Daily Newsletter: Home Prices Rise At Fastest Pace Since 2006, Homeownership Lowest Since 1996

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30 Year Fixed 3.42%   -0.01 15 Year Fixed 2.73%   -0.01 10YR Treasury 1.67%   +0.0016 FNMA 30YR 3.5 106.55   +0.02 FNMA 15YR 2.5 105.56   -0.02 View Today’s Rates

Tuesday April 30, 2013 MND NewsWire – 10:52AM Home Prices Increase at Fastest Annual Pace Since May 2006- Case Shiller Every city in the S&P Case-Shiller 20-City Composite Index has now posted annual increases for at least two consecutive months. The February 2013 indices released this morning showed … MND NewsWire – 2:31PM Homeownership Hits 17-year Low The U.S. vacancy rate and the rate of homeownership both declined in the first quarter of 2013 with the homeownership rate hitting the lowest level in 17 years . According to the Census … MND NewsWire – 12:16PM Foreclosures Increase Slightly in March, But Maintain Longer Term Downtrend Despite another month-over-month uptick, foreclosures continue to decline on an annual basis and, according to a report from CoreLogic today, are now down 52 percent from the peak in … MND NewsWire – 4:05PM FHFA: Progress Report on Fannie/Freddie Replacement The Federal Housing Finance Agency (FHFA) has released a progress report on the common securitization infrastructure (CSI) being constructed as a replacement for the existing processes … MBS RECAP: More Intraday Volatility But Little-Changed at The Close Organization's Roles in LO Comp Developments – Give us Clarity!; Change to FL's Foreclosure Process? Mortgage Rates Continue Tip-Toeing Into 2013 Lows Freddie Announces New Loan Purchase Tool For Pre-Purchase Error Check Latest Video No `Spring Swoon' for U.S. Housing, Thornberg Says Apple Closes Order Book on Record Debt Sale JPMorgan Downgrades Pulte Home More News from ‘Around the Web’ Reuters – 11:36AM Consumer confidence rebounds in April WSJ – 11:38AM Five Takeaways From the Latest Case-Shiller Report CNBC – 1:00PM Some Murmur Bubble as US Home Prices Rise Fast Reuters – 12:50PM Bonds erase gains amid positioning for Apple debt sale WSJ – 11:38AM Debate Over Labor Force Participation http://www.ourbroker.com – 11:39AM Wealth Gap Creates More Foreclosures and Short Sales Washington Post – 1:59PM Why the Fed probably won't expand QE on Wednesday FHFA – 2:08PM FHFA Issues Update on Development of a Common Securitization Infrastructure http://www.aei.org – 3:44PM Privatizing Fannie: Déjà vu all over again The Basis Point – 3:49PM How Technology Is Helping & Hurting Realtors: RealTech 2013 http://www.npr.org – 4:42PM Sequester Puts Some Needing Housing Aid 'Back To Square One' Bloomberg – 11:33AM Yellen Has the Right of First Refusal at Fed, Meyer Says – Bloomberg Today’s Comments MBS Live Chat – 12:21PM “REPRICE : 12:21 PM – Provident Funding Worse…” MBS Live Chat – 12:31PM “hey guys – my u/w is telling me we can’t ignore a car lease payment with 12 months proof of paid through biz. Is she right? I always thought we could omit regardless of lease status…” MBS Live Chat – 12:34PM “The guide states liabilities, not installment loans can be omited with 12 month proof of payments…” MBS Live Chat – 12:35PM “Look at the personal and business tax returns, if there is a deduction on the tax returns for it regardless wether its a lease or loan they should exclude otherwise you are double hitting him for a liability and loosing income…” MBS Live Chat – 12:39PM “https://www.fanniemae.com/content/guide/sel040913.pdf…” MBS Live Chat – 12:40PM “page 514…” MBS Live Chat – 12:40PM “three options to exclude use last option if on tax returns…” MBS Live Chat – 12:41PM “thanks Ben…” MBS Live Chat – 12:41PM “very helpful…” Today’s Rates Best Execution Rate Change 30 Yr FRM 3.42% -0.01 15 Yr FRM 2.73% -0.01 FHA 30 Year Fixed 3.25% +0.00 Jumbo 30 Year Fixed 3.54% -0.01 5/1 Yr ARM 2.96% +0.00 Current Mortgage Rates » What are best-execution rates? Average Mortgage Rates Rate Points Change FHFA * 15 Yr. Fixed 2.78% 0.76 +0.08 30 Yr. Fixed 3.53% 1.11 +0.06 MBA ** 30 Yr. Fixed 3.67% 0.50 -0.01 15 Yr. Fixed 2.91% 0.34 -0.01 30 Yr. Jumbo 3.77% 0.27 -0.02 30 Yr. FHA 3.37% 0.55 -0.06 5/1 ARM 2.57% 0.29 -0.01 Freddie Mac ** 30 Yr. Fixed 3.40% 0.80 -0.01 15 Yr. Fixed 2.61% 0.70 -0.03 1 Yr. ARM 2.62% 0.30 -0.01 5/1 Yr. ARM 2.58% 0.50 -0.02 Current Mortgage Rates » * FHFA averages are updated monthly. ** Mortgage Bankers Association (each Wednesday) and Freddie Mac (each Thursday) averages are updated weekly. Secondary Markets MBS Price Change 30YR FNMA 3.0 104.63 +0.06 30YR FNMA 3.5 106.55 +0.02 30YR GNMA 3.0 106.42 +0.13 30YR GNMA 3.5 108.92 +0.03 15YR FNMA 3.0 105.56 -0.02 15YR FNMA 2.5 104.53 0.00 Treasuries Yield Change 2 YR 0.2113% -0.0038 5 YR 0.6744% -0.0015 10 YR 1.6683% +0.0016 30 YR 2.8709% -0.0030 Prices as of: 4/30/2013 4:30PM EST Current MBS / Treasury Prices » MBS and Treasury data provided by Thomson Reuters. Mortgage News Daily and MBS Live! are exclusive re-distributors of Real Time Thomson Reuters Mortgage Information. Secondary Marketing Managers: If you are interested in gaining access to the most accurate real-time back-month TBA indications from Thomson Reuters and Tradeweb. Request More Information

