Affordability constraints in the still-competitive real-estate market are making it harder for first-time home buyers to lock in deals.
There’s been a rebound in home-buying demand in recent weeks, as evidenced by mortgage application data. But first-time buyers aren’t behind the surge.
“‘As home-price appreciation continues at a double-digit pace, buyers of newer, pricier homes continue to dominate purchase activity.’” In the most recent week, FHA loans made up only 9.4% of overall purchase loan applications, down from 10.2% during the same week in 2020. “The early part of 2021 saw an overheated market, in which pandemic-accelerated demand for homes ran headlong into a market starved for inventory, due to over a decade of underbuilding,” he added. As of the mid-point of 2021, there was a shortage of around 5.2 million homes, based on analysis from Realtor.com.
So far this fall, the housing market has cooled from the crazed pace earlier in 2021, while maintaining a higher rate of home sales than is typical for this time of year. But inflation has put a dent in would-be buyers’ wallets — particularly when it comes to the rising cost of rent. According to the National Association of Realtors, 73% of first-time buyers over the past year were previously renters.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
CEOs' economic outlook hit the highest level in at least 20 years. But Omicron could change thatDespite rising labor costs, America's business leaders felt very bullish on the US economy — at least in the days prior to the emergence of the Omicron coronavirus variant.
Leer más »
China property market to keep cooling into H1 2022 on tight curbs: Reuters pollChina's property downturn is expected to continue into the first half of 2022, with home prices and sales falling as tight credit policies and a looming property tax dampen demand, a Reuters poll showed.
Leer más »
Turkey strikes energy milestone as wind power output surgesInvestments in renewables pay off in Turkey as wind power’s share in electricity production rises
Leer más »
Becky G Gives ‘Bella Ciao’ a Reggaeton Twist for Netflix’s ‘Money Heist’ Finale: WatchBecky G not only gives 'Bella Ciao' an uptempo reggaeton beat ahead of the MoneyHeist finale, but also flaunts her Italian singing skills.
Leer más »
House Passes Bipartisan Bill to Speed Judges’ Financial DisclosuresFederal judges would have to speed disclosure of stock trades and publish their financial-disclosure reports online for the first time under a bipartisan bill overwhelmingly passed by the U.S. House Wednesday
Leer más »
ABC Owned TV Stations To Premiere ‘Our America: Accomplices — The Story of Ady Barkan’ on HuluIn time for International Day of Persons with Disabilities, this Friday, Dec. 3, ABC Owned Television Stations has produced “Our America: Accomplices – The Story of Ady Barkan,” which i…
Leer más »