and Minneapolis remaining unchanged.
The MSAs that had the greatest fall in values during August were in California, Arizona and Nevada.
Since the beginning of 2011, Atlanta (-10.5%) and Phoenix (-5.2%) had the worst price declines, while Detroit (10.8%) and Pittsburgh (4.5%) experienced the greatest rise in home values.
Daily Briefing | Wednesday, November 23, 2011
PMI Files for Chapter 11 Bankruptcy
The PMI Group Inc., Walnut Creek, Calif., has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware.
Conforming Loan Limits Rising in Only One County in 2012
Only one county in the countryFairfield, Conn.will have a higher conforming loan limit in 2012. The ceiling in the other 3,200-plus counties will remain unchanged.
30-Year Rate Slips Below 4% Again
The average weekly rate for a 30-year loan slipped slightly below 4% and rates for adjustable-rate mortgages averaged new record lows in Freddie Mac’s survey Wednesday.
Freddie Reports Higher Refis Delinquencies
Freddie Mac reported a 24% jump in refinancings from September to October while total loan volume rose by less than 4%.
Massachusetts Foreclosure Activity Reverses Yearlong Trend
After more than a year of declines, foreclosure activity rose in Massachusetts in October, according to the Boston-based real estate data publisher The Warren Group.
FHFA, GSEs: Dec. 1 UCDP Deadline Will Be Enforced
The government-sponsored enterprises’ Uniform Mortgage Data Program has been marred with delays and setbacks since the earliest steps began at Fannie Mae two-and-a-half years ago with the precursor to the Uniform Collateral Data Portal, the technology platform that will accept full electronic appraisal reports in a new XML-formatted data file.
Purchase Apps Up But Refinancings Sink
Application volume fell by 1.2% on a seasonally adjusted basis for the week ended Nov. 18, as purchase apps were up to their highest level since August, but refinancings were down to their lowest point since July, according to the Mortgage Bankers Association. The data for the previous week (Nov. 11) was adjusted to take into account Veterans Day.
Permits Up Again in California
For the third consecutive month, builders in California pulled an increasing number of permits compared to the previous year.
Lennar Adds to Debt Offer
Lennar Corp. has upsized its senior debt offering to $350 million and priced it at a 3.25% interest rate. It first proposed selling $300 million in debt. The over-allotment for the offering was also increased to $50 million from $45 million.