Fannie Mae economists say that “the broadening housing recovery could very well be more robust” than they anticipated, according to the mortgage giant’s lately monthly economic outlook report. Low inventories of homes for sale are contributing to rapid price increases all across the country, which are expected to continue throughout this year. Fannie Mae economists predict that existing-home prices will rise 5.1 percent in 2013, reaching a median $186,000. They also predict home prices will increase another 3.8 percent in 2014, reaching $193,000. New-home prices are expected to rise 4.1 percent […]

The bidding wars are back. Seemingly overnight, many of the nation’s major housing markets have gone from stagnant to sizzling, with for-sale listings drawing offers from a large number of house hunters. In March, 75% of agents with broker Redfin said their clients’ offers were countered by rival bids, up from 56% who said so in late 2011.  The competition has been most intense in California, where 9 out of 10 homes sold in San Francisco, Sacramento and cities in Southern California drew competing bids during the month. And at […]

Home prices continued their recovery, rising 8.1% in January, although a separate report showed a slight slowdown in new-home sales. The S&P Case-Shiller index, which tracks the 20 largest markets in the nation, showed the biggest year-over-year gain in prices since June 2006. “This marks the highest increase since the housing bubble burst,” said David Blitzer, chairman of the index committee at S&P Dow Jones Indices. In a separate government report Tuesday, new homes sold at a 411,000 annual rate in February, down nearly 5% from the January sales pace […]