Mortgage rates remained above 6 percent, and home prices haven’t pulled back much from their record highs. The inevitable result: Housing affordability is more of a challenge than ever.
In other news, home sales remain well below year-ago levels, the latest on saving for a down payment and what’s being done about the persistent appraisal gap between homes in predominantly Black and White neighborhoods.
Housing affordability reaches a record low
Following the spike in mortgage rates last year, and amid high home prices, housing affordability has fallen to a record low. Less than 40 percent of homes sold in the final three months of 2022 were affordable for typical buyers.
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Home sales remain weak
January marked the 12th consecutive month of year-over-year declines in home sales, the National Association of Realtors reports.
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Understanding preforeclosure
Your lender may initiate the preforeclosure process if you miss a few monthly mortgage payments. If you’re in financial trouble, contact your lender or loan servicer as soon as possible to avoid losing your home.
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Saving for a down payment
The inability to come up with a down payment is among the top reasons why prospective homeowners keep renting. To reduce this burden, you can look into down payment assistance programs, stash your savings in a high-yield savings account, and request a raise, among other strategies.
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Homes in Black neighborhoods appreciate for less
The racial gap in home appraisals is a real phenomenon, one that sabotages the wealth-building power of home ownership in Black and Latino neighborhoods, according to a growing body of research.
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