It is now cheaper to rent than to buy property.
Thanks to rising house prices and mortgage rates, renting a two-bedroom residence is cheaper than buying that property for about 89% of Americans, <a href="https://web.archive.org/web/20231128140139/https://www.economist.com/graphic-detail/2023/11/28/is-it-cheaper-to-rent-or-buy-property" target="_blank" rel="noopener">according</a> to an analysis by The Economist.
Back in 2020, that was true for only 16% of Americans.
For about a decade until 2020, the typical house mortgage payment was about 12% cheaper than renting a similar property with the national average deposit of 13%.
Since then, however, house prices have spiked 40%, and mortgages have risen from 3.1% to 7.3% for the average 30-year fixed-rate mortgage. This has caused nominal mortgage payments to more than double.
Housing costs <a href="https://www.cnbc.com/select/housing-prices-record-high-consider-a-small-down-payment/" target="_blank" rel="noopener">are</a> currently at a record high, up 3.9% year over year in September. The median house price was $278,200 back in August, 2019, <a href="https://www.cnn.com/2023/10/11/economy/housing-market-bubble-sheila-bair/index.html" target="_blank" rel="noopener">according</a> to the National Association of Realtors. By August of this year, the median price had skyrocketed to $407,100.
Meanwhile, rents have only risen about 20% since 2020.
The housing crash that many potential home buyers <a href="https://www.inman.com/2023/11/28/35-of-americans-hope-the-housing-market-will-crash-in-2024/" target="_blank" rel="noopener">hope</a> for does not look likely to happen. About 35% of Americans are hoping the market will crash in the next year, according to LendingTree&#8217;s latest consumer survey.
However, house prices are expected to continue increasing into 2025, and mortgage prices are expected to dip but not by much, according to economists with Goldman Sachs.
Rent prices will likely remain about the same due to many newly built apartment buildings and low demand.
Because of all this, homeowners are reluctant to sell their homes and lose the lower mortgage rates they locked in during less expensive years.
Another issue for buyers is an inventory shortage of homes.
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&#8220;We’ve got a big hole to dig out of,&#8221; Realtor.com chief economist Danielle Hale <a href="https://www.foxbusiness.com/real-estate/us-housing-market-has-big-hole-dig-out-realtor-com-chief-economist-says" target="_blank" rel="noopener">said</a> Wednesday on Fox Business.
&#8220;We do expect to see single-family construction tick up next year by about 0.4%. So not a huge gain, but construction right now is on the upper end of what we&#8217;ve seen it do over the last, really since 2012,&#8221; Hale said.
Meanwhile, spiking inflation is making it harder for Americans to save for a down payment on a house even if they want to buy property at today&#8217;s record-high prices.
More than half of Americans, 53%, say they either have just enough money or cannot meet their expenses, up from 44% in 2019, CBS News polling from September <a href="https://www.dailywire.com/news/americans-need-over-11k-more-to-keep-2021-standard-of-living-report" target="_blank" rel="noopener">showed</a>.
About 75% of people described the economy as poor, <a href="https://apnews.com/article/economy-inflation-prices-jobs-income-recession-unemployment-e9e96643d8a1eb3ab2f57810219b8324" target="_blank" rel="noopener">according</a> to a poll last month from the Associated Press-NORC Center for Public Affairs Research.

House for Sale by Owner, Forest Hills, Queens, New York

It’s Now Often Cheaper To Rent Than Buy Property

It's Now Often Cheaper To Rent Than Buy Property

Biden Administration

Economics

Economy

Housing

Inflation

Prices

U.S.

