Seattle-area home prices hit wall in May

FILE – In this June 9, 2011 file photo, a “sold” notice is posted on the “for sale” sign of a house, in Seattle.Home prices in major U.S.

The average price of existing single-family homes sold in King, Snohomish and Pierce counties was the same in May as in April, according to the S&P/Case Shiller index. Over the past 12 months, the average price in the Seattle area was up 7.4 percent, the same pace as April.

More Headlines

Average US rate on 30-year mortgage falls to 3.98 percent

WASHINGTON (AP) — Average long-term U.S. mortgage rates fell for a second straight week, with the key 30-year rate slipping below 4 percent. Mortgage giant Freddie Mac said Thursday the average rate on a 30-year fixed-rate mortgage declined to 3.98 percent this week from 4.04 percent a week earlier. The rate on 15-year fixed-rate mortgages...

Judge leaves Katy Perry’s bid to buy convent in limbo

LOS ANGELES (AP) — Katy Perry's dream of owning a hilltop convent near Hollywood is going to have to wait a while longer. The convent, which Perry has wanted to buy to be her personal residence for several years, is in the middle of a legal fight between a group of elderly nuns and the...

Fed holds steady on rates, seeks further economic gains

WASHINGTON (AP) — The Federal Reserve appears on track to raise interest rates later this year but signaled Wednesday that it wants to see further economic gains and higher inflation before doing so. A statement from the Fed after its latest policy meeting provided no timetable. Many analysts foresee the first hike in September, though...

US pending home sales slip in June

WASHINGTON (AP) — The number of signed contracts to buy homes fell in June, as limited supplies of homes on the market are holding back possible sales growth. The National Association of Realtors said Wednesday that its seasonally adjusted pending home sales index declined 1.8 percent to 110.3 last month. Still, strong demand from would-be...

Lower credit scores lead to higher mortgage costs

Those with fair-to-good credit — scores of 620 to 700 — usually can’t qualify for low-cost mortgages backed by government-sponsored financing giants Fannie Mae and Freddie Mac, which buy or guarantee more than half of the nation’s mortgages.

Can US housing industry’s comeback endure? The outlook dims

WASHINGTON (AP) — The U.S. housing market has sizzled this summer, lifting expectations that home sales will finally help drive an economic expansion now in its seventh year. Or will it? Signs are emerging that housing's momentum may be destined to falter in coming months. Analysts note that some of the key foundations needed to...

US new-home sales hit June slump

WASHINGTON (AP) — Fewer Americans bought new homes in June, a possible sign that the real estate market might not be as hot as it appeared at the start of summer. The Commerce Department said Friday that new-home sales slumped 6.8 percent last month to a seasonally adjusted annual rate of 482,000. The report also...

Average US rate on 30-year mortgage falls to 4.04 percent

WASHINGTON (AP) — Average long-term U.S. mortgage rates fell this week, retreating from highs for the year and amplifying the incentive for prospective home buyers. Mortgage giant Freddie Mac said Thursday the average rate on a 30-year fixed-rate mortgage declined to 4.04 percent from 4.09 percent a week earlier. The rate on 15-year fixed-rate mortgages...