Home Price Index Spikes to Four-Year High

Data released on Wednesday shows that the purchase price of homes backed by Fannie Mae and Freddie Mac spiked to a new four-year high, as shown on the graph below.

We'll see whether this spike represents a turning point on increasing house prices (home price bubble forming?)...one to watch over the months ahead.

In contrast, MBA purchase applications fell 3% and and the amount of refinancing fell below the prior week's numbers, as shown below...also ones to keep a eye on over the next weeks.