Joe Biden has been out and about talking about the rebound of the U.S. economy and the “wins” so-called Bidenomics is creating for America. Television economic pundits did cartwheels earlier this month as new inflation data showed the June Consumer Price Index had fallen to 3.0%, with core CPI up 4.8%, per the <a href="https://www.bls.gov/cpi/" target="_blank" rel="noopener">Bureau</a> of Labor Statistics. While this is good news for Americans, these numbers do not tell the entire story, nor do they reflect the struggle citizens are facing every day.
To begin, one must remember that the CPI measures year-over-year inflation, meaning that the June number of 3.0% was 3.0% higher than the number in June 2022. Forgotten by most of the talking heads on television is that the June 2022 <a href="https://www.dol.gov/newsroom/economicdata/cpi_07132022.pdf" target="_blank" rel="noopener">CPI</a> was 9.1% — meaning that prices in June 2023 were, on average, 12.1% higher than they were just two years ago. This means that in 2023, a family with an income of $100,000 had the purchasing power of a family making just under $88,000 two years previously.
There is financial danger lurking as credit card debt increases, high interest rates preclude the purchase of homes and cars, and consumers are having a harder time obtaining credit.
Credit card <a href="https://www.foxbusiness.com/economy/credit-card-debt-rising-double-edged-sword-economy" target="_blank" rel="noopener">debt</a> reached a record high of $993 billion in early July 2023, at a time when the average credit card interest rate topped 24%. The credit card interest rate will almost certainly rise later this month as the Federal Reserve is expected to increase interest rates by 0.25% at it’s meeting in late July.
Some pundits believe that increasing credit card debt is a sign that people believe the economy is strong and that they are comfortable taking on additional debt. I disagree. 60% of credit card holders have been carrying <a href="https://catalyst.independent.org/2022/09/22/government-causing-credit-card-debt/?gclid=Cj0KCQjwn_OlBhDhARIsAG2y6zNQIoZij5TXjNC2ibkKunklxZQlfz7Ky8c9eVV5Q0TY0oPrDVS6euoaAoqaEALw_wcB" target="_blank" rel="noopener">balances</a> on their card for at least a year, up 10% from 2021. 59% of Americans who earn less than $50,000 a year carry a credit card balance from month to month. These people aren’t using credit cards to purchase tickets to Hawaii and new TVs, they are using their cards to pay for groceries and to cover their rent or utility bills and paying 24% interest for the privilege of doing so.
Existing <a href="https://www.bankrate.com/real-estate/existing-home-sales/" target="_blank" rel="noopener">home sales</a> were down 3.3% in June, a reduction of nearly 19% compared to June 2022. This should not be a surprise as <a href="https://www.bankrate.com/mortgages/30-year-mortgage-rates/" target="_blank" rel="noopener">mortgage</a> rates are currently at 7.24% for a 30-year fixed mortgage. People simply cannot afford to sell their homes and relocate. This makes sound economic sense. No one owning a home with a 2.5% fixed mortgage rate wants to sell their home and relocate, given the extra cost they would incur to purchase a similarly valued home at 7.24%. This phenomenon is precluding many potential first-time home buyers from making that purchase and, in turn, is driving <a href="https://www.usatoday.com/story/money/2023/07/19/us-metros-states-with-rent-increases/70425895007/" target="_blank" rel="noopener">rental rates</a> upwards. In addition, it is making it harder for businesses to fill key needs as fewer potential employees are willing to relocate for a new job.
Unfortunately, many Americans can no longer pay their bills as both foreclosures and auto repossessions continue to rise. In May, the U.S. Foreclosure Market Report “found 35,196 American properties with <a href="https://finance.yahoo.com/news/foreclosures-rising-experts-means-housing-180030618.html" target="_blank" rel="noopener">foreclosure</a> filings … a 7% increase from April, but twice that much from 2022,” according to Go Banking Rates. In March, the last data available, the percentage of <a href="https://www.motor1.com/news/664132/delinquent-car-loans-repos-rising/" target="_blank" rel="noopener">delinquent</a> subprime auto loans increased to 5.3%, and repossessions will top 1.5 million this year.
It&#8217;s getting even harder for people to be approved for loans of all types, ranging from credit cards to auto loans. A recent New York Federal Reserve <a href="https://www.msn.com/en-us/money/personalfinance/borrowers-are-getting-rejected-for-loans-at-the-highest-rate-in-5-years/ar-AA1e4Yh2?ocid=msedgntp&amp;cvid=da7e37617c5c4986802b6f1c5817e305&amp;ei=29">survey</a> found that the “overall rejection rate for credit applications increased to 21.8% year-over-year in June,” the highest level since June 2018. This is a bad sign for the economy as it shows major <a href="https://www.msn.com/en-us/money/realestate/more-americans-rejected-for-loans-just-as-they-may-be-feeling-tapped-out-fed-survey-shows/ar-AA1dZL8Y?ocid=msedgntp&amp;cvid=c590680289aa4e0ae2b3ecf8cd7d0e86&amp;ei=123" target="_blank" rel="noopener">banks</a> are setting aside more money to cover bad consumer loans.
So, while President Biden and economic talking heads gush over the reduced rate of inflation, every day, hard working Americans are struggling under unprecedented levels of debt and the inability to obtain the credit to address it. Americans are hurting, and their hurt is being ignored.
Jim Nelles is a Navy veteran and supply chain consultant based in Chicago. His articles have appeared in the Washington Examiner, Newsweek, Foxnews.com, and The Daily Wire. He has served as a chief procurement officer, chief supply chain officer, and chief operations officer for multiple companies.
The views expressed in this piece are those of the author and do not necessarily represent those of The Daily Wire.

