US home prices hit record level (again) Phoenix, San Diego and Seattle again showed the highest price growth

Didier Malagies • September 29, 2021


July marked the fourth consecutive month in which the growth rate of home prices set a record, according to the latest S&P CoreLogic Case-Shiller National Home Price Index Report released on Tuesday.


The index showed a 19.7% annual gain for the year ending in July 2021, up from 18.7% a month prior. This is the highest annual rate of price growth since the index began in 1987 and the fourteenth consecutive month of accelerating prices.


“The last several months have been extraordinary not only in the level of price gains, but in the consistency of gains across the country,” Craig Lazzara, Managing Director and Global Head of Index Investment Strategy at S&P DJI, said in a statement.


The Case-Shiller 10-city home price index rose 19.1% from July 2020 to July 2021, which is up from the 18.5% increase recorded in June 2021. The 20-city index posted a 19.9% year-over-year gain, up from 19.1% a month earlier.


For the 26th straight month, Phoenix recorded the highest year-over-year home price increase, at 32.4%. San Diego was second with 27.8% and Seattle was third, with a 25.5% increase.


How lenders can effectively serve the changing demographics of borrowers

HousingWire Editor-in-Chief Sarah Wheeler recently spoke with Caliber Home Loans’ James Hecht, Executive Vice President of Retail Lending, and Cristian Correa, National Diversity Lending Manager, about the changing demographics of borrowers and how Caliber is recruiting talent that reflects the communities they serve.


Presented by: Caliber Home Loans

“In July, all 20 cities rose, and 17 gained more in the 12 months ended in July than they had gained in the 12 months ended in June,” Lazzara said in a statement. “Home prices in 19 of our 20 cities now stand at all-time highs, with the sole outlier (Chicago) only 0.3% below its 2006 peak. This month, New York joined Boston, Charlotte, Cleveland, Dallas, Denver, and Seattle in recording their all-time highest 12-month gains. Price gains in all 20 cities were in the top quintile of historical performance; in 15 cities, price gains were in the top five percent of historical performance.”

Acceleration of home prices were again strongest in the Southwest (+24.4%) and the West (+23.7%), however all regions recorded double-digit gains and record-high rate increases.

“There’s a surge of millennials approaching the prime home-buying age and are experiencing more flexibility to expand their search locations,” CoreLogic deputy chief economist Selma Hepp said in a statement. “Additionally, there are move-up buyers with larger budgets who are relocating to more affordable areas where they’re financially able to outbid local residents. Taken together, these factors have created a double-whammy for home price growth.”


In addition, homebuyers are continuing to enjoy low mortgage rates, boosting the demand for homes even higher.


“Home price growth remained scorching hot as the housing market entered the dog days of summer, but data released in the weeks since indicate cooler days in the months to come,” Matthew Speakman a Zillow economist said in a statement. “The tight market conditions that have fueled the skyrocketing prices are finally showing signs of loosening. For-sale inventory levels charted their fourth consecutive monthly increase in August, and sellers appear to be taking a less aggressive approach when putting their homes on the market. Price growth remains about as hot as ever, but the housing market is gradually retreating towards a more balanced state.”


As fall approaches, the demand for houses has dropped off a little, with Redfin reporting a 9% decrease in the number of homes under contract in the four week period ending September 5, compared to the high point set in May 2021.



Another report on home-price growth by the Federal Housing Finance Agency, also released Tuesday, found a 19.2% increase in home prices in July from a year earlier.


Start Your Loan with DDA today
Your local Mortgage Broker

Mortgage Broker Largo
See our Reviews

Looking for more details? Listen to our extended podcast! 

Check out our other helpful videos to learn more about credit and residential mortgages.

