Investors are rushing into the relative safe haven of the bond market, causing the yield on the U.S. 10-year Treasury to plummet.Real Estateread more
President Donald Trump on Thursday directed the U.S. intelligence community to "quickly and fully cooperate" with Attorney General William Barr's investigation into the...Politicsread more
The Wall Street Journal and The New York Times, citing people familiar with the deal, reported that $30 million would go to plaintiffs and $14 million would be used to pay...Entertainmentread more
Wall Street is becoming convinced that both the White House and Beijing are willing to engage in a protracted trade war that could begin to hit consumers and slow global...Market Insiderread more
SpaceX sent 60 satellites into space in a key first mission toward the company's own high-speed internet network.Internetread more
The U.S. Commerce Department said its proposed rule would amend the normal countervailing duty process to include new criteria for currency undervaluation.World Economyread more
Zilingo founder Ankiti Bose says working as an investment analyst helped her build her near-$1 billion fashion start-up.Ditching the Corporate Liferead more
Asia Pacific markets were mostly in negative territory on Friday morning as investors remained worried over trade tensions between the United States and China.Asia Marketsread more
Indian Prime Minister Narendra Modi's Bharatiya Janata Party would have the first back-to-back majority in the lower house of parliament for a single party since 1984.Asia Politicsread more
TransferWise, the money transfer start-up, was valued at $3.5 billion after investors bought $292 million of shares in a secondary sale.Technologyread more
Stocks fell sharply on Thursday as investors started to fear the U.S.-China trade war is slowing the economy.Marketsread more
Home prices in January rose at the slowest pace in nearly seven years, but buyers shouldn't feel too confident just yet. Prices might be on the verge of picking up yet again.
Home values in January were 4.4 percent higher than a year earlier, smaller than the 4.7 percent annual gain in December, according to CoreLogic. Price gains have been shrinking since April, when they peaked at a 6.6 percent gain. January's read was the smallest gain since August 2012.
"The spike in mortgage interest rates last fall chilled buyer activity and led to a slowdown in home sales and price growth," said Frank Nothaft, chief economist for CoreLogic. "Fixed-rate mortgage rates have dropped 0.6 percentage points since November 2018 and today are lower than they were a year ago. With interest rates at this level, we expect a solid homebuying season this spring."
The average rate on the 30-year fixed mortgage rose above 5 percent at the start of November but then began sliding. It now sits around 4.5 percent, right around where it was a year ago, when price gains were in the 6 percent range annually.
So that could mean the end of the current price chill, as more buyers this spring compete for a still-slim supply of listings for sale. Inventories have started to rise nationwide, but mostly on the higher end of the market, which is not where the bulk of current demand is. The supply of entry-level homes for sale is still very, very low, as builders continue to focus on more expensive homes, given today's high costs for land and labor.
Last spring, bidding wars were the rule, not the exception, but homes began sitting longer over the summer. In California, where home prices surged highest, sales stalled in the fall to the slowest pace in over a decade. Higher interest rates were the tipping point for buyers. Interest rates are not as low as they were following the recession, but they have pulled back enough to entice buyers again.
"As we head into 2019, we can expect continued strong employment growth and rising incomes which could support a reacceleration in home-price appreciation later this year," said Frank Martell, president and CEO of CoreLogic.