foreclosure sign, real estate

Repos And Foreclosures On The Rise, But Bidenomics Is Working

Automobiles

credit card

Joe Biden

Readers Pass

Americans in certain metropolitan areas are <a href="http://dailywire.com/topic/economy" target="_blank" rel="noopener">spending</a> an “uncomfortably high” share of their <a href="http://dailywire.com/topic/inflation" target="_blank" rel="noopener">incomes</a> on rent, a phenomenon that comes as the residential <a href="https://www.dailywire.com/topic/housing" target="_blank" rel="noopener">housing</a> market remains inaccessible for many families, according to an <a href="https://www.moodys.com/web/en/us/about/insights/data-stories/us-rental-housing-affordability.html" target="_blank" rel="noopener">analysis</a> from Moody’s Analytics.
There are currently seven cities where residents pay more than 30% of median income levels to rent an apartment: New York City, and nearby parts of northern New Jersey; Boston, Massachusetts; Los Angeles, California; and Palm Beach, Fort Lauderdale, and Miami, Florida.
“Cost-of-living and shelter affordability concerns are top of mind amongst Americans,” the analysis said. “Not only will rent burdens across median income households remain elevated nationally, but low-income families and those living in the costliest areas will continue to be forced into making difficult trade-offs, often with regard to other life necessities.”
The analysis noted that the only metropolitan area in which residents could expect to pay more than 30% of income on household rent in 1999 was New York City, which had rent-to-income ratios exceeding 53% at the time. More cities have witnessed expensive rental markets as median income grew 77% and rent increased 135% nationwide over the past two decades.
New York City still remains the most expensive rental market in the country with rent-to-income ratios approaching 68% as of last year. Miami follows suit with rent-to-income ratios nearing 42%; cities in Florida have experienced above-average rent growth as an early end to lockdowns and an overall lower tax burden boosted net migration over the past three years.
Increased rental costs occur as home affordability continues to plummet. Public health mandates caused low labor force participation and supply chain constraints, worsening the trend of decreased construction levels for residential real estate, while elevated interest rates in recent months induced high mortgage rates, keeping potential buyers in their apartments.
“Rental demand surged as a result and drove rates sky high,” the analysis continued.
The overall housing market had a shortage of 3.8 million properties as of 2019, according to <a href="https://www.fanniemae.com/research-and-insights/perspectives/us-housing-shortage" target="_blank" rel="noopener">data</a> from the government-backed mortgage company Fannie Mae, while the National Association of Realtors <a href="https://www.nar.realtor/newsroom/once-in-a-generation-response-needed-to-address-housing-supply-crisis" target="_blank" rel="noopener">estimates</a> that homebuilders should have constructed between 5.5 million and 6.8 million more houses over the past two decades to match current demand.
Rental markets are also seeing <a href="https://www.dailywire.com/news/americas-typical-apartment-is-getting-smaller" target="_blank" rel="noopener">decreases</a> in unit sizes, indicating a reversal from the desire for larger properties that corresponded with lockdowns as families spent more time in their homes and breadwinners relied more on virtual work. The average size of new apartments was 887 square feet in 2022, constituting a 3% drop from the previous year and continuing a decline of 54 square feet over the past decade, according to a recent <a href="https://www.rentcafe.com/blog/rental-market/market-snapshots/national-average-apartment-size/" target="_blank" rel="noopener">report</a> from RentCafe.
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Median home prices recently <a href="https://www.dailywire.com/news/home-prices-fell-year-over-year-for-the-first-time-in-a-decade-but-theres-a-massive-catch" target="_blank" rel="noopener">fell</a> year-over-year for the first time in more than a decade even as elevated mortgage rates are still rendering properties less affordable for prospective buyers, according to an <a href="https://www.redfin.com/news/housing-market-update-home-sale-prices-fall-first-time/" target="_blank" rel="noopener">analysis</a> from Redfin. Homeowners who acquired mortgages at low rates in the months after the lockdowns have reason to avoid selling their properties, a phenomenon that could further limit the number of houses on the market and decrease affordability for buyers.
Median home sale prices increased from $322,600 in the second quarter of 2020 to $467,700 in the fourth quarter of 2022, a metric which has since declined to $436,800 in the first quarter of 2023, according to <a href="https://fred.stlouisfed.org/series/MSPUS" target="_blank" rel="noopener">data</a> from the Department of Housing and Urban Development.

New York City

Here Are The Seven Cities Where Rent Exceeds 30% Of Median Income

Here Are The Seven Cities Where Rent Reaches 'Uncomfortably High' Share Of Income

Boston

Los Angeles

Miami

The number of Americans who believe that now is a good time to buy a house has hit a record low, a <a href="https://news.gallup.com/poll/505901/views-housing-market-reach-new-depths.aspx" target="_blank" rel="noopener">new poll</a> has found.
Only 21% of Americans featured in a new Gallup poll say that now is a good time to buy a house, marking a nine-point decrease since last year and a whopping 32-point decrease from 2021.
From 1978 to 2021, at least half of respondents believed it was a good time to buy a house. But in 2023, 78% of those polled said it was a bad time.
Gallup explains that Americans across several different economic categories are pessimistic about buying homes, writing, “Opinions of the housing market are bleak and generally similar among all major subgroups, including by region, urbanicity, homeownership status, income, education and party identification.”
The analytics firm adds that Americans have become increasingly pessimistic “as housing prices have soared and the Federal Reserve has raised interest rates to try to tame inflation.”
Meanwhile, 56% of respondents also believe that their home values will rise in the coming years, with 25% who think they will remain the same and 19% who say they will decrease. 
In 2022, 70% of respondents said they believed home values in their areas would rise, while 18% said they’d stay the same, and 12% thought they would decrease.
Midwestern and rural respondents in the 2023 poll were less likely to expect their home values to increase. While 55% percent of Western residents, 61% of Southern residents, and 62% of Eastern residents said they believed their home values would rise, only 45% of Midwestern residents agreed.
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Among rural respondents, only 45% believe that their home values will increase, while 57% of suburban residents and 64% of city residents believe their values will increase.
Gallup’s poll was conducted between April 3rd and 25th and included a random sample of 1,013 respondents in the United States.

