Mortgage Payment to Income Ratio Getting Into Pre-Meltdown Territory
Black Knight's latest Mortgage Monitor report was released this morning and it provided more timely insight on home price appreciation than last week's home price indices (HPIs) from FHFA and S&P Case-Shiller. The Mortgage Monitor's price data covers February whereas the other HPIs were limited to January.
We already know that mortgage rates moved higher at a fairly brisk pace in January, but it was either too little or too late to make a difference in February's price appreciation. Black Knight recorded its highest year-over-year home price growth on record of 19.6%.
Notably, the annual growth rate was at least 10% in all of the nation's 100 largest markets for the first time on record, with the top five slots (Tampa, Austin, Raleigh, Phoenix, Nashville) all over 30%
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