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Can first-time homebuyers afford homes today?

Housing Wire

This article is part of our 2023 Housing Market Forecast series. Bringing together some of the top economists and researchers in housing, the event will provide an in-depth look at the top predictions for this year, along with a roundtable discussion on how these insights apply to your business. Today, the average is 2.7

Realtors 421
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Home prices surge to six-year high in November

Housing Wire

Record low inventory and strong buyer demand once again pushed up the cost of homes in the U.S., November’s numbers mark the greatest annual growth rate since February 2014 and even blew past the 8.4% as prices in November rose 9.5% nationally over the same time last year, according to the S&P CoreLogic Case-Shiller index.

Inventory 544
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Mortgage credit, and the coming purchase storm

Housing Wire

last month, still hovering near levels previously seen in 2014. “Expected home sales growth this year is still likely to be driven by first-time buyers, spurred by millennials reaching peak first-time homebuyer age,” Kan said. The group’s Mortgage Credit Availability Index remained unchanged at 124.6

Mortgage 471
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Can lower mortgage rates stop the housing recession?

Housing Wire

People thought the mortgage rate drama in 2013-2014 was a lot when rates went from 3.5% The question is, can lower mortgage rates save the housing market from its recent downtrend? We saw this in 2013-2014 and 2018-2019. housing market. The post Can lower mortgage rates stop the housing recession?

Mortgage 498
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Rate buydowns are the cat’s meow in today’s market

Housing Wire

High interest rates, coupled with a still-low supply of housing, have created price hurtles that are keeping many first-time homebuyers and lower-income borrowers locked out of the housing market. You can see that’s a really big impact for that first-time buyer, giving them the ability to kind of ease into that payment.”

Marketing 404
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2023 Real Estate Forecast: Market to Regain Normalcy

Empire Appraisal Group

Some housing markets may see an uptick in homebuying activity at the beginning of the year, especially if mortgage rates continue receding from a recent high of 7%. Existing-home sales are expected to end the year 16% down from the same time period in 2021, marking their lowest level since 2014, Yun said. Realtor.com®

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New home sales are at risk with rising mortgage rates ?

Housing Wire

We finally got mortgage rates to rise, and for people like me who have been concerned about how unhealthy the housing market was last year — and it got a lot worse this year — it’s a blessing that was much needed. This sector on an apples-to-apples basis is more expensive than the existing home sales market. percent (±11.9

Mortgage 469