First American Financial Corp.

Nondepository mortgage companies cut another 1,500 workers in March as the housing market's peak season got underway, suggesting that even with business potentially picking up, lenders remain cautious about hiring.

Growing wages combined with flat mortgage rates handed homebuyers' increased affordability with a 2.4% boost in purchasing power for February, according to First American Financial Corp.

Title underwriters and other vendors reported year-over-year declines in business activity (although some reported improved profitability), but lower interest rates made them optimistic about their prospects going forward.

If favorable interest rates and rising consumer incomes continue, market potential for home purchases will be boosted in the short term, according to First American Financial.

From the middle of the country to the Pacific Northwest, here's a look at cities where consumers wield the most purchasing power for the upcoming home buying season, based on changes in housing values compared to local wages and mortgage rates.

Income-related mortgage application fraud risk has the potential to increase as competition rises among buyers during the peak spring season, First American said.

The gap between potential and actual existing home sales is narrowing even though supply shortages still vex the market, according to First American’s latest report.

From New York to Seattle, here's a look at cities with the best homebuyer purchasing power for the upcoming competitive spring market, based on changes in house values compared to local wages and mortgage rates.

A strong spring home purchase season is likely to further increase mortgage loan application defect risk, which already spiked in the past two months, according to First American.

Rising household incomes paired with December's drop in mortgage rates gave consumers their largest monthly jump in home buying power since 2013, according to First American Financial Corp.