The typical American family's ability to purchase a median-priced home increased in the first quarter as a result of rising family income, according to the National Association of Realtors.The NAR's composite Housing Affordability Index stood at 132.9, up from 131.8 in the fourth quarter but down from 141.2 a year earlier. The latest index number means that the typical household in the United States had 132.9% of the income needed to purchase a home at the first-quarter median existing-home price, which was $188,800, the association said. "Rising family income offset higher mortgage interest rates and home prices in the first quarter, boosting the overall homebuying power of the typical family," said NAR chief economist David Lereah. "Generally, home prices have been rising faster than income over the last four years, but the biggest factor -- the monthly mortgage payment -- remains historically low." The NAR can be found online at http://realtor.org.
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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.
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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.
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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 -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28