This information is not an advertisement to extend consumer credit as defined by Section 226.2 of Regulation Z. This is not an offer to enter into an agreement regarding interest rates. The rates quoted do not include discount points, origination points, or loan level risk based price adjustments. Rates and terms are subject to change without notice. © 2013 Brown House Media, Inc. All rights reserved. Brown House Media Inc. – 19706 One Norman Blvd – Cornelius, NC 28031

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[MBS Commentary] – MBS RECAP: More Intraday Volatility But Little-Changed at The Close

MBS RECAP: More Intraday Volatility But Little-Changed at The Close

Posted to: MBS Commentary
Tuesday, April 30, 2013 4:06 PM

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MBS walked in the door in positive territory this morning and are currently heading out the door in roughly the same shape.  That nearness to opening levels belies the intradayvolatility however.  This began with a rally to the best levels of the year for both MBS and Treasuries.  Lackluster Chicago PMI helped everything move together in a risk-off direction after the cash open in Stocks (risk-off implies bond rally and stock selling).  Some of the levity in Treasuries was attributed to short positions (those betting on higher rates) getting stopped out (being forced to buy, covering their short to protect against further losses).  Whether or not that was a warning that 1.638% in 10yr yields was tenuous and temporary will never be known as Apple’s corporate bond offering took center stage around the same time that Treasuries and MBS began moderating their rally.  This made for a fairly quick trip from 1.64-ish to 1.68-ish, which is uncommonly volatile for short, intraday time frames of late.  Despite the choppiness, 1.679 held up twice as a supportive ceiling, helping MBS dig their own heels in at 104-18+ and keeping the range narrow from Noon on.  Just a reminder: things get progressively more serious with each passing day this week.  Tomorrow brings ADP in the morning and FOMC in the afternoon.  ADP’s new methodology is increasingly being accepted as “better than it was,” so big reactions are a serious possibility on a big miss or beat.

(READ THE FULL POST)

 

More from MND:

• MND NewsWire: FHFA: Progress Report on Fannie/Freddie Replacement
• MND NewsWire: Freddie Announces New Loan Purchase Tool For Pre-Purchase Error Check
• Mortgage Rate Watch: Mortgage Rates Continue Tip-Toeing Into 2013 Lows
• MND NewsWire: Homeownership Hits 17-year Low
• MBS Commentary: MBS MID-DAY: Bonds Head Back To Base After Morning Lead-Off

 

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Daily Rate Update: Mortgage Rates Keep Tip-Toeing Lower

