Federal Housing Finance Agency (FHFA) House Price Index Rises for 13th Consecutive Quarter.U.S. house prices rose 0.9 percent in the third quarter of 2014 according to the Federal Housing Finance Agency (FHFA) House Price Index (HPI). This is the 13th consecutive quarterly price increase in the purchase-only, seasonally adjusted index. Compared with last year, house prices rose 4.5 percent from the third quarter of 2013 to the third quarter of 2014.
Mortgage Lending Reverses Yearlong Trend; Increases $35 Billion in 3rd Quarter. Mortgage originations reversed a four-quarter trend in the third quarter, rising for the first time in a year, according to the Quarterly Report on Household Debt and Credit from the Federal Reserve Bank of New York. According to the NY Fed’s report, mortgage originations, measured by the appearances of new mortgage balances on consumer credit reports, increased slightly in the third quarter to $337 billion.
U.S. Economic Growth Stronger Than Expected in 3rd Quarter. The nation’s economic output grew at an even faster rate during July, August and September than the government initially estimated, giving the economy its strongest six-month performance in more than a decade.
The Federal Housing Financing Agency (FHFA) Sets 2015 Conforming Loan Limits. The Federal Housing Finance Agency (FHFA) has set the maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac in 2015. The limit will remain at $417,000 for one-unit properties in most of the country. The loan limits are established under the terms of the Housing and Economic Recovery Act of 2008 (HERA) and are calculated each year. HERA sets maximum loan limits as a function of median home values. In 46 counties, loan limits will rise because those counties experienced increases in local home values.
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