Housing affordability in California was unchanged in October from 15% in September, although it was four percentage points lower than the 19% level recorded 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 $538,770 in October. The minimum household income needed to buy a median-priced home was $128,480, up from $106,490 a year earlier, CAR reported. (The figures are based on an average effective mortgage rate of 6.03%, assuming a 20% downpayment.) 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