The chief economist for Standard & Poor's told the nation's leading homebuilders Oct. 19 that there are "big local" housing bubbles in such high-priced markets as California, Florida, and New York.S&P economist David A. Wyss said a typical home in San Diego costs 9.6 times the area's average household income, compared with a national affordability ratio of 3.2 times. He said in the New York metropolitan area a home costs 8.6 times the average household income. Ten years ago the national average was just 2.6 times household income. Even though Mr. Wyss described these markets as "bubbles," he said home prices could fall gradually in these areas. He also said housing bubbles exist in several foreign industrialized nations, including the United Kingdom. Mr. Wyss and NAHB chief economist David Seiders predicted that mortgage rates will continue to rise and will top out at 7% over the next two years.
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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.
April 18