Record Gains For Home Prices; Mortgage Apps Up; Rates Drifting

Home prices rose another 1.0 percent in July, bringing the year-over-year gain to 6.5 percent according to the House Price Index (HPI) produced by the Federal Housing Finance Agency (FHFA). The agency also revised its previously reported 0.9 percent price change for June 2020 to 1.0 percent. All nine of the census divisions posted both month-over-month and annual price gains. Monthly changes ranged from an 0.6 percent increase in the West North Central division to 2.0 percent in New England. The 12-month changes were lowest in the West South Central division at 5.4 percent and the Mountain and the East South Central divisions tied for first place with increases of 7.7 percent . “U.S. house prices posted a strong increase in July,” said Dr. Lynn Fisher, FHFA’s Deputy Director of the Division

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