Home Sales Asking prices up in 86 of 100 largest markets

Asking prices of homes listed for sale on real estate portal Trulia.com in January were up from a year ago in 86 of the 100 largest U.S. metros, including Seattle, according to a monthly report released today.

The report, which covers roughly 4.5 million for-sale and for-rent properties listed on Trulia through Jan. 31, showed asking prices up 5.9 percent from a year ago, and growing by a seasonally adjusted 0.9 percent from December to January — the biggest month-over-month gain since March 2012.

In some markets, the strong growth in asking prices doesn’t necessarily indicate that worries are over, said Jed Kolko, Trulia’s chief economist.

“In many local markets today, dramatic price gains can mask serious red flags,”Kolko said in a blog post. “Strong job growth, low vacancy rate, and low foreclosure inventory — not huge price gains — are signs of a healthy housing market.”

Signs of a healthy housing market

Trulia identified San Francisco, San Jose, Seattle, Denver and Salt Lake city as “booming” markets with strong fundamentals.

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HARP program: Underwater Home Owners Get More Refinancing Help

Mortgage giants Fannie Mae and Freddie Mac announced that mortgage lenders will be able to offer up to $2,000 to home owners with little or no equity in their homes who are seeking to refinance their mortgage under the government’s Home Affordable Refinance Program.

The lender incentives may be offered to pay down mortgage balances, closing costs, or other expenses usually required of borrowers who are refinancing using the HARP program.

Up to $2,000 to home owners with little or no equity in their homes

The changes may encourage more underwater home owners to refinance — particularly those who had been reluctant to pay loan-origination fees or closing costs, which could total thousands of dollars.

The latest guidance “simply provides a clarification to lenders on benefits that can be passed back to borrowers on a HARP refinance,” says Meg Burns, a senior policy director for the Federal Housing Finance Agency, Fannie and Freddie’s regulator.

To date, nearly 1.8 million home owners have refinanced under the HARP program.

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