U.S home prices are up 4.6 percent from a year ago and New York state home prices have hit a new post housing crisis high, according to the Black Knight Financial Home Price Index January 2015 Overview released Friday. U.S. home prices had a slight point 1 percent increase from December 2014 to January 2015. However, prices are up over 20 percent from 2012, but still down 10 percent from the 2006 peak. The current national home price value is $241,000.
The New York metro area had an even higher increase that the overall state at 9 point 4 percent. San Jose, California home prices have once again hit a new peak, leading U.S. metros with 1 point 3 percent month-over month and 11.3 percent year-over-year gains. Florida home prices saw a monthly decline, as did prices in all of the state’s major metro areas. Many of the state's metros remain about 30 percent below their pre-crisis peaks. Connecticut home prices also dropped, decreasing 1 point 1 percent year-over-year, making it the only one of the 20 largest states to see a yearly decline.
A U.S. congresswoman has introduced a bill to establish a secondary reserve fund for Fannie Mae and Freddie Mac. The bill, introduced by Tennessee Republican Representative Marsha Blackburn, seeks to amend the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to establish a secondary reserve fund for a housing enterprise under conservatorship to protect taxpayers against loss in the event of a housing downturn. The secondary reserve could also be referred to as an escrow account, where funds are held until a resolution is created on GSE reform.