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Mortgage News For The Week of November 3, 2014
Mortgage News For The Week of November 3, 2014    
Last week’s economic news brought mixed developments as pending home sales moved to their second highest level of 2014.
The Federal Open Market Committee (FOMC) announced the expected end of asset purchases under its quantitative easing program. In its post-meeting statement, the committee noted improvements in overall economic conditions labor markets as indications of better than expected economic trends.
The Case-Shiller Home Price Index reports for August showed continued slowing in housing price gains. Mortgage rates were higher, but consumer confidence exceeded expectations.
Pending Home Sales Rise, Case-Shiller Reports Slower Price Gains
The National Association of REALTORS® reported that pending home sales gained 0.30 percent in September for an index reading of 105 as compared to August’s reading of 104.7. Analysts said that lower home prices and more homes available likely brought more buyers into the market.
The S&P Case Shiller 10 and 20-city home price index reports for August showed further slowing in home price growth with a year-over-year reading of 5.60 percent as compared to July’s year-over-year reading of 6.70 percent.
This was the slowest price increase since November 2012. Home price growth is slowing as demand decreases. ... more

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