Real Estate News 10/11/2023

Today’s News Synopsis:

The latest home affordability analysis by ATTOM reported that portion is considered unaffordable by common lending standards, which call for a 28 percent debt-to-income ratio.

In The News:

AttomData – “Top 10 U.S. housing markets considered affordable in Q3 2023 ” (10-06-2023)

“According to the report, the latest figure marks the highest level since 2007 and stands well above the 21 percent figure from early in 2021 – right before home-mortgage rates began shooting up from historic lows.”

Yahoo Finance– “Bank of America analysts see ‘turbulence’ but no housing crash like in 2008” (10-08-2023)

“Bank of America economists are nixing concerns about a housing crash like the one experienced in 2008. Instead, they say, the market is more reminiscent of four decades ago.”

CBS News– “Home equity loan vs. cash-out refinance: Which is better in today’s rate environment?” (10-11-2023)

“Rising interest rates have put pressure on the real estate market, and many participants are unsure about how to manage loans.”

News Week – “Economist Yun says Fed’s high rates are breaking the economy” (10-06-2023)

“Mortgage applications decreased 6 percent in the week ending on Sept. 29, from the previous week, according to the Mortgage Bankers Association’s latest survey.”

CNBC – “More mortgage applications are being rejected for ‘insufficient income’” (10-04-2023)

“Mortgage payments have become significantly less affordable for homebuyers, according to the Consumer Financial Protection Bureau.”