Home affordability as it its worst since 1984, according to analytics firms Black Knight.
Median home prices fell by 0.98% from July to August, according to Black Knight’s August Mortgage Monitor report. Revised data showed an even sharper 1.05% decline from June to July.
“The only months with materially higher single-month price declines than we’ve seen in July and August were in the winter of 2008, following the Lehman Brothers bankruptcy and subsequent financial crisis,” Graboske added. The average 30-year fixed-rate mortgage was 6.7% as of last week, more than double what it was in January.
The sharp mortgage rate hikes, coupled with home prices that are still much higher than normal, have resulted in an affordability crisis for prospective buyers.
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