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Johnson, a housing economist at Florida Atlantic University.ĭoug Duncan, chief economist at mortgage giant Fannie Mae, acknowledges concerns about the stability of the housing market. “Prices are clearly accelerating at a pace that could become worrisome,” says Ken H. With home prices rising sharply in the past year, the latest boom is creating no shortage of concern. The nightmarish memories of the last boom and bust remain fresh in the minds of homeowners, economists, lenders and Realtors. Other fast-appreciating markets include Ocala, Florida, up 33.8 percent, and Ogden, Utah, up 30.8 percent.Įxperts say price appreciation is ‘worrisome’ Home prices there soared 34.4 percent from the first quarter of 2021 to the first quarter of 2022, according to the National Association of Realtors. Home prices have risen far more quickly than incomes, creating an affordability squeeze, and mortgage rates have doubled since August 2021.ĭespite those potential drags on prices, home values keep soaring. Homes’ rate of appreciation, per NAR, was 14.8 percent from May 2021 to May 2022.įor months, housing economists have been predicting that the housing market would eventually cool as home values become a victim of their own success.The median house price reached $407,600 in May 2022. Home sales fell 8.6 percent from May 2021 to May 2022, the National Association of Realtors says.Illinois had the most REOs at 350, followed by Michigan’s 249, according to ATTOM.

properties through completed foreclosures - known as “real estate owned,” or REO - in May 2022. It’s followed by New Jersey, where one in every 2,346 homes are in some stage of foreclosure.

Illinois had the highest foreclosure rate of any state in May, at one foreclosure filing for every 2,000 housing units, according to ATTOM.

homes had foreclosure filings - default notices, scheduled auctions or bank repossessions - as of May 2022, according to ATTOM Data Solutions. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money.ī is an independent, advertising-supported publisher and comparison service. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey.īankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Our experts have been helping you master your money for over four decades.

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