Home Prices Continue To Rise (+5.67% YoY) As Borrower Demand Cools And Banks Ease Credit

The Case-Shiller 20 metro index of repeat-sales home prices is out for April (although it is almost July).  The index rose 0.28% in April MoM. And the composite index rose 5.67% YoY.

The biggest “winner” for home price growth? Seattle at 12.9% YoY. The slowest growing city? Cleveland at 3.4% (although Washington DC and New York are close at 3.6% and 3.8%, respectively).

This comes on Fannie Mae’s sobering report that purchase mortgage demand has dropped to the lowest reading in the past year.

And credit standards are expected to loosen, at least for GSE eligible loans.