Patrick Newport News
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Sales of new U.S. houses in February capped the best back-to-back months in more than four years, spurred by near record-low borrowing costs and improving job prospects.
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U.S. house prices rose 6.5 percent in the year through January, the biggest jump since 2006, as values surged on the West Coast and in the area including Nevada and Arizona, the Federal Housing Finance Agency said.
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U.S. mortgage rates for 30-year loans rose to a six-month high after stronger-than-expected employment growth drove up yields for the government securities that guide home loans.
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U.S. mortgage rates for 30-year fixed loans fell for the first time in six weeks, decreasing borrowing costs as home-price gains accelerated.
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As many as 1.25 million of America’s least cared for homes are headed for auction after a year-long probe into foreclosure practices kept them off the market.
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U.S. home prices climbed 5.6 percent in the 12 months through November as buyers competed for a dwindling inventory of properties, according to the Federal Housing Finance Agency.
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Shelby Webb, 22, rented her first apartment three weeks ago in Chattanooga, Tennessee, after landing a job translating ads for a Spanish-language newspaper. Now, she’s paying monthly bills for electricity, cable television and natural gas for the first time and has bought new pillows from Wal-Mart Stores Inc.
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Patrick Newport, an economist with IHS Global Insight, discusses January home sales. He speaks with mark Crumpton on Bloomberg Television's "Bottom Line." (Source: Bloomberg)
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U.S. home prices, which climbed more than forecast in July, are unlikely to come “roaring” back as the housing market reaches bottom, according to Karl Case, the economist who co-created the S&P/Case-Shiller index.
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U.S. home prices fell 3.1 percent in the first quarter from a year earlier as record foreclosures added to the inventory of houses on the market.
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