Metros with the most tappable equity
By Jann Swanson | Mortgage News Daily
The housing industry has been looking for a slowdown in home price growth for several years, but quite the contrary has occurred. Black Knight Financial Services, in its current edition of its Mortgage Monitor, notes that the 1.3 percent monthly increase in its Home Price Index (HPI) in March was the highest in nearly four years, and that was followed by a 1.2 percent gain in April. Through the first four months of the year, prices were up 3.6 percent compared to 2.9 percent over the same period in 2016. When viewed on an annual basis, the increase is 60 basis points higher than the rate in December 2016. The year-to-date pace is the highest since 2013’s gain of 4.1 percent.
The trend is widespread. Prices have risen so far this year in every state but Maine and West Virginia and four, Washington, Oregon, Colorado, and Michigan, have seen increases of at least 5 percent, 7 percent in Washington. The rate of appreciation has accelerated in 35 states. Black Knight points out, however, that February to June are typically the months with the greatest gains, then they ease in the summer through years-end.