Housing affordability

Housing prices continued to grow in June, maintaining a streak in monthly increases that began in February 2012. But the trend could be reversed in 2021 with the resurgent effects of the coronavirus, according to CoreLogic.

Record-low interest rates allowed homebuyers to purchase $32,000 more house for the same monthly payment compared to last July, boosting affordability to the highest level since 2016.

With low inventory and coronavirus limiting accessibility, nearly half of shoppers made offers sight-unseen in June, according to Redfin.

With inventory tight and demand compounded by a nonexistent spring home-buying season, a fifth of all buyers waived inspection or appraisal contingencies to win bidding wars, according to Redfin.

Congress should act in the next relief bill to provide the additional resources needed to build more affordable housing.

But the coronavirus put a hold on the market in April and remains an overhanging cloud for the future.

Buying power for many consumers is hampered and some originators said that affects their ability to serve consumers.

The FHFA’s proposal is intended to strengthen Fannie Mae and Freddie Mac, but many experts warn that it could boost guarantee fees for lenders that they say may be passed on to borrowers.

After bottoming out at a 10-year low in April, consumer sentiment for home buying rebounded in May, according to Fannie Mae.

For Jersey City Mayor Steve Fulop, the pandemic is a good time to lure New Yorkers feeling anxious and cramped.