Wade Pfau: how market volatility could renew reverse mortgage discussion

By Didier Malagies • April 15, 2025
Wade Pfau, a leading voice in retirement income planning, has long advocated for the strategic use of reverse mortgages —and current market volatility could reignite interest in this often misunderstood tool. 🔁 Why Market Volatility Renews Reverse Mortgage Talks In times of market downturn, retirees face sequence of returns risk , meaning early losses can severely impact the longevity of their portfolio. Pfau suggests that reverse mortgages , particularly Home Equity Conversion Mortgages (HECMs) , can act as a buffer asset to avoid selling investments at a loss. Here's how: During market dips , retirees can pull funds from a reverse mortgage line of credit instead of their investment accounts. This gives their portfolios time to recover before resuming withdrawals. Result : More sustainable income and potentially greater long-term financial security. 🧠 Shift in Strategy: Not Just a Last Resort Pfau argues that reverse mortgages should be considered early in retirement planning , not just as a last-ditch effort: Opening a HECM line of credit early can grow over time due to the compounding credit line. Provides flexibility and tax-efficient access to funds. Helps retirees coordinate income sources between portfolio withdrawals, Social Security, and home equity. 👓 Changing Advisor Perspectives Financial advisors—previously skeptical—are beginning to see reverse mortgages in a new light: Volatile markets have prompted a more open-minded view among planners. More are incorporating reverse mortgages into holistic retirement income strategies . Bottom line : Market volatility doesn’t just threaten retirement—it also opens the door to rethinking traditional strategies . As Pfau puts it, home equity is too significant a resource to overlook, and when used wisely, reverse mortgages can enhance retirement resilience

Questions frequently asked about on job history and funds to close when getting a mortgage

By Didier Malagies • April 14, 2025
Are you a salaried employee, hourly, self-employed, or a contractor? Do you receive bonuses, commissions, or overtime? How consistent is that income? Can you provide recent pay stubs, W-2s, or tax returns? Self-Employment (if applicable): How long have you been self-employed? Can you provide two years of business tax returns and profit/loss statements? 🔹 Funds to Close Questions Lenders want to confirm you have enough money to cover the down payment, closing costs, and reserves. Questions may include: Source of Funds: How much money do you have saved for the down payment and closing costs? Where are these funds coming from (savings, checking, retirement account, gift, etc.)? Are you receiving any gift funds? If so, from whom? Asset Documentation: Can you provide bank statements from the past 2–3 months? Are there any large or unusual deposits? Can you explain them? Reserves: Do you have additional savings left after closing (reserves)? Can you show evidence of other assets (stocks, bonds, retirement)? tune in and learn https://www.ddamortgage.com/blog didier malagies nmls#212566 dda mortgage nmls#324329

What are the benefits of having a Reverse Mortgage

By Didier Malagies • April 10, 2025
Yes, the reverse mortgage market is projected to experience growth in 2025. Analyses indicate that the market size will increase from $1.79 billion in 2024 to $1.92 billion in 2025, reflecting a compound annual growth rate ( A reverse mortgage can be a useful financial tool for certain homeowners, especially older adults looking to access home equity without selling their home. Here are the key benefits of a reverse mortgage: 🏡 1. Access to Home Equity Without Selling You can tap into your home's equity and receive funds as a lump sum , monthly payments , or a line of credit , without having to sell your home or move out. 👴 2. No Monthly Mortgage Payments Unlike a traditional mortgage, you don’t make monthly payments . Instead, the loan is repaid when you sell the home, move out permanently, or pass away. 💵 3. Flexible Payout Options You can choose how to receive the funds: Lump sum Monthly payments (tenure or term) Line of credit Or a combination This flexibility helps match your financial needs. ✅ 4. Stays in Your Name You retain ownership of your home, and as long as you meet the loan requirements (like maintaining the home and paying property taxes/insurance), you can continue to live there. 🛡️ 5. Non-Recourse Loan You (or your heirs) will never owe more than the home is worth . If the home’s value drops below the loan balance, the FHA insurance (if it's a HECM—Home Equity Conversion Mortgage) covers the difference. 👨‍👩‍👧‍👦 6. Heirs Have Options When you pass away, your heirs can: Repay the loan and keep the home Sell the home and keep any remaining equity Walk away if the loan balance exceeds the home’s value  💰 7. Supplement Retirement Income Reverse mortgages can provide a source of income during retirement, helping cover expenses, delay Social Security, or preserve investments. Would you like a quick rundown of the downsides too, just so you have the full picture?
Show More