Items Tagged with 'Mark Fleming'

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  • First American: Nominal house price appreciation responsible for April's housing affordability

    In April, home prices fell 0.9%, declining 0.72% year over year
    In April 2019, home prices fell 0.9%, declining 0.72% year over year, according to First American’s Real House Price Index. This means unadjusted house prices now sit 2.8% above the housing boom peak. First American Chief Economist Mark Fleming said only nominal house price appreciation dampened April’s affordability.
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  • First American: Mortgage defect risk fell 4.2% in April

    Declining mortgage rates led to an increase in lower-risk refinance transactions
    In April, the nation’s mortgage defect risk edged down as interest rates continued to decline, according to the latest First American Loan Application Defect Index. According to the report, the frequency of defects, fraudulence and misrepresentation in the information submitted in mortgage applications decreased by 4.2% from the previous month.
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  • First American: America's home buying power strengthens in February

    Real house price appreciation falls to slowest annual pace since December 2017
    In February, home prices declined 2.9% year over year, pushing consumer home buying power 2.4% higher than its 2018 levels. Notably, First American Chief Economist Mark Fleming said the first quarter of 2019 has been friendly to potential homebuyers, as declining mortgage rates, ongoing household income growth and moderating unadjusted home prices have boosted affordability.
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  • First American: Dwindling inventory threatens potential home sales growth

    Market potential for existing-home sales retreats by 2.9%, totaling a loss of 153,000 sales
    Although potential existing-home sales rose marginally in February, a lack of inventory now threatens future growth, according to First American's Potential Home Sales Model. First American Chief Economist Mark Fleming said the housing market continues to underperform its potential, but shows signs of promise leading into the spring home-buying season.
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  • First American: Mortgage fraud risk climbs 4.6% in January

    Rise attributed to a plunge in mortgage rates and spike in applications
    In January, declining rates championed an acceleration in defect risk, according to the latest First American Loan Application Defect Index. First American Chief Economist Mark Fleming said January marks the fifth consecutive month that defect risk in purchase transactions has risen.
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  • First American: Home buying power sees largest monthly gain in more than five years

    Home prices increased 2.4% in December
    In December home prices moved forward 2.4%, rising 11.8 % year over year, according to First American’s Real House Price Index. First American Chief Economist Mark Fleming said while housing affordability in 2018 fared poorly in comparison to 2017, the year finished strong in December thanks to declining mortgage interest rates.
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  • First American: Mortgage defect risk climbs 7.4% in December

    Rising purchase applications and natural disasters contribute to rising defect risk
    In December, defect risk continued to rise across the country, according to the latest First American Loan Application Defect Index. First American Chief Economist Mark Fleming attributes this to two factors: the rising share of purchase transactions and natural disasters.
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  • First American: American home buying power is strengthening

    Home prices increased 0.8% in November
    In November, home prices climbed 0.8%, increasing 15.3% year over year, according to First American’s Real House Price Index. First American Chief Economist Mark Fleming said consistent growth among mortgage rates, household income and unadjusted house prices defined 2018's housing market.
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