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Home price gains are also holding steady. Research firm CoreLogic reported that home prices, including distressed sales, rose by 5.6 percent from February 2014 to February 2015. Prices were also up 1.1 percent from January to February. CoreLogic has forecasted that prices are expected to rise by 5.1 percent from February 2015 to February 2016, which would keep home price gains at normal levels.
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CoreLogic's Chief Economist, Dr. Frank Nothaft, said, "Since the second half of 2014, the dwindling supply of affordable inventory has led to stabilization in home price growth with a particular uptick in low-end home price growth over the last few months."
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In other housing news, RealtyTrac reported that monthly house payments on a median-priced home are more affordable than the monthly fair market rent on a three-bedroom property in 76 percent of U.S. counties. With home loan rates just above all-time record lows, this is great incentive for people looking to purchase homes this spring.
And in news to watch as we move ahead this year, the minutes from the Fed's March meeting revealed that a hike in the Fed Funds Rate (the rate banks charge each other for lending money overnight) will be data dependent, with the timing still to be determined. When this rate hike does happen, volatility in the markets is a distinct possibility, but whether Mortgage Bonds and home loan rates will benefit remains to be seen.
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