Housing affordability

The long climb in mortgage rates has also kept an additional $200 billion in equity out of the hands of borrowers, and the economy at-large, the firm said.

The decision highlighted conflicts between insurance providers and detractors, with supporters of alternative products underscoring it had no effect on the services they offer, while a major industry trade group critical of the program lauded the outcome.

Active listings fell in July on an annual basis, while median home prices also showed signs of a downward trend, according to new data from Realtor.com.

Values are very likely to dip in the metros considered among the most desirable during the pandemic.

In the Pacific region and Mountain states recorded real estate value drops compared to last year, the Federal Housing Finance Agency found.

The nearly 8% growth on a seasonally adjusted annualized basis is well above the historical average, according to the government-sponsored enterprise.

More than one-third of average wages is now needed for borrowers to make regular payments on the typical home, according to Attom. Meanwhile, the Mortgage Bankers Association found monthly costs rose 14% annually.

Millions of would-be borrowers are reportedly "doubling up" by sharing homes with nonrelatives, Zillow found.

We have the tools to address our housing challenges through a mix of regulatory reforms, policy changes, incentives and investment. What's needed is the will and leadership to put those tools to work.

But scarce housing inventory has helped to bring home equity values back upward, offsetting some of the losses of late 2022.