Affordability

According to Black Knight's latest Mortgage Monitor report, purchase locks fell 7.4% from June, while mortgage rates topped 7% in July for the first time since last fall. Click through to see the latest findings.

Boom-bust markets include Phoenix and Austin, Texas. House prices increased 65% from February 2020 to the peak in May of 2022 for both markets, but have since declined by 9.5%

A new report from Redfin revealed the typical U.S. home purchased in high-opportunity neighborhoods sold for an estimated $470,000 last year, nearly 40% more than the typical home in low-opportunity areas, as many of those neighborhoods continue to be gentrified, making them less affordable.

While sizes of both residential lots and houses have continued on a downward slope during the last decade, a new report from StorageCafe revealed the South reigns supreme for larger spaces, as seven southern cities made the top 10 hotspots for spacious living.

“In most of the country, expensive properties that are in good condition and priced fairly are attracting buyers and in some cases bidding wars, mostly because for-sale signs are few and far between right now,” said Redfin Economics Research Lead Chen Zhao.

Appraisal valuation gaps may persist between white and minority population tracts, but new research from the FHFA has found a reduction in that gap following actions by stakeholders and federal, state, and local agencies.

According to Zillow, metros in the Midwest and Northeast experienced the highest increases in home values nationwide, but while all major U.S. markets’ home values inched upward from June to July, nearly half remain down from last year’s levels.

The Q2 2023 TransUnion Credit Industry Insights Report reveals the latest credit trends as lenders have begun to tighten underwriting. Some 50% of Gen Zers surveyed say they plan to apply for new credit or refinance existing credit within the next year.

According to a new report from Redfin, only Western regions are experiencing a drop in asking rents, which are continuing to cool after surging nearly 20% last year.

LendingTree found that shopping around for a mortgage could help borrowers across the nation’s largest metros save an average of $84,301 over the lifetime of their loans.