Market Studies

The average U.S. single-family rent price growth slipped for the fourth consecutive month on an annual basis in August, while rental growth rates have also gradually decreased year-over-year since the beginning of Q1, becoming the slowest-growing market overall.

The FHFA's foreclosure analysis for July 2022 revealed the total number of loans in forbearance is trending downward from its peak in May, with nearly 85,000 loans in forbearance nationwide, while total refinance volume and mortgage rates also decreased in the same month.

Housing market potential sagged to its lowest point since May 2020 in September, falling from August to an estimated 5.38 million at a seasonally adjusted annualized rate.

Although the market frenzy has begun to slow, inflation and economic uncertainty are still prompting many Americans to hold off on significant financial decisions such as moving or buying a home, with rents rising nearly 10% year-over-year in September.

As Fannie Mae predicted in the second quarter of 2022, home price growth decelerated sharply during the third quarter, which fell in-line with a sharp rise in mortgage rates, further proving that the current rate and home price environment is weighing on affordability.

According to Jon Giles, Head of Consumer Direct Lending at TD Bank, "Many Americans have more equity in their homes than ever before, and when used responsibly, HELOCs and home equity loans are effective, affordable tools which can assist in paying down higher interest debt or allowing for home renovations, which can add value to the property."

The share of first-time homebuyers rose in August, posting a strong year-over-year gain that brought market share up to pre-pandemic levels.

According to Realtor.com’s latest Rental Report, the deceleration from rising prices in September may relieve some renters of financial stress. However, rental affordability remains a significant challenge as inflation continues to outpace wage growth.

According to RentCafe's latest market trend report, renting has reached its highest peak in over 50 years, as renters surpass homeowners in 41% of ZIP codes in the 50 largest U.S. cities analyzed.

Reporting data for August 2022, S&P and Experian found defaults for first-lien mortgages held steady for the second month in a row. Click through to learn the details.