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30 Year Fixed 3.42%   -0.01 15 Year Fixed 2.73%   -0.01 10YR Treasury 1.67%   +0.0050 FNMA 30YR 3.5 106.53   0.00 FNMA 15YR 2.5 105.56   -0.02 View Today’s Rates

Mortgage Rates Continue Tip-Toeing Into 2013 Lows April 30, 2013 Mortgage rates extended their run into 2013 lows today, but only by small margins.  The movement is essentially similar to yesterday’s and further supports the case for a shift from 3.5% to 3.375% for the Conventional, 30yr Fixed best execution rate.  The borrowing costs associated with 3.5% are at their 2013 lows while those associated with 3.375% aren’t quite back to early January levels. That means that that the lowest rates are the slowest to “feel the love” from the interest rate rally since topping out in mid March.  This is normal behavior in the mortgage rate world where there’s not simply a “going rate,” but always several adjacent rates with corresponding costs associated.  That said, the shift between 3.375% and 3.5% has more to do with the DIFFERENCE in costs between those two rates, and the fact that current buy-down costs may make sense for an increasing amount of borrowers.  This has less to do with which direction rates move on any given day and more to do with how long rates hold steady combined with expectations about future volatility.  This is another reason that the lower rates haven’t caught up to 3.5% (in terms of what each of them cost now vs. January).  There are several events coming up in the next three days that can have a big impact on trading levels in bond markets, and consequently on mortgage rates.  The first of these will happen before any lenders release rates tomorrow, and can either help modestly extend the recent rally or send rates quickly back to last week’s levels.  The potential for movement continues to grow through the week, reaching an apex on Friday, following the Employment Situation Report. Loan Originator Perspectives “This morning’s MBS pricing was best of the year, and rate sheets reflected further gains. As the day progressed, we settled at levels near yesterday’s and several lenders repriced worse. The rest of the week holds high risk events, including NFP and Fed minutes. In a potentially volatile market, floating carries risk, but a bad jobs report could improve rates.”  –Ted Rood, Senior Originator, Wintrust Mortgage “Without a doubt, if you are within 15 days of funding you should be locking today. That strategy has played out well over the last few weeks, but we do have the employment report on Friday which can move the markets. With rates at their best levels this year, there is much more room to go higher than lower. A better report could cause rates to jump quickly while a worse report would only hold rates here or slightly lower. So, if closing within the next month you should lock before Friday’s NFP. ” –Victor Burek, Open Mortgage. “Rates are the best of the year or close to it. Hard to see much further movement down unless the NFP report is like last months. Even then hard to say. Tommorrow’s ADP could help us predict what Friday holds in store for the #. I think it’s going to be another bad number and will further solidify the economic slow down that is taking place. Not we ever got out of neutral to begin with. I still lean towards locking as always and NFP weeks can always be big market movers. ” –Mike Owens, Partner, Horizon Financial Inc. Today’s Best-Execution Rates 30YR FIXED – 3.5%  FHA/VA – 3.25% (varies more between lenders than conventional 30yr Fixed) 15 YEAR FIXED –  2.75-2.875% 5 YEAR ARMS –  2.625-3.25% depending on the lender Ongoing Lock/Float Considerations After rising consistently from all-time lows in September and October 2012, rates are challenging the long term trend higher Some level of panic over the European situation has returned, to the benefit of domestic interest rates. Domestic economic weakness has played a role in helping balance the outlook for Fed bond-buying. We’re at a crossroads where we’ll soon see if the “rising rate environment” remains intact or is successfully challenged. (As always, please keep in mind that our talk of Best-Execution always pertains to a completely ideal scenario.  There can be all sorts of reasons that your quoted rate would not be the same as our average rates, and in those cases, assuming you’re following along on a day to day basis, simply use the Best-Ex levels we quote as a baseline to track potential movement in your quoted rate). 30 Year Fixed Rate Mortgage 15 Year Fixed Rate Mortgage Co-branding this Report Enable co-branding to personalize this report with your business information here. Learn more about co-branding with NO competitor ads. Today’s Rates Best Execution Rate Change 30 Yr FRM 3.42% -0.01 15 Yr FRM 2.73% -0.01 FHA 30 Year Fixed 3.25% +0.00 Jumbo 30 Year Fixed 3.54% -0.01 5/1 Yr ARM 2.96% +0.00 Current Mortgage Rates » What are best-execution rates? Average Mortgage Rates Rate Points Change FHFA * 15 Yr. Fixed 2.78% 0.76 +0.08 30 Yr. Fixed 3.53% 1.11 +0.06 MBA ** 30 Yr. Fixed 3.67% 0.50 -0.01 15 Yr. Fixed 2.91% 0.34 -0.01 30 Yr. Jumbo 3.77% 0.27 -0.02 30 Yr. FHA 3.37% 0.55 -0.06 5/1 ARM 2.57% 0.29 -0.01 Freddie Mac ** 30 Yr. Fixed 3.40% 0.80 -0.01 15 Yr. Fixed 2.61% 0.70 -0.03 1 Yr. ARM 2.62% 0.30 -0.01 5/1 Yr. ARM 2.58% 0.50 -0.02 Current Mortgage Rates » * FHFA averages are updated monthly. ** Mortgage Bankers Association (each Wednesday) and Freddie Mac (each Thursday) averages are updated weekly. Secondary Markets MBS Price Change 30YR FNMA 3.0 104.61 +0.05 30YR FNMA 3.5 106.53 0.00 30YR GNMA 3.0 106.41 +0.11 30YR GNMA 3.5 108.91 +0.02 15YR FNMA 3.0 105.56 -0.02 15YR FNMA 2.5 104.52 -0.02 Treasuries Yield Change 2 YR 0.2113% -0.0038 5 YR 0.6744% -0.0015 10 YR 1.6717% +0.0050 30 YR 2.8762% +0.0023 Prices as of: 4/30/2013 4:14PM EST Current MBS / Treasury Prices » MBS and Treasury data provided by Thomson Reuters. Mortgage News Daily and MBS Live! are exclusive re-distributors of Real Time Thomson Reuters Mortgage Information. Secondary Marketing Managers: If you are interested in gaining access to the most accurate real-time back-month TBA indications from Thomson Reuters and Tradeweb. Request More Information

