Affordability

While housing affordability remains a worry for many Americans, the MBA's Purchase Applications Payment Index revealed purchase applications inched downward in June, as home prices and mortgage rates remain elevated nationwide.

Continuing our coverage on the Fed’s announcement of a 25-basis point rate hike at the end of their two-day July meeting, more commentary has come through focusing specifically on the real estate market, including sales, defaults, and home prices.

According to ATTOM's 2023 U.S. Home Equity & Underwater Report, the share of mortgaged homes that were equity-rich in Q2 2023 increased from 47% in Q1, reaching the highest point in four years.

The Department has announced new protections and funding to build on commitments made by the Biden Administration’s Blueprint for a Renters Bill of Rights, drafted to increase fairness within the nation’s rental marketplace.

While racial disparities in homeownership persist, a new study from the Joint Center for Housing Studies revealed immigrants face unique challenges in becoming homeowners, as data found only 16% of households nationwide were headed by a foreign-born resident in 2021.

Five California metros have been named the least affordable cities and worst cities to purchase a home for first-time homebuyers, according to a new study from WalletHub. Multiple Golden State areas were also ranked for the highest cost of living throughout the U.S.

At the conclusion of Fed’s two-day July meeting, the Federal Open Market Committee moved to raise the base interest rate by 25 basis points, with all members voting in favor of the action.

According to a new report from Down Payment Resource, the number of homebuyer assistance programs available to help people finance homes inched forward 0.5%, offering more opportunities to those who remain financially worried about housing costs.

In addition, although the Case-Shiller Index fell by 0.5% year-over-year, CoreLogic’s Chief Economist Dr. Selma Hepp noted that "while the annual decline reflects price drops that occurred in 2022, recent above-average price gains indicate an inflection ahead.”

While rents for one-bedroom units experienced their first year-over-year decline since 2020, prices remain 24.1% higher than 2019. However, Realtor.com’s June 2023 Rental Report predicts slowing inflation throughout the remainder of the year and continued financial relief for renters' budgets.