Houses

Record Low Number Of Americans Believe It Is A Good Time To Buy A House

Polls

Recent data shows America’s residential housing market is in trouble. The <a href="https://www.economist.com/finance-and-economics/2023/03/01/americas-property-market-suggests-recession-is-on-the-way" target="_blank" rel="noopener">Economist</a> believes that the situation in the U.S. housing market suggests that a recession is on the way. Many other economists believe the housing market is already in a <a href="https://thehill.com/business/housing/3764226-economists-a-us-housing-recession-has-already-arrived/" target="_blank" rel="noopener">recession.</a>
According to <a href="https://www.redfin.com/us-housing-market" target="_blank" rel="noopener">Redfin.com</a>, U.S. home prices were down in March “3.3% compared to last year, selling for a median price of $400,698. On average, the number of homes sold was down 19.5% year over year.” The number of homes for sale was up 7.1% year-over-year and the number of newly listed homes was down 22.5%. Houses are staying on the market longer — 44 days for homes sold in March — up 23 days year-over-year, per the same report. Fewer homes are coming on to the market and those that are for sale are remaining so for longer periods of time.
In addition, housing starts are down, indicating a future dearth of inventory. Privately-owned housing units authorized by “building permits in March were at a seasonally adjusted annual rate of 1,413,000. This is 8.8 percent below the revised February rate of 1,550,000 and is 24.8 percent below the March 2022 rate of 1,879,000,” per the <a href="https://www.census.gov/construction/nrc/current/index.html" target="_blank" rel="noopener">U.S. Census Bureau</a>. Privately-owned housing starts in March were at a seasonally adjusted “annual rate of 1,420,000 … 17.2 percent below the March 2022 rate of 1,716,000,” per the same report.
A housing market collapse similar to the Great Recession is not likely. The majority of mortgages are fixed rate and are locked in at 5% interest or below, and the credit of <a href="https://www.bankrate.com/real-estate/is-the-housing-market-about-to-crash/#crash" target="_blank" rel="noopener">homeowners</a> is much stronger than that of homeowners in 2008.
But we are seeing a significant uptick in foreclosure activity. In January 2023, there were a “total of 31,557 U.S. properties with <a href="https://www.attomdata.com/news/market-trends/foreclosures/attom-january-2023-u-s-foreclosure-market-report/" target="_blank" rel="noopener">foreclosure</a> filings – default notices, scheduled auctions or bank repossessions – up 36 percent from a year ago,” according to property data company ATTOM.
In addition to the increasing number of foreclosures, more and more people are backing out of their contracts to purchase a home, with approximately <a href="https://www.yahoo.com/now/homebuyer-remorse-thousands-americans-backing-210000693.html" target="_blank" rel="noopener">65,000</a> home purchase agreements falling through in December 2022.
However, we are seeing a tale of two housing markets. While cities like Phoenix, Seattle, San Jose, and San Francisco all saw home <a href="https://www.businessinsider.com/where-to-buy-home-cities-house-prices-plummeted-2023-2#5-austin-texas-10" target="_blank" rel="noopener">prices</a> decline by double digits in 2022, a number of markets saw their housing market heat up to new record levels of pricing and activity. The top five areas with the largest <a href="https://www.fhfa.gov/Media/PublicAffairs/Pages/US-House-Prices-Rise-8pt4-Percent-over-the-Last-Year-Up-0pt3-Percent-from-Q3.aspx" target="_blank" rel="noopener">price increases</a> in 2022 were Florida (15.2%), North Carolina (13.4%), South Carolina (12.9%), Hawaii (12.8%), and Maine (12.2%).
A new variable that will likely have an impact on home sales is the new <a href="https://www.dailywire.com/news/state-treasurers-urge-biden-to-end-mortgage-policy-that-penalizes-stable-buyers-to-give-risky-buyers-a-discount" target="_blank" rel="noopener">Biden administration rule</a> that will force people with good credit and a large down payment for a home to subsidize the mortgage and fees paid by people with poor credit and a low down payment.
State treasurers and finance officials from 27 states urged the Biden administration to rescind the rule, which took effect on May 1. <a href="https://www.foxbusiness.com/politics/27-states-ask-biden-end-his-disaster-policy-forcing-good-credit-borrowers-subsidize-risky-mortgages" target="_blank" rel="noopener">They wrote</a> to the administration, “the policy will take money from the people who played by the rules and did things right – including millions of hardworking, middle-class Americans who built a good credit score and saved enough to make a strong down payment. Incredibly, those who make down payments of 20 percent or more on their homes will pay the highest fees – one of the most backward incentives imaginable.”
What will happen to the U.S. housing market over the next several months? It will depend on several factors, including what the Federal Reserve does with interest rates during its May meeting. But, if we continue to see a mass migration of Americans fleeing blue states such as California, New York, and Illinois, we will see a tale of two housing markets – collapsing markets in states people leave and white-hot markets in the states to which people move.
Jim Nelles is a Navy veteran and supply chain consultant based in Chicago. His articles have appeared in The Washington Examiner, Newsweek, Foxnews.com, and The Daily Wire. He has served as a chief procurement officer, chief supply chain officer, and chief operations officer for multiple companies.
The views expressed in this piece are those of the author and do not necessarily represent those of The Daily Wire.

