Mortgage Market News

The big home price gains that were seen in 2013 have leveled off to more normal levels in 2014. CoreLogic reported on Tuesday that housing prices, including distressed sales, rose by 5.6% from September 2013 to September 2014, marking 31 months of straight year-over-year increases. However, that is down from the August level of 5.8% and July's 6.4% yearly increases. In addition, prices declined by 0.1% from August to September. CoreLogic is a leading provider of consumer, financial and property information, analytics and services to business and government.
The European Union (EU) cut its growth forecast for 2014 and 2015 today. The headlines pushed Stock prices lower around the globe and is spilling over into the U.S. Equity markets. Growth forecasts for the 28-nation Eurozone are now 1.3% for 2014, down from 1.6%. A big problem is low inflation with predictions of a 0.5% rate this year before rising to 0.8% in 2015. The German economy, long seen as the standout in the region, is expected to grow by 1.3% this year, down from the original forecast of 1.8%.
The weak European forecasts continue to move oil prices lower to their lowest levels since October 2011 hitting $75.84 a barrel on Tuesday. This has put some extra cash in the pockets of U.S. consumers as Americans are paying the lowest for gas prices since December 2010. The national average price for a regular gallon of gasoline at $2.97. In some parts of the country prices can be seen near $2.50.
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