Affordability

In its Annual Report to Congress for fiscal year 2023, the FHA detailed the work of its single-family mortgage insurance programs in fiscal year 2023, including updates on credit access, capital in the MMI Fund, and delinquency rates of mortgages in its portfolio.

As homebuyers continue to back out of the housing market, home sellers are providing concessions to help reduce the buyers’ total cost of purchasing the home, according to a new Redfin report, offering some house hunters a sense of financial relief in hopes to sell their homes quickly.

An update to allowable inspection fees will increase compensation for inspections that determine a property’s occupancy status and safeguard neighborhoods from blight arising from inadequately maintained unoccupied homes.

In a letter to Mike Johnson, Speaker of the United States House of Representatives, 11 housing organizations have issued a letter to Congress to extend the authority of the NFIP by ensuring other vital housing programs do not lapse on November 17.

Limited inventory has brought about a rise in competition, as a new Zillow report finds that new listings are shrinking nationwide as home sellers accept that near-8% mortgage rates are unlikely to decline anytime soon.

NAR reports that homebuyer income has seen an annual increase of 22% in 2023, as down payments have jumped to the highest percentage in over two decades.

“I am pleased to announce this final milestone of the SFPDM transition as part of our ongoing modernization and business transformation initiative,” said Ginnie Mae President Alanna McCargo. “The timely and successful completion of this enhancement is due to the combined efforts of the Ginnie Mae staff and our partners in the Issuer community.”

New proposal seeks stakeholder feedback to ensure long-term viability for the HECM program and expanded availability for senior homeowners.

A new study from Point showed that U.S. homeowners have an estimated $29.3 trillion available in home equity, but nearly half of those Americans are unable to access it.

With mortgage rates plummeting 26 basis points week-over-week, Redfin reports that buyers may have a limited amount of time to take advantage. The average rate now sits at its lowest level since mid-September … but for how long?