Most of us know what it means to be sticker shocked. It's when you find out the price of something is much higher than you expected. It can be a surprise. It can also be a disappointment, if you were actually ready to buy. These days, according to the results of a new survey, sticker shock may be a common occurrence in the housing market. In fact, the survey – from the National Association of Home Builders and the U.S. Census Bureau – found there's a fairly large gap between what home buyers expect to pay for a … [Read more...]

There’s been a lot of talk recently about how market conditions may be keeping current homeowners from making a move. But homeowners may be moving sooner than the experts think. In fact, according to one new survey, there’s no shortage of homeowners thinking about moving in the near future. The survey found 38 percent of homeowners said they’re likely to purchase a home in the next year. That’s a significant number and a good sign that buyer demand remains high – and particularly among homeowners, who have been … [Read more...]

The Mortgage Bankers Association tracks mortgage credit availability to determine how easy or difficult it is for borrowers to get a loan. Each month, its Mortgage Credit Availability Index gauges whether credit has loosened or tightened on a scale where any increase indicates borrowers’ access to credit has improved – whether through less restrictive lending standards or through offered loan programs. In June, the MCAI increased for the sixth consecutive month. Joel Kan, MBA’s vice president and deputy chief … [Read more...]

Homeownership hasn’t lost its appeal, according to the results of a new survey of young Americans. The survey, which probed Gen Z’s attitudes toward homeownership and buying in the current market, found 92 percent of respondents said owning a home was important to them. That’s the overwhelming majority and good evidence that the dream of owning a home endures. But while most survey participants said they want to own a home, it wasn’t their top priority. In fact, most Gen Z participants had other goals they put … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates were mostly unmoved last week from one week earlier. Rates for 30-year fixed-rate loans with conforming balances, loans backed by the Federal Housing Administration, and 5/1 ARMs all saw slight decreases week-over-week, while rates for jumbo loans and 15-year fixed-rate loans both increased. Joel Kan, MBA’s vice president and deputy chief economist, says mortgage demand was also relatively flat. “Purchase activity … [Read more...]

In a competitive market, home buyers have to make big decisions fast. There’s no time to deliberate when other interested buyers are right behind you, ready to make an offer. That’s been the case for the past several years, as the number of buyers outpaced the number of homes available for sale. Homes sold quickly and received multiple offers from competing buyers. These days, though, things are improving. In fact, according to new numbers from the National Association of Realtors’ consumer website, home buyers may … [Read more...]

Americans started feeling better about the housing market as it headed into the summer season, according to the latest survey results from Fannie Mae’s monthly Home Purchase Sentiment Index. The percentage of survey respondents who said it’s a good time to buy a home rebounded in June, with a 5 percent increase over the month before. The share who say it’s a good time to sell also improved, rising 2 percent from May. Mark Palim, Fannie Mae’s vice president and deputy chief economist, says affordability remains a … [Read more...]

ATTOM Data Solutions keeps a quarterly record of how affordable it is to buy a house based on monthly homeownership expenses for a median-priced home, including mortgage payments, property taxes, and insurance. Its U.S. Home Affordability Report looks at data from 589 counties to determine whether homeownership is more or less affordable today compared to historical levels. According to the most recent report, affordability was more challenging during the second quarter, as prices continued to increase and mortgage … [Read more...]

Home buyers got a bit of a break in May, according to new numbers from the Mortgage Bankers Association. The MBA tracks mortgage payments each month with its Purchase Applications Payment Index – which measures mortgage payments relative to income. In May, the index fell 1.6 percent, indicating affordability improved. In fact, the national median mortgage payment fell to $2,219 from $2,256 the month before. For borrowers applying for lower-payment mortgages, the median payment fell to $1,508. Edward Seiler, MBA’s … [Read more...]

The S&P Case-Shiller Home Price Index has been tracking home prices for decades and is among the most closely followed measures of US home values. The index is based on a three-month moving average and covers all nine census divisions. According to the most recent release, home prices continue to rise, though at a slightly slower pace than before. For example, the National Index found prices up 6.3 percent from last year at the same time, which is just short of the 6.5 percent year-over-year gain found in last … [Read more...]