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Tag Archives: Housing Affordability

First-Time Buyers Face Affordability Issues

Chief economist at CoreLogic, Mark Fleming, notes new factors affecting a homeowners ability to buy a home. The ability for a prospective buyer to purchase a home depends greatly on whether the buyer already owns a home, a report released Thursday notes. The market is being affected by the intersection of rising home prices, rising interest rates and stagnating incomes, which puts first-time buyers behind the curve that has benefitted them greatly since 2007.

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House Payments Rise; Should Homebuyers Consider Renting?

RealtyTrac released a housing affordability analysis, noting an average 21 percent increase in monthly house payments from a year ago. The report showed that house payments in all counties purchased in the fourth quarter of 2013 rose to $865, based on a 30-year fixed rate mortgage with an interest rate of 4.46 percent and a 20 percent down payment.

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Housing Affordability Drops in California

The California Association of Realtors (CAR) released its Traditional Housing Affordability Index (HAI) on Wednesday, revealing levels of affordability in the Golden State. The CAR reported 32 percent of home buyers could afford to purchase a median-priced, existing single-family home in California.

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Commentary: What’s in Store for Housing in 2014, Part 2

Despite recent gains, which some of us believe are more of a mirage than an oasis, the economy still isn't creating enough good-paying full-time jobs to drive a full recovery in the housing market. At the same time, stricter lending requirements--and a lending environment likely to get more challenging before it gets easier--are the other major headwinds that could slow down housing.

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Even in Buyer’s Market, Homeownership Expected to Decline

Looking at ongoing trends, Zillow made four major predictions about the course of housing over 2014, and while the company expects conditions next year to be a bit friendlier to homebuyers, that doesn't mean we'll necessarily see more owner-occupied housing. Zillow also combined data on unemployment, population growth, and its own Home Value Forecast to glimpse into what it believes will be the hottest markets in 2014.

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Feature: New World Order

The veterans of this business can remember when REOs ran in the neighborhood of 150,000 a year, delinquency rates were just around 4 percent, and you only needed a credit score of 620 to qualify for a prime mortgage loan. But the housing finance industry, and default servicing especially, has changed. In the cover story of it's September issue, DS News looks at the many factors--from a slew of new regulatory mandates to an altered public perception of debt obligations--that have altered the business into something far from customary.

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Feature: Where Oh Where Did My REO Go?

With fewer properties entering the foreclosure process and more delinquent borrowers avoiding foreclosure, the number of foreclosed single-family homes held by lenders and government agencies has rapidly declined. In the April issue of DS News magazine, contributing writer Keith Button explored the many market drivers taking their toll on the once-strong stock of bank-owned homes.

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Sales of Existing Homes Decline Annually for First Time in 29 Months

Existing-home sales dipped on both a monthly and annual basis in November, marking the first year-over-year decline in sales in nearly two and a half years. Hurt by higher mortgage interest rates, constrained inventory, and tight credit, sales of previously owned homes came in at an annualized rate of 4.90 million last month, the National Association of Realtors reported.

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Housing Momentum Stalled by Cautious Consumers

According to Fannie Mae's November National Housing Survey, positive momentum in the housing market has slowed as Americans remain cautious about their personal finances and the overall state of the economy. Nearly two-thirds of those surveyed believe the economy is on the wrong track. Within the next year, 22 percent expect their personal finances to worsen and only 45 percent expect home prices to increase.

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California Coastal Housing Unaffordable Again

One of the earliest phenomenon of the housing bubble was the ascension of home prices, making housing unaffordable relative to incomes. Markets across the nation cascaded from affordable to unaffordable--a key signal that prompted us to warn of the coming housing downturn. And it now appears that this symptom has cropped up once again, as almost all of California's coastal cities are now unaffordable.

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