The typical American family's ability to buy a median-priced home increased in the first quarter as a result of a drop in mortgage interest rates, rising family income, and a decline in home prices, according to the National Association of Realtors.The NAR's composite Housing Affordability Index stood at 144.1, up from a revised 138.7 in the fourth quarter but down from 144.9 a year earlier. The latest index number means that the typical household in the United States had 144.1% of the income needed to purchase a home at the first-quarter median existing-home price, which was $170,800. "Although mortgage interest rates have risen in the last month, housing affordability conditions remain favorable," NAR chief economist David Lereah said. "There are some challenges in the more expensive markets, but on balance, most of the households in the United States can readily afford a typical home." The NAR can be found online at http://realtor.org.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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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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