Entry-Level Home Prices Still Hot As Competition Sizzles

Entry-Level Home Prices Still Hot As Competition Sizzles

First-time buyers are still living in last year’s housing market thanks to limited affordable inventory, leading to tight competition and soaring prices. A new report from Zillow found that typical home values for the least-expensive one-third of houses rose by 8% YOY, or $13,000. In comparison, mid-level homes saw a 3% YOY increase, and the…

Homeownership “Unattainable”: 1 In 4 Americans Putting Off Buying A Home Indefinitely

Homeownership “Unattainable”: 1 In 4 Americans Putting Off Buying A Home Indefinitely

Housing affordability is a bigger deal to Americans than the possibility of a recession, according to a new survey by Personal Capital. The survey found that 1 in 4 people have decided to put off buying a home “indefinitely.” Rising mortgage interest rates were the number one concern of respondents, despite the fact that more…

Millennials Are Willing To Co-Buy In Order To Afford Their Dream Home

Millennials Are Willing To Co-Buy In Order To Afford Their Dream Home

As first-time buyers struggle to find an affordable home, many Millennials say they are willing to co-buy in order to access bigger mortgages. Pairadime, a new fractional ownership solution with a focus on co-buying, surveyed 1,000 Millennials who say they don’t want to wait for marriage to co-buy a home. Instead, they want to co-buy…

Home Values Slip For Second Month Straight
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Home Values Slip For Second Month Straight

The value of a typical American home dropped for the second straight month, down 0.3% from July to August in the largest monthly dip since 2011. Zillow’s latest market report found that affordability is directing market declines, with lower-priced homes staying hotly competitive while expensive markets see drastic declines. The U.S. typical home value is…

Affordability Improved In July

Affordability Improved In July

Affordability improved in July, with the national median payment applied for by applicants falling to $1,844 from $1,893 in June, the Mortgage Bankers Association (MBA) reported. MBA’s Purchase Applications Payment Index (PAPI) fell for a second consecutive month, down 3.8% to a reading of 157.7.  PAPI measures monthly payments across time and relative to income,…

Rate Locks Dropped Again In May As Refis Hit New Low
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Rate Locks Dropped Again In May As Refis Hit New Low

Rate lock volumes dropped again in May by 4.8% despite interest rate growth slowing, according to Black Knight’s latest Originations Market Report. While conforming 30-year rates rose at the beginning of the month to 5.5%, they cooled by month-end to 5.34%, 7 basis points down from April. Still, lock volumes fell for both rate/term and…

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