Home For Sale Real Estate Sign and House

Housing Market Stalls As Interest Rates Remain High, Inventory Falls

Census Bureau

Florida

Interest Rates

San Francisco

Multiple state treasurers urged the <a href="http://dailywire.com/topic/biden-administration" target="_blank" rel="noopener">Biden administration</a> on Monday to take action to end a new policy that will effectively <a href="https://www.dailywire.com/topic/equity" target="_blank" rel="noopener">penalize</a> financially stable <a href="http://dailywire.com/topic/housing" target="_blank" rel="noopener">homebuyers</a> to subsidize those with higher risk.
Americans purchasing a new home or refinancing their mortgage can <a href="https://www.dailywire.com/news/biden-now-punishing-americans-with-high-credit-scores-to-subsidize-certain-homebuyers" target="_blank" rel="noopener">expect</a> to pay higher mortgage rates and monthly fees if they have robust credit scores, while those with lower credit scores and smaller down payments will receive better rates. Buyers with credit scores above 680, for instance, would pay an additional $40 each month on a home loan of $400,000, while homebuyers who make down payments between 15% and 20% will receive the largest fees.
In a <a href="https://sfof.com/wp-content/uploads/2023/05/2023-Biden-Mortgage-Letter67.pdf" target="_blank" rel="noopener">letter</a> to President Joe Biden and Federal Housing Finance Agency Director Sandra Thompson, the state financial officers said that the move effectively renders home purchases “significantly more expensive” for families with good credit.
“The policy will take money away from the people who played by the rules and did things right, including millions of hardworking, middle-class Americans who built a good credit score and saved enough to make a strong down payment,” the officials wrote. “For decades, Americans have been told that they will be rewarded for saving their money and building a good credit score. This policy turns that time-tested principle upside down. And how will these new junk fees be used? To subsidize higher-risk borrowers by handing out better mortgage rates to people with lower credit ratings who have saved less for a down payment.”
The 34 state financial officers who signed the letter hailed from 27 states, including Pennsylvania, Florida, Texas, North Carolina, and Ohio. The implementation of the new fee structure, part of which was <a href="https://www.fhfa.gov/Media/PublicAffairs/Pages/Statement-from-FHFA-Director-Sandra-Thompson-on-Upfront-Fees-Based-on-Certain-Borrowers-DTI-Ratio.aspx" target="_blank" rel="noopener">delayed</a> until August following widespread criticism, is consistent with White House policies addressing racial income and wealth inequality: Biden issued an <a href="https://www.whitehouse.gov/briefing-room/presidential-actions/2023/02/16/executive-order-on-further-advancing-racial-equity-and-support-for-underserved-communities-through-the-federal-government/" target="_blank" rel="noopener">executive order</a> mandating that his administration operate under a “whole-of-government approach to racial equity and support for underserved communities” and calling on federal agencies to “embed” the philosophy into all aspects of their decision-making.
“Federal programs exist to address affordable housing assistance and the new policy does nothing to address the shortage of housing inventory,” the letter continued. “But the right way to solve that problem is not to use the power of the federal government to penalize hardworking, middle-class American families by confiscating their money and using it as a handout. The right way is to implement policies which will reduce inflation, cut energy costs and bring lower interest rates. Doing so will enable more families to save and improve their credit scores.”
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Mortgage Bankers Association CEO Robert Broeksmit previously said in a <a href="https://www.mba.org/docs/default-source/residential-policy-letters/mba-letter-regarding-new-llpa-changes_feb-3-2023.pdf?sfvrsn=b8c9970_1&amp;utm_campaign=Breaking%20AU%20-%20FHFA%20LLPA%20Letter%20-%202-6-23&amp;utm_medium=email&amp;utm_source=Eloqua" target="_blank" rel="noopener">letter</a> to the Federal Housing Finance Agency that the policy would raise costs for typical homebuyers despite the “current stressed housing market conditions already making affordability a challenge,” prompting him to call for ​​the loan level pricing adjustments based on income to be removed. Former Federal Housing Commissioner David Stevens, who served under the Obama administration, said in a recent <a href="https://www.dailywire.com/news/former-obama-housing-commissioner-slams-biden-rule-that-will-raise-mortgage-fees-to-subsidize-low-income-buyers" target="_blank" rel="noopener">interview</a> that the Biden administration policy is “unprecedented” and will convolute the “entire discipline and credit risk pricing structure” used by government-backed mortgage companies Fannie Mae and Freddie Mac.

President Biden

State Treasurers Urge Biden To End Mortgage Policy That Penalizes Stable Buyers To Give Risky Buyers A Discount

27 State Treasurers Urge Biden To End Mortgage Policy That Penalizes Stable Buyers To Give Risky Buyers A Discount

Diversity

Politics

Real estate

Two House Republican leaders fired off a letter to Federal Housing Finance Agency Director Sandra Thompson on Tuesday demanding that the Biden administration eliminate its plans to make homebuyers with good credit pay more for mortgage costs to offset those who have riskier credit or else Republicans would “take action to repeal them legislatively and reconsider the parameters of FHFA’s authority.”
In January, the Federal Housing Finance Agency (FHFA) <a href="https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Announces-Updates-to-Enterprises-SF-Pricing-Framework.aspx" target="_blank" rel="noopener">announced</a> they would introduce “redesigned and recalibrated upfront fee matrices for purchase, rate-term refinance, and cash-out refinance loans” to change Fannie Mae’s and Freddie Mac’s single-family pricing framework.
“In January 2023, FHFA announced redesigned and recalibrated grids for upfront fees in addition to a new upfront fee for certain borrowers with a debt-to-income (DTI) ratio above 40 percent,” FHFA <a href="https://www.fhfa.gov/Media/PublicAffairs/Pages/Statement-from-FHFA-Director-Sandra-Thompson-on-Upfront-Fees-Based-on-Certain-Borrowers-DTI-Ratio.aspx" target="_blank" rel="noopener">noted</a> in March. “These updated pricing grids include the upfront fee eliminations announced in October 2022 to increase pricing support for purchase borrowers limited by income or by wealth. FHFA has decided to delay the effective date of the DTI ratio-based fee by three months to August 1, 2023, to ensure a level playing field for all lenders to have sufficient time to deploy the fee.”
“These changes cannot be justified from a risk management perspective, and amount to a tax on all creditworthy GSE homebuyers to subsidize borrowers with riskier loans,” Financial Services Chair Rep. Patrick McHenry (R-NC) and Housing and Insurance subcommittee chair Warren Davidson (R-OH) <a href="https://financialservices.house.gov/news/documentsingle.aspx?DocumentID=408727" target="_blank" rel="noopener">wrote</a>.
“These changes violate the fundamental principle of risk-based pricing, namely that lower-risk borrowers should pay lower prices for access to credit than higher-risk borrowers,” they continued. “There is no doubt that lenders will pass on the new LLPA (loan-level price adjustment) costs to borrowers, which will result in higher mortgage rates and reduced access to credit. This new tax also fails the basic test of fairness by punishing borrowers who act responsibly, and will in turn incentivize homebuyers to reduce their down payments and carry additional debt.”
 Mortgage rates are determined by interest rates set by the Federal Reserve as well as the loan-level price adjustment; the loan-level price adjustment varies depending on the credit rating of the borrower.
Under the new proposal, homebuyers with credit scores above 680 would pay an additional $40 each month on a home loan of $400,000, while homebuyers who make down payments between 15% and 20% will receive the largest fees.

