Real Estate Blog

Median priced homes not affordable in 74% of US housing markets

HomeMarket Update by Steve Randall28 Jun 2019 Median priced homes not affordable in 74% of US housing markets
  • America's housing market is booming with home prices nationwide now back to where they were a decade ago, just before the financial crisis

Average wage earners cannot afford a median priced home in 74% of 480 counties across the US.

The analysis of home affordability in the second quarter of 2019 by ATTOM Data Solutions shows that things are worsening in 40% of markets where median home prices are growing faster than wages.

"Despite falling mortgage rates and rising wages, the cost of owning the typical home remains out of reach or a significant financial stretch for the nation's average

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HOME AFFORDABILITY STILL PROBLEMATIC – BUT FOR HOW LONG

 

Home prices are falling. In some markets one could argue that it is the beginning of a strong correction. Maybe that is just want the housing market needs as home affordability is still at a 10-year low (Attom Data Solutions).

 

Wage growth is increasing, but at a snail’s pace, and home prices have been far outpacing incomes. As housing inventory increases, home prices continue to fall, and interest rates stabilize (momentarily), we may have the perfect storm for a strong buying season this spring.


BUILDERS NOT BUILDING

 

Housing starts dropped 11.2% in December according to the last report from HUD. Despite the monthly loss, both single-family and multifamily starts posted an

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Tom Brewer Premiere Properties and Mortgage…
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Home sales are 6.5% below their potential says report

HomeMarket Update by Steve Randall19 Nov 2018 Home sales are 6.5% below their potential says report

 

America's housing market is booming with home prices nationwide now back to where they were a decade ago, just before the financial crisis

US home sales should be running 6.5% higher than their current pace but supply issues and interest rates are stifling the market.

That’s one of the key findings of the latest Potential Home Sales Index from First American Financial Corporation, which shows that there should be 391,600 more sales on a seasonally-adjusted annualized rate.

However, the gap in October was narrower than in the previous month by around 64,800 sales.

“While the housing market continues to

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Why the Housing Market Is Slumping Despite a Booming Economy

Home prices are out of reach relative to incomes and mortgage rates. The big question for the economy is how the imbalance adjusts.

A sign pointed to an open house in Waukee, Iowa, earlier this year. Housing sales have slowed in recent months.       A sign pointed to an open house in Waukee, Iowa, earlier this year. Housing sales have slowed in recent months.

These should be happy times for the housing sector. The economy is booming, with more people working at higher pay, and with the sizable millennial generation reaching prime home buying age.

Instead, the housing market has gone soft, acting as a drag on the

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Housing starts to decline in 2019 but demand will also ease

HomeMarket Update by Steve Randall28 Oct 2018 Housing starts to decline in 2019 but demand will also ease

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America's housing market is booming with home prices nationwide now back to where they were a decade ago, just before the financial crisis.

US housing starts are set to ease in 2019 but demand is also expected to weaken.

That’s according to Dodge Data Analytics which forecasts that single-family housing starts will be down 3% in unit terms to 815,000 (Dodge basis) but unchanged in dollar terms.

Rising mortgage rates, lower affordability, and reduced benefits from tax cuts introduced this year, will mean slightly lower demand for newly-built homes.

Meanwhile, in the multifamily sector Dodge

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U.S. Pending Home Sales Fell 1.8% in August

    Housing Sales Decline As Market CoolsTim Boyle/Getty Images

WASHINGTON—The number of U.S. existing homes going under contract declined in August for the fourth time in five months, reflecting what appears to be a broader slowdown in the housing market.

The National Association of Realtors on Thursday said its pending home-sales index, which tracks contract signings for purchases of previously owned homes, fell 1.8% from the prior month to 104.2 in August. Sales, unless they fall through, typically close within a month or two of signing.

Economists surveyed by The Wall Street Journal had expected a 0.4% decline in August.

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Home buyers, sellers have had enough of high prices

HomeMarket Update by Steve Randall08 Aug 2018 Home buyers, sellers have had enough of high prices

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  • Housing boom is back... but without the bubble

    America's housing market is booming with home prices nationwide now back to where they were a decade ago, just before the financial crisis

  • Customers say these are the top mortgage lenders

    LendingTree’s quarterly list is based on reviews

A measure of sentiment in the housing market has dropped for the second straight month.

Fannie Mae’s Housing Purchase Sentiment Index was down 4.2 points in July to 86.5 after declining in June but reaching record highs in April and May.

And it’s not just buyers that are tiring of a lack of inventory and

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The U.S. Housing Market Looks Headed for Its Worst Slowdown in Years

     

In this photo made on Wednesday, Sept. 10, 2014, signs welcome visitors to a model home as construction is under way at a housing development in Zelienople, Pa.© Keith Srakocic/AP Photo In this photo made on Wednesday, Sept. 10, 2014, signs welcome visitors to a model home as construction is under way at a housing development in Zelienople, Pa.They were fed up with Seattle’s home bidding wars. They were only in their late 20s but had already lost two battles and were ready to renew with their landlord. Then, in May, their agent called.

Suddenly, Redfin’s Shoshana Godwin told the couple, sellers were getting jumpy, even here in the hottest of markets. Homes that should have vanished in days were sitting on the market for weeks. There was a three-bedroom fixer-upper just north of the city going

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Millennials want to buy homes, but rising prices hold them back

HomeNews by Francis Monfort14 May 2018
  • While it is true that a timeshare contract is a binding legal document, it is often mistakenly thought that such a contract cannot only be cancelled. In fact, most timeshare companies maintain that their contracts are non – cancellable. This misconception is perpetuated by timeshare companies and user groups that are funded, maintained and controlled by the timeshare industry.

  • The FHA 203k loan program provides home buyers the opportunity to buy and fix up a property, without exhausting their personal savings.

A majority of millennials already have plans to buy a home, but they continue to face

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