Affordability

The third installment of 2023 of WFG’s “Quarterly Economic Outlook,” featuring WFG Chairman and Founder Patrick Stone along with Dr. Bill Conerly, will review Q3 and look ahead to what’s expected in the housing space for the remainder of 2023.

Through issuance of updates to its Housing Counseling Program Handbook, HUD will provide participants with the latest guidance to assist consumers with their housing needs, including enhanced guidance on HECMs.

Even the most affordable metro areas analyzed in NerdWallet's latest Q2 housing activity report experienced price increases that decreased overall affordability, as rising home prices and high interest rates continue to make the homebuying process even more difficult for potential first-time buyers.

“Mortgage rates once again breached the 7% mark in August, hitting a 22-year high and doing no favors for consumer sentiment,” said Doug Duncan, Fannie Mae SVP and Chief Economist.

Redfin's latest housing market update showed that the total share of homes on the market is down nearly 18% year-over-year, representing the biggest decline since February 2022. A significant lack of homes for sale caused home prices to rise nearly 5% annually, as mortgage-purchase applications remain at their lowest level in nearly three decades.

"The average principal and interest payment among borrowers purchasing a home using a 30-year fixed-rate loan hit its highest point ever in July at $2,306, and that's before taxes and insurance are factored in." said Black Knight VP of Enterprise Research Andy Walden.

Due to a plunge in home prices in the popular Bay Area metro, San Francisco homeowners were most likely to lose money when selling their home. According to a new Redfin report, the typical San Franciscan seller who took a loss sold their home for $100,000 less than they bought it for.

Despite a slight dip in mortgage rates, the MBA reports that mortgage application volume has fallen to lows last reported in December 1996, as rates and housing inventory continue to serve as major barriers to entry into the housing market.

A new study from All Star Home found more than 1 in 5 homeowners regret purchasing/owning an older home, having spent an average of $10,700 on repairs over the last five years.

"While all generations juggle trade-offs like budget, floor plans and commute times, younger home shoppers are more likely to face another consideration: They want to know if their home will be safe from rising waters, extreme temperatures and wildfires," said Zillow Senior Population Scientist Manny Garcia.