Real Estate, U.s. Economy | featured news

Nationwide home prices shot up 3.8% in July, making their largest year-over-year leap since 2006, according to real estate data provider CoreLogic. The gain marks the fifth straight rise in the gauge, part of a positive swing following a year and a half of slumps. The last time prices rose so much was in August 2006, when they jumped 4.1%.

Home prices rose more than expected in June, the fifth month in a row of gains in a fresh sign of improvement in the housing market, a closely watched survey showed on Tuesday.

New single-family home sales rose in July but prices fell, giving mixed signals about the strength of the country's budding housing market recovery.

Fannie Mae and Freddie Mac, the two mortgage-finance giants, this week reported some of their best quarterly results since the real estate collapse. On Wednesday, Fannie Mae posted second-quarter net income of $5.1 billion. That is up from $2.7 billion in the first quarter of this year and an improvement from a net loss of $2.9 billion in the second quarter of last year. Fannie requested no additional money from the Treasury and said it would pay a $2.9 billion dividend to taxpayers.

U.S. homeowners are getting better about keeping up with their mortgage payments, driving the percentage of borrowers who have fallen behind to a three-year low, according to a new report.

Single-family home prices rose for the fourth month in a row in May on a seasonally adjusted basis, suggesting the recovery in the housing market continued to gain traction, a closely watched survey showed on Tuesday.

Contracts to buy previously owned U.S. homes unexpectedly fell in June as fewer properties came on the market, an industry group said on Thursday, pointing to weak home resales in July.

U.S. home prices in the second quarter rose from the year-ago period for the first time since 2007, according to a closely watched index, the latest indication that the housing market is starting to recover.