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Low Rates and Rising Income Boosted Home Price Growth in January
Tuesday, March 3, 2020
Home prices nationwide accelerated on
an annual basis by 4.0 percent in January according to CoreLogic's Home Price
Index (HPI). Annual appreciation has been trending higher since May as falling
interest rates fueled demand. Month-over-month gains slowed to 0.1 percent in
January, down from an 0.3 percent increase in December and 0.5 percent in
November. CoreLogic's chief economist Dr.
Frank Nothaft said, "January marked the third consecutive month that annual
home price growth accelerated in our national index, as low mortgage rates and
rising income supported home sales. In February, mortgage rates fell to the
lowest level in more than three years, which likely will spur additional home
shopping activity and price appreciation."
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