Posted To: MND NewsWire

CoreLogic’s February Home Price Index (HPI) essentially echoed that the price report last week from Black Knight. The company said that its index recorded its highest annual growth since 2006 at 10.4 percent. Demand continues to clash with an historically low supply creating affordability challenges, especially as mortgage rates also begin to rise. The HPI increased 1.2 percent on a month-over-month basis. Those challenges have begun to push homebuyers away from high-cost metro areas as the spring homebuying season looms. The number of homebuyers in the top 10 metros with the largest net out-migration – including West Coast metros like Los Angeles, San Francisco, and San Jose – who chose to move to another metro increased to 21 percent in 2020, up 3 percentage points from 2019. This sentiment…(read more)

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Source: Mortgage News Daily