Ishakis Finance Report Mortgage Broker Brooklyn
Loan Officer Yael Ishakis’s take on mortgage and finance news.
Last week’s economic reports provided rays of light as compared to the recent slump in positive economic news.
With spring on the horizon, last week’s economic news showed welcome signs of growth.
Last week’s economic news included construction spending and the CoreLogic Home Price Index for January. Reports for February included ADP Employment, Non-Farm Payrolls and national unemployment data.
Last week, the S&P/Case-Shiller Index showed home prices gaining 5.5 percent during the 12-month period ending November 2012, marking the largest one-year gain in home prices since May 2010.
The Case-Shiller Index showed home prices gaining 4.3 percent during the 12-month period ending October 2012.
Nearly five-and-one-half years after April 2007 — the housing market’s national peak — prices are finally beginning to rebound.
Home values have not dropped month-to-month since January of this year — a span of 6 months.
According to the Standard & Poor’s Case-Shiller Index, home prices rose 6.9% between the first and second quarter of 2012, the largest quarter-to-quarter gain since the home-value tracker’s 1987 inception.
According to the Federal Home Finance Agency’s Home Price Index, home prices rose by a seasonally-adjusted 0.7 percent between May and June 2012. The index is now up 3.0% over the past 12 months, and made its biggest quarterly gain since 2005 last quarter.
The housing market’s bottom is 9 months behind us. Home values continue to climb nationwide.
The Federal Home Finance Agency’s Home Price Index shows home values up 0.8% in April on a monthly, seasonally-adjusted basis.