In the third quarter of 2023, fewer homebuyers were able to purchase a home due to affordability pressures. Those who did manage to buy a home made higher down payments, new data shows.
Some of the reasons for the decline in homebuyers include:
-The prices of homes continue to rise, while incomes have not increased at the same rate
-The cost of living, including the cost of healthcare, childcare, and education, has gone up
-There is less available credit due to stricter lending standards
As a result of these factors, many potential homebuyers are opting to rent instead of purchase a home.
You can read this full article at: https://www.housingwire.com/articles/fewer-buyers-were-in-market-q3-borrowers-made-higher-down-payments/(subscription required)
Note Servicing Center provides professional, fully compliant loan servicing for private mortgage investors so they can avoid the aggravation of servicing their own loans and just relax and get paid. Contact us today for more information.
