The percentage of first-time buyers in California able to afford an entry-level home stood at 44% in the first quarter, compared with 26% for the same period a year ago, according to the California Association of Realtors. The minimum household income needed to purchase an entry-level home at $356,350 in California was $67,830 in the first quarter, based on an adjustable interest rate of 5.65% and assuming a 10% downpayment, according to CAR's First-time Buyer Housing Affordability Index. (First-time buyers typically purchase a home equal to 85% of the prevailing median price.) The monthly payment, including taxes and insurance, stood at $2,260. At 64%, Sacramento County and the High Desert region were the most affordable areas in the state, and Monterey was the least affordable, at 29%. CAR can be found on the Web at http://www.car.org.
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Agency activity dropped off by 4% in September while non-qualified mortgage issuance was down 18% in the third quarter versus the prior period, BTIG said.
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Developments like the downward swing in total jobs reported Friday, inflation and AI have made nonbank employment more complex and volatile this year.
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Single-family mortgages originated with new scores have been put into private securitizations but these typically have been submitted alongside classic FICOs.
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The collaboration comes after HUD issued several other updates earlier this year aimed at increasing affordability through loosened homebuilding policy.
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Southeast impairments run 150 bps above other regions and alt-doc loans are up 200+ bps since 2025, while DSCR and full-doc improve. Time to review overlays.
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Federal Reserve Gov. Lisa Cook said Thursday that private credit does not seem to pose additional risks to the financial system at the moment, but added that more information about the opaque market is needed.
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