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First-time buyers need to earn $64,500 to afford a typical starter home

Housing Wire

As a result of the limited supply, still-rising prices and elevated mortgage rates, sales activity for starter homes has stifled. home , assuming a 20% downpayment, rose 12.4% from June 2022, according to Realtor.com economic researcher Hannah Jones. asking rent is just $24 shy of the $2,053 peak hit in 2022.

Buyers 370
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Buyers flock to Bay City, Michigan for ultra-low home prices

Housing Wire

As work-from-home becomes more of a national norm, prospective homebuyers are seeking better home values in small towns that still offer a lot of amenities. Eventually, homes matching the cash flow of the builders and investors were built, some to the tune of 6,000 square feet. ” Builders are backed up, too.

Buyers 393
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What’s influencing the increase in REO acquisitions?

Housing Wire

HousingWire: According to ATTOM Data Solutions‘ latest foreclosure market report, bank repossessions climbed 9% in the first half of 2023 compared to the first half of 2022. Michael Chew: First, consider the first half of 2022; some areas were still dealing with or just coming out of pandemic -related foreclosure moratoriums and restrictions.

Inventory 404
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The Rise in Interest Rates And How It Affects Buyers and Sellers

Boston Appraisal

The Rise in Interest Rates and How It Affects Buyers and Sellers When the COVID-19 pandemic began in early 2020, the Federal Reserve was quick to act by substantially reducing interest rates, which resulted in many new buyers entering the market to purchase a home at low rates. This affected buyers and sellers.

Sellers 78
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Mortgage rates are down, but not enough for most borrowers

Housing Wire

Most investors expect that in its meeting next week, the Fed will hike rates by 50 bps instead. Recent declines in rates have brought the cost of purchasing a home down by an average of $185 per month, relative to the recent peak in rates. The analysis considers a buyer of a median-price home for sale today making a 10% down payment.

Mortgage 382
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2022 Housing Market Predictions: What To Expect

Quicken Loans

In addition, home values and sales skyrocketed. So, it’s no wonder that a year like that left experts and new buyers guessing. Buyer demand continued. Here are a few housing market predictions for 2022 to help you prepare for the market’s future. And this trend will likely continue, and grow, into the year 2022.

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A housing boom doesn’t portend a bust

Housing Wire

Annual house price growth hit a record high in 2021, over 17%, and growth remains in the double digits thus far in 2022. Homes that reach the market sell quickly, bidding wars are the new normal and the investor share of sales continues to rise. To register for the HW+ event, go here.