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Low Rates Boost Homebuying Power 16 Percent
Monday, February 3, 2020
Black
Knight, it the current edition of its Mortgage Monitor covering December
mortgage performance data, writes an epitaph for slowing home price
appreciation. Prices had been appreciating at an annual rate of nearly 7
percent in early 2018 but had fallen to 3.8 percent in August of 2019 as affordability
worsened. But
then, as Black Knight's President of Data & Analytics, President Ben
Graboske writes, "The national home-price-growth rate gained a good deal of
steam as mortgage interest rates declined throughout the second half of last
year. In fact, December marked four consecutive months of home price growth
acceleration and the largest single-month acceleration in more than 6.5 years,
while the annual rate of appreciation saw nearly a full percentage point
increase over the last four months of 2019, closing out the year at 4.7 percent."
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