The ever-increasing living costs, worsening traffic congestion, and slowing job growth are driving home buyers away from some of America’s biggest real estate hot spots, including the Bay Area. The Epoch Times has the full story:
San Francisco, which had the greatest home value pick up in recent years, had the weakest real estate market out of the top 100 metropolitan areas in the first quarter of this year, with annual prices falling for the first time since 2011.
Single-family house prices in the San Francisco-Redwood City-South San Francisco area fell 2.5 percent, according to a report by the Federal Housing Finance Agency (FHFA). Meanwhile, home values in the United States rose 6 percent from a year earlier.
Although mortgage rates had risen late last year, there was no slowdown in house price appreciation across the country during the fourth quarter, said FHFA Deputy Chief Economist Andy Leventis in a video.
“Throughout the first quarter of this year, mortgages rates remained at the slightly higher levels, but once again price appreciation remained quite strong,” he said.
Among the 100 largest metropolitan areas in the United States, value increase was the highest in Grand Rapids-Wyoming, Michigan, with home prices rising nearly 14 percent year-on-year.
And the three states that had the highest annual appreciation were District of Columbia, Colorado, and Idaho.
The FHFA index only takes into account purchases financed with mortgage loans that conform to Fannie Mae and Freddie Mac standards. Hence the FHFA index may not represent all homebuyers.
Continue reading on this PAGE.