In the housing market, higher mortgage rates have caused purchasing power to drop significantly. This is according to new data from Redfin. The median home price has increased by 5.2% since last year while the typical monthly mortgage payment has increased by 8.4%. This decrease in purchasing power is leading more homebuyers to abandon their search for a home. The number of homebuyers who canceled their home search due to high prices increased by 42% in the past year. Despite this, the number of homes for sale remains low, causing prices to continue to rise.
You can read this full article at: https://www.housingwire.com/articles/homebuyers-have-lost-tens-of-thousands-in-purchasing-power-since-2022/(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.