About This Report Mortgage News Daily is a trusted source of mortgage rate market data and analysis, with over 1 million readers each month.  Unlike many rate surveys, our survey is conducted on a daily basis and is designed to bring you the most current and accurate rate data available.  We use a proprietary formula to calculate averages based on best-execution rates from top lender’s rate sheets, also taking into account feedback from hundreds of mortgage market professionals around the country.

© 2013 Brown House Media, Inc. All rights reserved. Brown House Media Inc. – 19706 One Norman Blvd – Cornelius, NC 28031

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This information is not an advertisement to extend consumer credit as defined by Section 226.2 of Regulation Z. This is not an offer to enter into an agreement regarding interest rates. The rates quoted do not include discount points, origination points, or loan level risk based price adjustments. Rates presented in this report are averages and are subject to change without notice. You were sent this email because you opted to receive our weekly or daily email reports. Go here to manage your email preferences or here to unsubscribe from all email communications.

[MND NewsWire] – FHFA: Progress Report on Fannie/Freddie Replacement

FHFA: Progress Report on Fannie/Freddie Replacement

Posted to: MND NewsWire
Tuesday, April 30, 2013 3:39 PM

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The Federal Housing Finance Agency (FHFA) has released a progress report on the common securitization infrastructure (CSI) being constructed as a replacement for the existing processes used by the government sponsored enterprises (GSEs) Freddie Mac and Fannie Mae.  The updates are discussed as they relate to the common securitization platform (CSP) which is largely a technology project and the contractual and disclosure framework (CDF) being developed to enhance transparency and investor protections in residential mortgage-backed securities (RMBS).

(READ THE FULL POST)

 

More from MND:

• MND NewsWire: Freddie Announces New Loan Purchase Tool For Pre-Purchase Error Check
• Mortgage Rate Watch: Mortgage Rates Continue Tip-Toeing Into 2013 Lows
• MND NewsWire: Homeownership Hits 17-year Low
• MBS Commentary: MBS MID-DAY: Bonds Head Back To Base After Morning Lead-Off
• MND NewsWire: Foreclosures Increase Slightly in March, But Maintain Longer Term Downtrend

 

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[MND NewsWire] – Freddie Announces New Loan Purchase Tool For Pre-Purchase Error Check

Freddie Announces New Loan Purchase Tool For Pre-Purchase Error Check

Posted to: MND NewsWire
Tuesday, April 30, 2013 12:05 PM

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Freddie Mac will be phasing in a new tool over the next few months which is designed to help lenders identify credit, data, and purchase eligibility issues in their loans before they are delivered to Freddie Mac.  The Loan Quality Advisor marks the launch of the company’s new Greater Purchase Certainty Initiative which seeks to help lenders improve loan quality while making it more efficient and transparent to do business with Freddie Mac. 

