Tiffany Hsu of the LA Times reports today that home prices were up 3.8% in July, their largest year-over-year leap since 2006. “The real estate market is ‘clearly seeing the light at the end of a very long tunnel,’ said CoreLogic Chief Executive Anand Nallathambi.”

 

And Vickie Elmer of the NY Times writes that, with interest rates remaining so low, homeowners have been trading out of their “jumbo” mortgages to refinance into conventional loans. “‘It’s an opportunity not to be missed,’ said Melissa Cohn, the chief executive of the Manhattan Mortgage Company, adding that her customers like the idea of locking in a lower rate.”


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