Key Factors That Impact Affordability Today

Written by Juno Beach Mortgage Syndicated User on March 12, 2022. Posted in Buying Myths, First Time Home Buyers, For Buyers, Housing Market Updates, Interest Rates, Juno Beach Condo Financing, Juno Beach Mortgage, Move-Up Buyers, Pricing.

You can’t read an article about residential real estate without the author mentioning the affordability challenges that today’s buyers face. There’s no doubt homes are less affordable today than they were over the last two years, but that doesn’t mean homes are now unaffordable. There are three measures used to establish home affordability: home prices, mortgage rates, and wages. Let’s look closely at each of these components. 1. Home Prices The most recent Home Price Insights report by CoreLogic shows home values have increased by 19.1% from last January to this January. That was one reason...

Are Home Prices Continuing To Rise?

Written by Juno Beach Mortgage Syndicated User on March 12, 2022. Posted in First Time Home Buyers, For Buyers, For Sellers, Housing Market Updates, Juno Beach Condo Financing, Juno Beach Mortgage, Move-Up Buyers, Pricing.

Many analysts projected home price appreciation would slow dramatically in the fall of 2021 and then continue to soften throughout 2022. So far, that hasn’t happened. The major price indices are all revealing ongoing double-digit price appreciation. Here’s a look at their reports on year-over-year price appreciation for December: Federal Housing Finance Agency (FHFA): 17.6% S&P Case-Shiller: 18.8% CoreLogic: 18.5% To show that they’re not seeing signs of softening, here’s a graph that gives the progression of all three indices for each month of 2021. As the graph above reveals, last...

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