The Advisor is an online tool that allows lenders to compare current loan file data with the data submitted to Loan Prospector in order to identify potential data, credit, and policy compliance issues that might affect the loans eligibility for purchase.  This will allow lenders to spot and fix potential problems earlier in the loan process. 

(READ THE FULL POST)

 

More from MND:

• Mortgage Rate Watch: Mortgage Rates Continue Tip-Toeing Into 2013 Lows
• MND NewsWire: Homeownership Hits 17-year Low
• MBS Commentary: MBS MID-DAY: Bonds Head Back To Base After Morning Lead-Off
• MND NewsWire: Foreclosures Increase Slightly in March, But Maintain Longer Term Downtrend
• MND NewsWire: Home Prices Increase at Fastest Annual Pace Since May 2006- Case Shiller

 

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[Mortgage Rate Watch] – Mortgage Rates Continue Tip-Toeing Into 2013 Lows

Mortgage Rates Continue Tip-Toeing Into 2013 Lows

Posted to: Mortgage Rate Watch
Tuesday, April 30, 2013 2:36 PM

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Mortgage rates extended their run into 2013 lows today, but only by small margins.  The movement is essentially similar to yesterday’s and further supports the case for a shift from 3.5% to 3.375% for the Conventional, 30yr Fixed best execution rate.  The borrowing costs associated with 3.5% are at their 2013 lows while those associated with 3.375% aren’t quite back to early January levels.

That means that that the lowest rates are the slowest to “feel the love” from the interest rate rally since topping out in mid March.  This is normal behavior in the mortgage rate world where there’s not simply a “going rate,” but always several adjacent rates with corresponding costs associated.  That said, the shift between 3.375% and 3.5% has more to do with the DIFFERENCE in costs between those two rates, and the fact that current buy-down costs may make sense for an increasing amount of borrowers. 

(READ THE FULL POST)

 

More from MND:

• MND NewsWire: Homeownership Hits 17-year Low
• MBS Commentary: MBS MID-DAY: Bonds Head Back To Base After Morning Lead-Off
• MND NewsWire: Foreclosures Increase Slightly in March, But Maintain Longer Term Downtrend
• MND NewsWire: Home Prices Increase at Fastest Annual Pace Since May 2006- Case Shiller
• Pipeline Press: Organization’s Roles in LO Comp Developments – Give us Clarity!; Change to FL’s Foreclosure Process?

 

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[MND NewsWire] – Homeownership Hits 17-year Low

Homeownership Hits 17-year Low

Posted to: MND NewsWire
Tuesday, April 30, 2013 1:38 PM

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The U.S. vacancy rate and the rate of homeownership both declined in the first quarter of 2013 with the homeownership rate hitting the lowest level in 17 years.  According to the Census Bureau the rate of homeownership in the country declined from 65.6 in the fourth quarter of 2012 to 65.2.  The rate in the first quarter of 2012 was 65.5 percent.  The first quarter 2013 rate is the lowest rate since the fourth quarter of 1995 when it was 65.1.  The vacancy rate was 8.6 percent, 0.2 percentage points lower than one year earlier and 0.1 percentage point lower than in the fourth quarter of 2012. 

(READ THE FULL POST)

 

More from MND:

• MBS Commentary: MBS MID-DAY: Bonds Head Back To Base After Morning Lead-Off
• MND NewsWire: Foreclosures Increase Slightly in March, But Maintain Longer Term Downtrend
• MND NewsWire: Home Prices Increase at Fastest Annual Pace Since May 2006- Case Shiller
• Pipeline Press: Organization’s Roles in LO Comp Developments – Give us Clarity!; Change to FL’s Foreclosure Process?
• MBS Commentary: The Day Ahead: Last Chance for Normalcy this Week

 

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[MBS Commentary] – MBS MID-DAY: Bonds Head Back To Base After Morning Lead-Off