Collage Maker-25-Apr-2023-10-26-PM-638

GOP Leaders Demand Biden Administration Stop Plans To Punish Good-Credit Homebuyers

Fannie Mae

David Stevens, a senior <a href="http://dailywire.com/topic/housing" target="_blank" rel="noopener">housing</a> official under former President Barack Obama, condemned a proposal from President <a href="http://dailywire.com/topic/biden-administration" target="_blank" rel="noopener">Joe Biden</a> that will effectively <a href="https://www.dailywire.com/topic/equity" target="_blank" rel="noopener">penalize</a> financially stable homebuyers to subsidize those with higher risk.
Americans purchasing a new home or refinancing their existing mortgage can <a href="https://www.dailywire.com/news/biden-now-punishing-americans-with-high-credit-scores-to-subsidize-certain-homebuyers" target="_blank" rel="noopener">expect</a> to pay higher mortgage rates and monthly fees starting in May if they have a higher credit score, while those with lower credit scores and smaller down payments will be provided better rates. Homebuyers with credit scores above 680, for instance, would pay an additional $40 each month on a home loan of $400,000, while homebuyers who make down payments between 15% and 20% will receive the largest fees.
Stevens, who previously served as federal housing commissioner for the Department of Housing and Urban Development, asserted that the move is “unprecedented” in an <a href="https://www.foxbusiness.com/real-estate/former-obama-housing-chief-slams-bidens-unprecedented-mortgage-plan-not-way" target="_blank" rel="noopener">interview</a> with Fox News. &#8220;We can do better programs to help more minorities get into homeownership,” he contended. “This is not the way to do it.&#8221;
Government-backed mortgage corporations Fannie Mae and Freddie Mac, the latter of which Stevens used to lead as senior vice president of single family lending, will pivot from a primarily risk-driven assessment toward lowering fees for potential homebuyers with lower credit scores. &#8220;This has really convoluted the entire discipline and credit risk pricing structure that Fannie Mae and Freddie Mac have followed since their inception,&#8221; Stevens added. &#8220;I totally recognize and appreciate the effort to bring more people into homeownership who have traditionally not had that opportunity. But using Fannie Mae and Freddie Mac for these sorts of political purposes may not be the best thing to do.”
Stevens confirmed that Sandra Thompson, the current director of the Federal Housing Finance Agency, made a shift in which she “lowered the fees being charged to borrowers with low down payments and low credit scores” and compensated them by “raising fees on better creditworthy borrowers who are putting down much larger down payments.” He noted that he received an email from an executive at a mortgage lending company who noted that the policy incentivizes borrowers to worsen their credit before applying for a loan in order to improve their fee structure.
Mortgage Bankers Association CEO Robert Broeksmit likewise said in a <a href="https://www.mba.org/docs/default-source/residential-policy-letters/mba-letter-regarding-new-llpa-changes_feb-3-2023.pdf?sfvrsn=b8c9970_1&amp;utm_campaign=Breaking%20AU%20-%20FHFA%20LLPA%20Letter%20-%202-6-23&amp;utm_medium=email&amp;utm_source=Eloqua" target="_blank" rel="noopener">letter</a> to the Federal Housing Finance Agency that the policy would raise costs for typical homebuyers despite the “current stressed housing market conditions already making affordability a challenge.” He called on ​​the loan level pricing adjustments based on income to be removed.
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The implementation of the new fee structure, part of which was <a href="https://www.fhfa.gov/Media/PublicAffairs/Pages/Statement-from-FHFA-Director-Sandra-Thompson-on-Upfront-Fees-Based-on-Certain-Borrowers-DTI-Ratio.aspx" target="_blank" rel="noopener">delayed</a> until August following criticism from mortgage industry professionals, is consistent with White House policies attempting to address claims of racial income and wealth inequality. President Joe Biden recently issued an <a href="https://www.whitehouse.gov/briefing-room/presidential-actions/2023/02/16/executive-order-on-further-advancing-racial-equity-and-support-for-underserved-communities-through-the-federal-government/" target="_blank" rel="noopener">executive order</a> mandating that his administration operate under a “whole-of-government approach to racial equity and support for underserved communities” and calling on federal agencies to “embed” the philosophy into all aspects of their decision-making.
The executive order specifically mentioned that agencies should “expand access to capital, preserve housing and neighborhood affordability, root out discrimination in the housing market, and build community wealth.”

