Price/Rate Combo Boosting Affordability, So Why is Sentiment Down?

Price/Rate Combo Boosting Affordability, So Why is Sentiment Down?

Earlier this week CoreLogic reported that the annual rate of appreciation in January, 4.2 percent, was exactly two-thirds the rate in January 2018. The Black Knight Mortgage Monitor essentially confirms that deceleration, reporting price increases dropping from 6.8 percent last February to 4.6 percent at year end. Ben Graboske, president of Black Knight's Data & Analytics division, explained that while home prices are still up year-over-year in all 50 states and the nation's 100 largest markets, slowing is noticeable nationwide and - combined with recent interest rate reductions - is helping to improve the overall affordability outlook. "At the end of December, home prices at the national level had fallen 0.3 percent from November for their fourth consecutive monthly decline," he said.