Record Drop in Price Growth – Mortgage Monitor
It will be a few weeks before we get the next installment of the bellwether home price indices (Case Shiller and FHFA), but today's Mortgage Monitor from Black Knight has an earlier look at June's results.
Much like FHFA and Case Shiller, Black Knight's data for May had shown year-over-year appreciation that still looked reluctant to move too far under 20%. 19.3% was the official tally (Case Shiller was still over 20% and FHFA had fallen to 18.3%).
Today's release shows a much sharper deceleration in June with the annual pace falling to 17.3%. While that's by far and away the largest decline since record-keeping began in the 1970s, there is at least one incredibly important caveat. Simply put, the price growth leading up to these declines also set records. As such, any remot
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