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as the market recovered from bottoming out in 2011. But home prices have outpaced wage growth, leaving many potential buyers unable to afford homes and causing both sales and price growth to stall.
The Associated Press
The recent decline in mortgage rates has yet to bring more buyers into the market. Simultaneously, there are fewer distressed properties and bargains coming onto the market that attract investors as buyers. All of that has occurred despite an improving U.S. economy that has generated 2.65 million new jobs so far The slowdown in price growth this year, as the unemployment comes after surging doublerate has dropped to 5.8 percent digit increases for much of from 6.7 percent at the start of 2013. Home values climbed 2014.
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Buying could be helped by average 30-year mortgage rates staying closed to a 19-month low. Rates nationwide averaged 3.83 percent last week, according to the mortgage company Freddie Mac.
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“A slower-moving housing market is inherently more stable, more balanced between buyers and sellers and more sustainable over the long-term, ” Humphries said.
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slower price growth should ultimately be helpful for the economy. When prices rise at levels closer to wages, more people are usually able to buy a home.
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and chairman of the index a healthy real estate market. committee at S&P Dow Jones Indices. The Commerce Departmen t said last week that new home The Case-Shiller index covers sales slid 1.6 in November roughly half of U.S. homes. to a seasonally adjusted annual The index measures prices rate of 438,000. That remains compared with those in January significantly below the annual 2000 and creates a three-mon th rate of 700,000 seen during the moving average. The October 1990s. figures are the latest available. The real estate brokerage Other housing reports confirm Redfin reported Monday that its a broader slowdown. market tracker found that home The National Associatio sales plummeted 5 percent n of Realtors estimate that in November compared to 12 2014 sales will end up months earlier. Nearly below a third of 2013 levels. The trade the buyers surveyed by group Redfin forecasts that 4.94 million said that their biggest obstacle existing homes will be to purchasing a home sold was this year, down 3 percent affordability. from 5.09 million in 2013. Analysts Stan Humphries, chief say sales of roughly 5.5 million economist at the real estate existing homes are common in data firm Zillow, noted that
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Prices barely budged over the past 12 months in Cleveland (up 0.9 percent), Chicago (1.9 percent), New York (2 percent), Phoenix (2.1 percent) and Washington, DC (2.2 percent). Still, there are signs that broader improvements in the U.S. economy may be causing prices to rise faster in some cities. Compared to September , eight cities reported stronger year-over year prices growth in October. This includes San Francisco (up 9.1 percent), Denver (7.2 percent) and Tampa (6.1 percent).
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U.S. home prices continu e to increase
U.S. home prices rose in October at a slightly slower pace, as real estate sales have fallen and affordabili ty has increasingly become a challenge for potential buyers. The Standard & Poor’s/Cas eShiller 20-city home price index increased 4.5 percent in October from 12 months prior. The figures reported this week mark the eleventh straight month of price gains decelerating and the smallest gain since October 2012.
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URSULA MINOR, OF LAWRENCE, STAYS BUSY with presiding over the local NAACP chapter, sitting on the Lawrence Public Library board and remaining heavily involved in the local arts scene.
Meet Ursula Minor, tireless volunteer By Elliot Hughes Twitter: @elliothughes12
L
ater this month, Lawrence resident Ursula Minor will once again set up a crafts booth for students at an afterhours educational game night at Woodlawn Elementary, as she’s done for nearly 10 years. Minor did not attend the school, and neither did her two adult children. Minor doesn’t even live in the same part of town. But the modest, annual visit made to Woodlawn (and Pinckney Elemen-
tary — she does the same thing there) is a favorite activity for Minor, who stays busy with presiding over the local NAACP chapter, sitting on the Lawrence Public Library board and remaining heavily involved in the Lawrence arts scene. “I just love the people and I just love getting out there and just doing stuff,” said Minor, 55, on being active in the community. “It never ends, but I enjoy it.” Minor is a native Lawrencian and works as an assembler at the technology manufacturer Honeywell, where her husband, James, is
“
a customer quality engineer. She’s an Her love of art was stoked as a Girl Scout, when she was artist at heart always working with crafts. and so she really Today, she collects materials as if she were the “other encourages the Hobby Lobby.” students to use “I pick up beads and stuff their creativity everywhere,” she said. Much of Minor’s artwork to come up with involves a months-long pro- something cess of decorating dummy they will enjoy heads and other objects with taking home a vibrant collage of beads and other small items cover- with them.” ing every inch. Minor is a member of the — Jeanne Fridell, Lawrence Art Guild and Woodlawn Elementary School principal
Next week, lifelong Lawrencian Joanne Renfro, 55, will relive “the most amazing experience” of her life. As part of the Lawrence Public Library’s Physical Fitness Month, Renfro will detail her experiences hiking the Appalachian Trail at 7 p.m. Thursday at the library, 707 Vermont St. From March to August this year, the Lawrence mural artist hiked the 2,185-mile trail from Georgia to Maine, learning about nature — and herself — along the way. “The strangeness be-
Low: 26
Dead town Saunders rides out dusts of time
comes normal. Everything you need is strapped to your back,” Renfro said. “It really gives perspective on what you really need.” Renfro made the trip Please see ‘WILD’, page 2A
By Amy Bickel The Hutchinson News
Contributed Photo
LAWRENCIAN JOANNE RENFRO poses atop a sign after she summited Mt. Katahdin in Maine on her Appalachian journey.
INSIDE Business Classified Comics Deaths
Today’s forecast, page 6A
A SIGN WELCOMES VISITORS to the lost town of Saunders along Highway 160 in western Kansas.
What: Joanne Renfro’s account of her Appalachian Trail journey When: 7 p.m. Jan. 8 Where: Lawrence Public Library, 707 Vermont St. Cost: Free
Snow ahead
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Amy Bickel/The Hutchinson News
If you go
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Please see FORMULA, page 2A
Please see MINOR, page 2A
A ‘Wild’ adventure of her own By Caitlin Doornbos
Topeka — Tuesday’s court ruling in the ongoing school finance lawsuit could open the door for something Gov. Sam Brownback and Republican leaders in the Legislature have long been calling for — an overhaul of the state’s school finance formula. That’s the assessment of Kansas University constitutional law professor Rick Levy. But he said lawmakers should be careful to make sure any new formula is designed to proLEGISLATURE duce the results that the courts are now saying are expected. “If I were advising the Legislature, I would start over and craft a formula based on what it takes to achieve the outcomes, and see where that takes you,” Levy said. “If they think there are savings to be had, then craft the appropriate law in a way that targets those savings.” A three-judge panel ruled Tuesday in the case of Gannon vs. Kansas that current funding for public schools is unconstitutional. And while the judges did not order lawmakers to increase funding by a specific
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Saunders — The little border stop greets you as you enter Kansas — along with a windshield of dust. And it seems the dust is especially bad at Saunders, which sits right next to the Colorado border along a stretch of Highway 160 that, for miles, is nearly empty of people. But for Minnie Watson, the whirling earth she experienced here during the 1930s was much worse than today. She and her family moved to Saunders in 1937. She was in second grade, The Hutchinson News reported. Her family had left Plains, Kan. — an area still plagued by dust storms, although it wasn’t quite in the heart of it like Stanton Please see TOWN, page 2A
Wagnon stepping down The Kansas Democratic Party’s chairwoman says she’s not seeking a third, two-year term in the job and is looking for a successor. Page 3A
Vol.157/No.2 18 pages