Housing affordability in California stood at 16% in July, unchanged from the level recorded in June but down from 19% a year earlier, according to the California Association of Realtors.The Housing Affordability Index indicates the percentage of households that can afford to buy a median-priced home in California, which cost $540,900 in July. The minimum household income needed to buy a median-priced home was $125,670, up from $109,170 a year earlier, CAR said. (The figures are based on an average effective mortgage rate of 5.73%, assuming a 20% downpayment.) CAR can be found on the Web at http://www.car.org.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
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The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
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