Upward climb in October of Home Price
Home prices continued their upward trend in October, and are forecasted to continue rising into next month and next year, according to the Home Price Index and HPI Forecast by CoreLogic, a property information, analytics and data-enabled solutions provider.
Home prices, including distressed sales, increased annually by 6.7% in October 2016, and increased 1.1% from September, according to the index.
CoreLogic forecasts that home prices will increase by 4.6% year-over-year, and by 0.2% by next month.
The CoreLogic HPI Forecast is a projection of home prices using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state.
“Home prices are continuing to soar across much of the U.S. led by major metro areas such as Boston, Los Angeles, Miami and Denver,” CoreLogic President and CEO Anand Nallathambi said.
“Prices are being fueled by a potent cocktail of high demand, low inventories and historically low interest rates,” Nallathambi said. “Looking forward to next year, nationwide home prices are expected to climb another 5% in many parts of the country to levels approaching the pre-recession peak.”
In fact, it seems the market already hit pre-recession levels and the Federal Housing Administration even increased conforming loan limits for 2017 due to these high home prices.
It was less than a month ago that a spokesman for retired neurosurgeon Ben Carson told reporters that the erstwhile GOP presidential candidate would not be serving the Trump administration in anything but an unofficial advisory capacity. “Dr. Carson feels he has no government experience,” Armstrong Williams said, “he’s never run a federal agency. The last thing he would want to do was take a position that could cripple the presidency.” On that basis alone, President-elect Donald Trump’s announcement Monday that Mr. Carson would be his choice to head the Department of Housing and Urban Development was baffling. Add the fact that Mr. Carson has no relevant expertise whatsoever (secretary of health and human services, the previous job for which the highly accomplished physician was mentioned, might have been a different story) and Mr. Trump’s pick goes well beyond baffling.