The Data & Analytics division of Black Knight Financial Services reported no monthly change in its Home Price Index for January. Black Knight's latest report showed the index registered $232,000 in January, unchanged from the end of 2013. Year-over-year, the index was up 8 percent from $215,000. Black Knight attributes the unmoving price index to seasonal effects, as well as an overall slowing in the market. Given January's flatness, national prices remain 14 percent off their peak of $270,000 in June, 2006.
Of the 20 largest states, California posted the biggest year-over-year increase at 14.8 percent. On a monthly basis, it ranked among the top five largest states, reporting a gain of 0.3 percent. Among all states, New York topped in gains with a 0.6 percent monthly increase. Following the Empire State were New Jersey at 0.5 percent, and Nevada, Pennsylvania, Georgia, and the District of Columbia—all at 0.4 percent. Not making the top 10 list in January was Texas, which after several months spent climbing to new price peaks backed off a bit with a 0.3 percent month-over-month decline.
Equifax released its latest National Consumer Credit Trends report, which showed the total balance of first mortgages increased by 2.8 percent from last year, the largest year-over-year increase since September, 2008. The report commented the decline in mortgage balances from accelerated amortization and foreclosure write-offs was overcome by increases in mortgage debt due to home purchase lending. The total balance of $7.97 trillion for first mortgages is the highest since December, 2011.