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Tag Archives: mortgage

Affordability Challenges Hindering Prospective Homebuyers

Two new studies from the National Association of Realtors show that elevated home prices and limited housing supply are continuous homebuying barriers cited across different races and ethnicities, hampering home sales and affecting prospective buyers nationwide.

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Rising Home Prices Fueled by Ongoing Supply Shortage

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.

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Mortgage Credit Availability Falls to Lowest Level in a Decade

“Mortgage credit availability declined to its lowest level since 2013, as lenders pulled back on underutilized loan programs and as liquidity concerns remain for some jumbo lenders,” said Joel Kan, MBA’s VP and Deputy Chief Economist. "Declining origination volumes have led to lower profitability for many lenders, resulting in narrower loan product offerings to reduce operational costs.

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