President Biden in Durham

Former Obama Housing Commissioner Slams Biden Rule That Will Raise Mortgage Fees To Subsidize Low-Income Buyers

Former Obama Housing Commissioner Slams Equity-Driven Biden Mortgage Rule

Equity

Racial Bias

Just when you think the <a href="https://www.dailywire.com/topic/biden-administration" target="_blank" rel="noopener">Biden administration</a> can&#8217;t possibly have any more awful ideas, his team rolls out a plan to punish Americans with high credit scores to subsidize high-risk homebuyers.
On Wednesday, The Washington Times <a href="https://www.washingtontimes.com/topics/the-federal-housing-finance-agency/" target="_blank" rel="noopener">reported</a> that starting May 1, Americans purchasing a new home or refinancing their existing mortgage can expect to pay higher mortgage rates and monthly fees if they have a higher credit score. Americans with lower credit scores and smaller down payments will be given better rates. In other words, Biden is essentially stealing from the rich to give to the needy by adjusting the fees on loan-level price adjustments.
&#8220;The changes do not make sense,&#8221; senior loan officer at Bay Equity Home Loans Ian Wright <a href="https://nypost.com/2023/04/16/how-the-us-is-subsidizing-high-risk-homebuyers-at-the-cost-of-those-with-good-credit/" target="_blank" rel="noopener">told</a> the Times. &#8220;Penalizing borrowers with larger down payments and credit scores will not go over well. It overcomplicates things for consumers during a process that can already feel overwhelming with the amount of paperwork, jargon, etc. Confusing the borrower is never a good thing.&#8221;
It makes sense if you are a member of the Biden administration. In the name of equity, the Biden administration seeks to close the racial gap in homeownership. To do this, they are enacting numerous changes to the housing market that will benefit those at the lower end of the spectrum — which tend to be minorities for a variety of reasons.
So, according to The New York Post, industry experts say that its going to wind up backfiring.
&#8220;It’s going to be a challenge trying to explain to somebody that says, ‘I worked my whole life for high credit and I’ve put a lot of money down and you’re telling me that’s a negative now?’ That’s a hard conversation to have,” one expert told the Post.
Even former Obama officials are sounding the alarm.
&#8220;It’s unprecedented,&#8221; David Stevens, Federal Housing Administration commissioner under President Barack Obama, <a href="https://nypost.com/2023/04/16/how-the-us-is-subsidizing-high-risk-homebuyers-at-the-cost-of-those-with-good-credit/" target="_blank" rel="noopener">told</a> the Post. &#8220;My email is full from mortgage companies and CEOs [telling] me how unbelievably shocked they are by this move.&#8221;
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The push to put &#8220;riskier mortgages&#8221; in the hands of those who couldn&#8217;t otherwise afford homes also could cause disruption should a recession hit — which the Federal Reserve is predicting.
None of this matters to President Joe Biden and his ilk. They never let a bad idea get in the way of equity.
The views expressed in this piece are the author’s own and do not necessarily represent those of The Daily Wire.

Joe Biden Eating Ice Cream

Biden Now Punishing Americans With High Credit Scores To Subsidize Certain Homebuyers

