The percentage of first-time buyers in California able to afford an entry-level home stood at 25% in the fourth quarter of 2006, compared with 24% in the third quarter and 27% 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 $477,400 in California was $96,760 in the fourth quarter, based on an adjustable interest rate of 6.36% 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 $3,230. At 41%, the High Desert and Sacramento regions were the most affordable regions in the state, and Santa Barbara and Los Angeles were the least affordable, at 19%. CAR can be found on the Web at http://www.car.org.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
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The tool will provide helpful HELOC-related information to customer support staff to streamline the application process, Figure said Thursday.
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The five states with the lowest property taxes have an average effective real-estate tax rate of 0.44%.
April 18