CoreLogic's chief economist Dr. Frank Nothaft said, "January marked the third consecutive month that annual home price growth accelerated in our national index, as low mortgage rates and rising income supported home sales. In February, mortgage rates fell to the lowest level in more than three years, which likely will spur additional home shopping activity and price appreciation."
An escrow shortage is when there is a negative balance in the escrow account and not enough money to pay your bills plus maintain the required cushion. The most common reason for an escrow shortage is an increase in property taxes, which results in an increase to the escrow payments. Other possible reasons for escrow shortages include a rise in homeowners insurance and a miscalculation of the escrow payment when the home loan was originally started.