California households at the state median income of $53,240 fell more than $56,000 short of the qualifying income needed to buy a home in the fourth quarter at the state median price of $470,920, according to the California Association of Realtors.The association's Homebuyer Income Gap Index is a quarterly analysis of the difference between the median household income and the qualifying income needed to purchase a median-priced, single-family home for California and certain regions of the state. The qualifying income stood at $109,320 in the fourth quarter, according to the index. The latest income gap of $56,070 was 41.6% higher than the $39,610 recorded in the fourth quarter of 2003, CAR said. At that time, the median household income stood at $51,860, and the qualifying income needed to buy a median-priced home at $390,250 was $91,460, according to CAR. The Los Angeles-based association can be found online at http://www.car.org.
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Affordability challenges also have some aspiring homeowners taking second jobs or looking to draw from retirement savings, according to Redfin.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
March 28 -
Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
March 28 -
Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
March 28 -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
March 28