Housing markets

Prices in several cities came in more than 20% above what would be considered a sustainable level when compared to local economic factors, according to the rating agency's report.

Loan volumes fell for the third straight week, with depressed demand for government lending driving activity downward, the Mortgage Bankers Association said.

A potential buyer with a budget of $3,000 per month for their payments is now able to afford an approximately $453,000 home.

Lending activity among builders surged over 22% annually in December, but the growing share of FHA-backed borrowing in the segment took a step back for the first time in four months, the Mortgage Bankers Association said.

The segment demonstrated sustained resilience in the third quarter, growing its share of the market each month amid rate volatility, according to Corelogic.

The city claims it can build the rental units quicker through this mechanism rather than low income housing tax credits.

Values declined in two regions and were flat in two others, according to the Federal Housing Finance Agency.

The S&P CoreLogic Case-Shiller index measures a period when 30-year mortgage rates were climbing toward 8%, shutting out increasing numbers of would-be homebuyers.

Heightened government-backed activity also helped bring the average loan size down to its lowest mark in 2023, with purchase amounts falling below $400,000 for the first time since January, the Mortgage Bankers Association found.

Purchases of new single-family homes decreased 5.6% to a 679,000 annualized pace last month, government data showed Monday.