Fitch is out with one of their quarterly house price reports and they say that the 2 year streak in rising prices looks to have hit a top.
National house prices fell just under 1% between Q1 and Q2 2014. While that isn’t anything major on its own it’s halted a 20% rise in prices between Q4 2011 and Q1 2014.
The drop in house prices has been broad across most US cities notes Fitch director Sean Nelson
“The cooling of the US housing market comes as no surprise after several years of unsustainable growth rates. It’s also worth noting that nearly all major cities are experiencing the same home price flattening at the same time. “
Virtually a year ago Fitch were warning that house price rises were reaching unsustainable levels and that cash sales and flipping by speculators was behind half of housing transactions. House prices have been on a strong run so it’s natural to see some steam being let off.