SitusAMC managing director and former Fannie Mae executive Tim Rood discusses home mortgages, refinancing and the strength of the housing market in 2020.
There is more good news for the U.S. housing market, especially if you are a homeowner, prices are on the rise.
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According to S&P CoreLogic Case-Shiller, annual gains in October rose 3.3. percent slightly ahead of the 3.2 percent gain in the prior month.
The hottest areas included Phoenix, Tampa and Charlotte which registered the largest price increases among the 20 major cities tracked. The gains were 5.8 percent, 4.9 percent and 4.8 respectively.
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“October’s U.S. housing data continue to be reassuring,” said Craig Lazzara, Managing Director and Global Head of Index Investment Strategy at S&P Dow Jones Indices in a statement. He also notes that home prices are more than 15 percent above the pre-financial crisis peak of July 2006.
This is the latest data point that shows the housing market is on the mend. Homebuilder confidence hit the highest level since 1999 in December.
An improving housing market, which trailed some other pockets of the U.S. economy, may get stronger in 2020 helped in part by ultra-low mortgage rates which are expected to hover between 3 and 4 percent in 2020.
San Francisco was the only U.S. city to see a price drop falling 0.4 percent.
