Purchasing power

Lower mortgage rates are giving homebuyer affordability a serious boost as it reaches an 18-month high, helping purchasers afford $45,000 more house for the same monthly payment compared to last fall.

Black Americans haven't experienced the same increase in housing values, wealth and ownership that white Americans have during the past decade's economic expansion, when home prices soared 73%, according to Redfin.

Low mortgage rates and thriving employment should be the recipe for a strong housing market. Instead, they're deepening America's affordability crisis.

From Jacksonville, Fla., to Seattle, here's a look at the 12 most favorable housing markets for homebuyer purchasing power, based on a combination of local wages, lower property values and mortgage rates.

The. U.S. housing market is splitting along racial lines, with black homeownership dropping to the lowest level since at least 1970 — just two years after the Fair Housing Act was passed.

The potential for home resales rose 1.1% month-to-month as mortgage rates fell, but buyers only became more entrenched as their purchase power increased, according to First American.

Despite a stronger economy, home prices are outpacing wages in 40% of markets, according to Attom Data Solutions. Here's a look at the 12 cities in most danger of a housing bubble this summer, based on the gaps between property values and local incomes in each.

Blame increasingly unaffordable housing in wealthier areas — and relatively meager wages in less-affluent ones — for the long-run decline in the share of Americans relocating around the country.

Mortgage application fraud risk declined for the second consecutive month in May as housing market dynamics shifted towards the buyers, First American said.

Pending home sales fell sharply in May, a sign that buyers may have a bit more bargaining power this summer in the Metroplex.