After months of reports of a slowdown in home price increases, consumers have finally started to temper their expectations for price gains in the next year. Consumers polled in Fannie Mae's National Housing Survey for January projected an average 2% gain in home prices over the next 12 months. Though it's the lowest consumer forecast in more than a year, analysts say it isn't far off from their own predictions.
Meanwhile, only 43% of surveyed consumers said they expect price gains in the next 12 months--the lowest share since this time last year.
Refinance volume under the Home Affordable Refinance Program finally crossed the three million mark in November, according to a report released Monday by the Federal Housing Finance Agency. As of the end of the month, Fannie Mae and Freddie Mac reported nearly 3,028,000 HARP refinances since its inception, marking a major milestone for the program. In a statement, FHFA director Mel Watt pledged to continue the agency's efforts to make sure those who can take advantage of HARP have all the information they need to do so.