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US home prices are more than 5% too high: Fitch

first_img Housing MarketMortgagesResidential Real Estate Message* Email Address* Share via Shortlink Tags “Slowing employment recovery and still-high unemployment levels are not supportive of long-term sustainable price growth,” said Suzanne Mistretta, a senior director at Fitch, in a statement. She defined sustainable as determined by market fundamentals, such as growth in incomes and households.The report comes as national home price indices reported significant gains in the final months of 2020. The S&P CoreLogic Case-Shiller U.S. National Home Price Index rose 10.4 percent for the year. In the final quarter of 2020 the Federal Housing Finance Agency House Price Index, tracking single-family homes, reported the largest quarterly increase in its five-decade history.As housing prices and sales rebounded last spring and quickly surpassed levels recorded in previous years in the summer and fall, the housing market was viewed as a rare pandemic bright spot.“Home sales are continuing to play a part in propping up the economy,” said Lawrence Yun, chief economist for the National Association of Realtors, when the trade group reported January’s increased sales pace of existing homes. “With additional stimulus likely to pass and several vaccines now available, the housing outlook looks solid for this year.”Other economists are tempering expectations, warning that increasing home prices and tighter lending criteria that began in 2020 have shut less wealthy buyers out of the market and will eventually lead to a drop in demand.Fitch attributes the surge in prices largely to changes triggered by the pandemic, such as consumer protection policies like forbearance plans, and new consumer preferences, namely the desire for larger living space.If consumer protections are scaled back and lifestyle preferences change, Fitch expects price growth to slow and inventory to rise as distressed or previously hesitant owners finally put their homes on the market.But the ratings agency doesn’t anticipate a reversal of the upward price trend anytime soon. Fitch forecasts home prices will rise between 1 percent and 3 percent this year and its overvaluation estimate will continue to increase in the first half of the year.Contact Erin Hudson (iStock/Illustration by Alexis Manrodt for The Real Deal)Buyers bidding up homes have gotten carried away, according to a new report.Fitch Ratings estimates that national home prices were overvalued by 5.5 percent as of November. In about a quarter of the country’s 392 metro areas, Fitch estimates, home prices are more than 10 percent too high.Fitch said rapid housing price growth is out of step with the economy. While home prices have been driven up by historically low inventory and mortgage rates, income and employment metrics do not justify what buyers are paying.Read moreUS home prices jump 10.4% in best year since 2013Home sales, prices rose in January as inventory hit new lowThe mirage of low interest rates Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Full Name*last_img read more

Herbie Hancock Announces 2019 Tour Dates

first_imgLauded keyboardist, composer, and bandleader Herbie Hancock has announced a slew of east coast tour dates scheduled for February of 2019.Next year, the jazz icon will hit the Flynn Center in Burling, VT on February 6th; Bergen Performing Arts Center in Englewood, New Jersey on February 9th; Schaefer Center for the Performing Arts in Boone, NC on February 13th; Ruth Eckerd Hall in Clearwater, FL on February 15th; and UNC Greensboro – College of Visual and Performing Arts in Greensboro, NC on February 19th. The announcement promises “more dates” to be added soon.Now in the sixth decade of his professional life, Herbie Hancock remains where he has always been: at the forefront of world culture, technology, business and music. In addition to being recognized as a legendary pianist and composer, Herbie Hancock has been an integral part of every popular music movement since the 1960’s. As a member of the Miles Davis Quintet that pioneered a groundbreaking sound in jazz, he also developed new approaches on his own recordings. His work from the 70s, such as record-breaking albums such as 1973’s Headhunters, combined electric jazz with funk and rock in an innovative style that continues to influence contemporary music. Rockit and Future Shock marked Hancock’s foray into electronic dance sounds. During the same period, he also continued to work in an acoustic setting with V.S.O.P., which included ex-Miles Davis bandmates Wayne Shorter, Ron Carter, and Tony Williams. In honor of his work, Hancock was awarded the Grammy Lifetime Achievement Award in February 2016.Back in March, Hancock revealed that he has been working with a slew of extremely exciting guests for his forthcoming LP. In addition to Wayne Shorter, the as-of-yet untitled project will feature contributions from critically acclaimed contemporary artists like Kendrick Lamar, Common, Snoop Dogg, Flying Lotus, Thundercat, Kamasi Washington, and more. The multi-talented and highly regarded Terrace Martin, who also plays in Hancock’s touring band, is producing the album. Read more from that interview here.Check out the upcoming tour dates below and head to the great Herbie Hancock’s website for additional information on tour dates and tickets.last_img read more