Home Prices Climb in 88% of U.S. Cities – Bloomberg 11-06-13

Salient to Investors:

Neil Dutta at Renaissance Macro Research said most regions are experiencing strong home-price appreciation off a low base, while cities with the biggest price appreciation are in places that had bigger busts.

Fitch Ratings said price gains are unsustainable, with cities such as San Francisco and San Jose approaching records, while much of coastal California is more than 20 percent overvalued.

Freddie Mac said the average 30-yr fixed loan was 4.1 percent last week.

Lawrence Yun at NAR said rising prices and higher interest rates have taken a bite out of housing affordability, but more buyers than sellers means lower sales will help to take the pressure off home-price growth and allow them to rise slowly at a single-digit growth rate in 2014.

Read the full article at  http://www.bloomberg.com/news/2013-11-06/home-prices-climb-in-88-of-u-s-cities-as-recovery-spreads.html

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