MBS MID-DAY: Bonds Head Back To Base After Morning Lead-Off

Posted to: MBS Commentary
Tuesday, April 30, 2013 12:24 PM

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We haven’t been shy about characterizing the potential breakaway from 2+ weeks of sideways range as a “lead off.”  In case it needed any explanation, this is the metaphor we use to convey a sort of cautious head-start on anticipated trading direction, just like a runner in baseball might take a lead-off from the base they’re currently occupying either to steal the next base, or just be in a better position to run when the ball is hit.  The range of 10yr yields and MBS prices that equate to the current “base” is 1.73-1.67 in 10’s and 104-02 to 104-12 in Fannie 3.0 MBS.  The lead-off then, clearly started at the end of last week and continued yesterday.  It was tentative at first but became less so this morning.  Fannie 3.0s ran all the way up to 104-25 and 10’s hit 1.638.  This was a bit too much of a lead off.  The metaphorical pitcher turned and our base-runners retreated to their base.  This is easily seen in the following chart of 10yr yields (note the “base” at 1.726 to 1.672 and the progressively larger lead-off leading up to today’s new low and quick snap back):

(READ THE FULL POST)

 

More from MND:

• MND NewsWire: Foreclosures Increase Slightly in March, But Maintain Longer Term Downtrend
• MND NewsWire: Home Prices Increase at Fastest Annual Pace Since May 2006- Case Shiller
• Pipeline Press: Organization’s Roles in LO Comp Developments – Give us Clarity!; Change to FL’s Foreclosure Process?
• MBS Commentary: The Day Ahead: Last Chance for Normalcy this Week
• MND NewsWire: LPS Home Price Index Rises; 9 of The Top 10 Metro Areas in CA

 

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[MND NewsWire] – Foreclosures Increase Slightly in March, But Maintain Longer Term Downtrend

Foreclosures Increase Slightly in March, But Maintain Longer Term Downtrend

Posted to: MND NewsWire
Tuesday, April 30, 2013 11:43 AM

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Despite another month-over-month uptick, foreclosures continue to decline on an annual basis and, according to a report from CoreLogic today, are now down 52 percent from the peak in 2010.  The company’s National foreclosure Report for March showed that foreclosures increased 6.2 percent from February to March 2013 but the March activity was 15.8 percent below that of one year earlier.

Fifty-five thousand foreclosures were completed in March compared to 52,000 in February and 66,000 in March 2012.  By way of comparison, during the pre-recession years of 2000 to 2006 foreclosures averaged 21,000 per month on a national basis.  Since the foreclosure crisis began in the fall of 2008 there have been approximately 4.2 million foreclosures and there were 735,000 over the 12 month period ending in March.

(READ THE FULL POST)

 

More from MND:

• MND NewsWire: Home Prices Increase at Fastest Annual Pace Since May 2006- Case Shiller
• Pipeline Press: Organization’s Roles in LO Comp Developments – Give us Clarity!; Change to FL’s Foreclosure Process?
• MBS Commentary: The Day Ahead: Last Chance for Normalcy this Week
• MND NewsWire: LPS Home Price Index Rises; 9 of The Top 10 Metro Areas in CA
• MBS Commentary: MBS RECAP: Holding Ground Despite Advancing Stocks, MBS Outperform

 

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[MND NewsWire] – Home Prices Increase at Fastest Annual Pace Since May 2006- Case Shiller

Home Prices Increase at Fastest Annual Pace Since May 2006- Case Shiller

Posted to: MND NewsWire
Tuesday, April 30, 2013 10:21 AM

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Every city in the S&P Case-Shiller 20-City Composite Index has now posted annual increases for at least two consecutive months.  The February 2013 indices released this morning showed year-over-year prices in the 10-City Composite gained 8.6 percent and the 20-City Composite rose 9.3 percent.   In 16 of the 20 cities the annual growth rate rose in February compared to January and ten are now posting double digit positive changes.  

The 10-City Composite increased 0.4 percent from January to February and the 20-City increased 0.3 percent with Las Vegas and Phoenix posting monthly increases in excess of 1 percent.  Prices in all 20 cities increased on a seasonally adjusted basis with Phoenix jumping 1.8 percent and Minneapolis 1.3 percent.  Eight cities had small monthly declines on a non-seasonally adjusted basis, the largest ironically being Minneapolis at -0.9 percent. 

(READ THE FULL POST)

 

More from MND:

• Pipeline Press: Organization’s Roles in LO Comp Developments – Give us Clarity!; Change to FL’s Foreclosure Process?
• MBS Commentary: The Day Ahead: Last Chance for Normalcy this Week
• MND NewsWire: LPS Home Price Index Rises; 9 of The Top 10 Metro Areas in CA
• MBS Commentary: MBS RECAP: Holding Ground Despite Advancing Stocks, MBS Outperform
• Mortgage Rate Watch: Mortgage Rates Modestly Improve on 2013 Lows

 

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