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Tag Archives: Housing Affordability

NAR Chief Economist Recounts a Year of Surprises

The housing recovery continued as expected in 2013, but that's not to say there weren't a few surprises. "[T]he recovery accelerated a lot faster than we anticipated, which was great for sellers and for the 75 million homeowners who saw their home values appreciate," said Lawrence Yun, chief economist for the National Association of Realtors (NAR), in a post titled "7 Housing Trends for 2013." Another surprise for Yun was the large portion of cash purchases.

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Survey: West Home to Healthiest Housing Markets

A recent Zillow survey of market conditions around the country shows the healthiest markets can be found in the West, with San Jose, San Francisco, Los Angeles, San Diego, and Denver outclassing the rest of the country. Zillow chief economist Dr. Stan Humphries explained that rapid home value appreciation has improved local conditions in those markets, though the hit they'll take in terms of affordability may soon create unhealthy environments in what were once the healthiest markets.

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October Pending Home Sales Down 0.6%

The National Association of Realtors' (NAR) Pending Home Sales Index (PHSI), a forward-looking sales indicator based on contract signings, was 102.1 in October, a drop of 0.6 percent from September's revised level of 102.7. It was the fifth consecutive monthly decline. "The government shutdown in the first half of last month sidelined some potential buyers," said NAR chief economist Lawrence Yun. "In a survey, 17 percent of Realtors reported delays in October, mostly from waiting for IRS income verification for mortgage approval."

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Housing Affordability Suffers in Third Quarter

Steady gains in home prices and rising mortgage rates across the United States contributed to weakening housing affordability in the year's third quarter, the National Association of Home Builders (NAHB) reported Thursday. According to the association's Housing Opportunity Index (HOI), 64.5 percent of new and existing homes from the start of July through the end of September were considered affordable to families earning the national median income of $64,400. That share is down from 69.3 percent in the second quarter.

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Down Payments Continue to Decline in Third Quarter

The third-quarter average is down 2.74 percent from the previous quarter, according to LendingTree, which suggested in a press release that the drop is due to a slight loosening of standards by lenders across the nation. The lowest average down payment percentage in the third quarter took place in Nebraska, where down payments averaged 12.5 percent of loan values. South Dakota (12.8 percent), Arkansas (12.9 percent), and Alabama (12.9 percent), followed, all with averages under 13 percent for the quarter.

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Malibu Ranked Most Expensive Market, Cleveland Most Affordable

A comparison of four-bedroom, two-bathroom homes in more than 1,900 markets shows Malibu is the most expensive city in the country. According to Coldwell Banker Real Estate, a sample home in the beachside city lists for $2.15 million. On the other hand, a comparable dwelling in Cleveland, Ohio, runs about $63,729, making it the most affordable market in Coldwell's report. According to the firm's findings, there are 20 markets where a four-bed/two-bath residence lists for more than $1 million and eight where they go for less than $100,000.

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NAR Predicts Flat Home Sales, Rising Prices in 2014

Speaking at the 2013 Realtors Conference & Expo Friday, National Association of Realtors (NAR) chief economist Lawrence Yun predicted steadiness in existing-home sales over the next year as prices continue to ascend. Looking over the past year, Yun said he expects existing-home sales to be up about 10 percent in 2013 to 5.13 million. Sales in 2014 are expected to hold fairly even at about 5.12 million. Reviewing price movements, he said the median existing-home price should end 2013 about 11 percent higher than 2012.

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Higher LTV Ratios Pull Down Borrower Health in Q3

Recent findings released by online lender exchange LendingTree reveal that the financial health of prospective borrowers dipped in this year's third quarter after seeing a sizable improvement in the second. The company attributed the slight decline in borrower health to rising home prices, which boosted loan-to-value ratios across the country to a national average of 89.8 percent and put more financial pressure on potential borrowers. National health also experienced a slight drag from a dip in the average credit score of borrowers.

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