Home Business The worst ability to pay for home buyers in the United States in 12 years
The worst ability to pay for home buyers in the United States in 12 years

The worst ability to pay for home buyers in the United States in 12 years

by YCPress

U.S. house prices have risen at the fastest rate in more than six years, while the ability of home buyers to pay is now the worst in 12 years.

The 20 City House Price Index, by Keys-S., S&P Core Logic, Dec 29, 2020 According to the October 2020 U.S. house price rose 7.9% year-on-year, the fastest annual increase since June 2014.

According to U.S. media reports, one of the factors driving the rise in house prices is that millions of Americans work from home during the coronavirus epidemic, and many people hope to have larger houses.

In addition, the analysis of the U.S. Market Watch Network shows that housing mortgage interest rates have reached record lows and the shortage of houses for sale have boosted the rise of U.S. house prices.

At this stage, the interest rate of 30-year mortgage loans is less than 3%, but this does not make home buyers loosely available.” Data provided by Attom Data Solutions, Inc., Dec.

31, 2020 showed that in the fourth quarter of 2020, buyers spent nearly 30% of the average wage on a common home, the largest quarter since 2008.

During the epidemic, the increase in house prices in the United States exceeded the income of home buyers.

Of the 499 counties covered by the report, 79% of the house price rose by two hundred points higher than the income increase, Attom wrote in the report.

Todd Teta, chief product officer attom, said: “The future is still uncertain, and the ability to pay may return to the positive range. But now for home buyers, things are moving in a bad direction.

Liu Tian, chief economic analyst of Kingworth Mortgage Insurance Company, said in early December 2020 that the coronavirus epidemic has put pressure on the mortgage system in three aspects.

First, there are more obstacles to buying and selling houses, second, tightening credit to prevent credit risks, and third, mortgage banks as the demand for refinancing increases, mortgage banks Insufficient karma.