Housing markets

Affordability constraints have made borrowers who bought properties within the last 12 months increasingly vulnerable to price declines.

Lower mortgage rates during the early part of the month, along with fewer properties for sale helped to drive values higher.

Purchases of new single-family homes increased 1.1% to an annualized 640,000 pace after a 633,000 rate in January, government data showed Thursday.

And in January, all-cash buyers reached their highest share in nine years, at 32.1%, Redfin said.

By the end of December, 63% of borrowers saw home values increase by 7.3%, for a collective gain of $1 trillion, CoreLogic's report found.

The CFPB is requesting input on adding specifications that are intended to alleviate TRID compliance concerns on construction-to-permanent single-close loans and those requiring separate construction and home loan closings.

Purchase and refinance mortgages continued their slide as total origination volume was $475.5 billion during the final months of 2022, down 56% from the end of 2021.

Buyer affordability has decreased by almost 22% in the past year, according to the Mortgage Bankers Association.

Declining mortgage rates and home prices drove more positive views compared to the prior month, but December's overall outlook remained negative, Fannie Mae said.

House hunting activity also slowed in December, with home tours declining 69% from the start of the year, a Redfin report found.