Federal Government

Luxury <a href="http://dailywire.com/topic/real-estate" target="_blank" rel="noopener">real estate</a> agents in <a href="https://www.dailywire.com/topic/los-angeles" target="_blank" rel="noopener">Los Angeles</a>, <a href="http://dailywire.com/topic/california" target="_blank" rel="noopener">California</a>, have scrambled to sell <a href="http://dailywire.com/topic/housing" target="_blank" rel="noopener">properties</a> as the city’s new mansion <a href="http://dailywire.com/topic/taxes" target="_blank" rel="noopener">tax</a> is slated to take effect.
Voters approved a <a href="https://finance.lacity.org/faq/real-property-transfer-tax-and-measure-ula-faq" target="_blank" rel="noopener">ballot measure</a> during last year’s elections which created a 4% tax on properties sold or transferred for between $5 million and $10 million, as well as a 5.5% tax for properties sold or transferred for more than $10 million. Sellers must continue to pay the base tax rate of 0.45% for sales and transfers, implying overall rates of 4.45% and 5.95%.
Real estate agents have therefore rushed over the past several months to dispose of their luxury properties before the mansion tax enters into effect on April 1.
Ikon Advisors is selling Star Resort, a 16,672 square-foot <a href="https://www.ikonadvisors.com/starresort" target="_blank" rel="noopener">mansion</a> with seven bedrooms, nearly one dozen bathrooms, and a 50,000-square-foot outdoor space for $38 million. The estate features a pool and spa, a mini golf course, a home gym, a basketball court, a car showroom, a sports simulator, and a lounge that can be used for a private club.
“Imbued with intentional style and sophistication, a home of this caliber is rare to hit the market,” the company said. “This modern sanctuary affords absolute luxury; offering an unmatched, well thought out design and world-class amenities to its future owner.”
Redfin has meanwhile <a href="https://www.redfin.com/CA/Beverly-Hills/12945-Mulholland-Dr-90210/home/5260031" target="_blank" rel="noopener">listed</a> a 9,500 square-foot home with five bedrooms and seven bathrooms in Beverly Hills for nearly $16.5 million. The estate likewise has a pool, floor-to-ceiling windows with city and mountain views, an entertainment room, and multiple lounges. Redfin is providing an “incredible limited time buyer offer” by letting purchasers choose between a complimentary Aston Martin Vantage, Aston Martin DBX 707, McLaren GT, or Bentley Bentayga EWB when they purchase the home and close the deal before April 1.
Paramount Realty started an <a href="https://www.prnewswire.com/news-releases/auction-set-for-260-acre-senderos-canyon-known-as-greater-los-angeles-largest-and-last-private-undeveloped-parcel-encompassing-6-of-bel-airs-land-301728709.html" target="_blank" rel="noopener">auction</a> for Senderos Canyon, a parcel of land with 260 acres in the heart of Bel Air, for an asking price of $125 million and a minimum bid of $39 million. The firm similarly offered a $2 million credit to any purchaser who closed on March 31 or earlier.
“A truly versatile landmark parcel, Senderos Canyon offers a diverse set of residential, commercial or hospitality development opportunities,” the company said, noting that the parcel composes 6% of the total land area in Bel Air. “Its lush grounds offer a blank canvas for a luxury residential enclave, hotel or a range of concepts such as a golf course, equestrian center, wellness center, sports campus and more.”
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The owners of the properties listed by Ikon Advisors and Redfin would be respectively liable for a $2.3 million tax and a nearly $1 million tax, respectively, should they fail to sell the properties before April 1, while the owners of the parcel under auction by Paramount Realty would be liable to pay $7.4 million.
The mansion tax was approved in Los Angeles even as voters in a statewide referendum <a href="https://www.dailywire.com/news/one-blue-state-passes-another-blue-state-rejects-hefty-new-taxes-on-millionaires" target="_blank" rel="noopener">rejected</a> a ballot measure that would have increased taxes on personal income above $2 million by 1.75% to increase funding for zero-emission vehicle infrastructure and wildfire prevention. With an effective tax rate of 13.5%, California is among the most heavily taxed states in the country, according to an <a href="https://taxfoundation.org/publications/state-local-tax-burden-rankings/" target="_blank" rel="noopener">analysis</a> from the Tax Foundation.
The new tax on luxury real estate in Los Angeles also occurs after Los Angeles County <a href="https://www.dailywire.com/news/here-are-the-fastest-growing-and-fastest-shrinking-counties-in-america" target="_blank" rel="noopener">lost</a> more residents than any other county in the United States between July 2021 and July 2022, according to <a href="https://www.census.gov/newsroom/press-releases/2023/population-estimates-counties.html" target="_blank" rel="noopener">data</a> released this week by the Census Bureau, a phenomenon which follows severe lockdown mandates and an overall rise in living expenses.

Illuminated pool at night with city in background, Los Angeles, California, United States

Los Angeles Realtors Scramble To Sell Posh Estates Before New ‘Mansion Tax’ Enters Into Effect

LA Property Owners Rush To Sell Posh Homes Before New 'Mansion Tax' Enters Into Effect

California

Taxes

<a href="http://dailywire.com/topic/housing?_gl=1*1gylwoi*_ga*NzUzNDA5ODIxLjE2NzkzMjkzNzM.*_ga_CZKR9ZYKJP*MTY3OTQ5OTQ1My4xMS4xLjE2Nzk1MDYyMzMuNTMuMC4w" target="_blank" rel="noopener">Homebuyers</a> in the United States are paying the lowest down payments in nearly two years amid a decreased demand for properties.
The median down payment for a home financed by a mortgage was $42,375 as of January 2023, equivalent to 10% of the purchase price, according to a Wednesday <a href="https://www.redfin.com/news/down-payments-decline-all-cash-january-2023/" target="_blank" rel="noopener">analysis</a> from Redfin. The figure marks a decline from the 13.6% share of the purchase price recorded in January 2022 and the lockdown-era peak of 17.5% in May 2022.
“One silver lining of high mortgage rates and economic turmoil is that they’ve slowed competition,” Redfin Senior Economist Sheharyar Bokhari said in a statement. “That means buyers are often able to purchase a home without facing a bidding war and don’t need to fork over a huge portion of their savings for a down payment to grab sellers’ attention. Today’s buyers are also able to save money in other ways: Nearly half of sellers are offering concessions, like helping pay for a mortgage-rate buydown or covering closing costs, to attract buyers.”
Home prices and median down payments had soared over the past three years as competition for properties accelerated. Lockdown mandates caused low labor force participation and supply chain bottlenecks, worsening the chronic trend of decreased construction levels for residential real estate. The overall housing market witnessed a shortage of 3.8 million properties as of 2019, according to <a href="https://www.fanniemae.com/research-and-insights/perspectives/us-housing-shortage" target="_blank" rel="noopener">data</a> from the government-backed mortgage company Fannie Mae, while the National Association of Realtors <a href="https://www.nar.realtor/newsroom/once-in-a-generation-response-needed-to-address-housing-supply-crisis" target="_blank" rel="noopener">estimates</a> that homebuilders should have constructed between 5.5 million and 6.8 million more houses over the past two decades to match current demand.
Down payments have fallen 35% from their recent peak but remain 30% higher than levels witnessed before the lockdown-induced recession. Other causes for the lower down payments are high shelter costs and overall inflationary pressures, which have depleted the savings buyers are able to allocate for a down payment, as well as a decline in home prices caused by the higher mortgage rates.
Down payments have decreased 33% in Sacramento, California, over the past year, as well as 28% in Atlanta, Georgia, and 23% in Orlando, Florida. The only markets which saw higher down payment percentages were Newark, New Jersey, and San Francisco, California.
Elevated mortgage rates, caused by actions from the Federal Reserve meant to combat inflation, recently <a href="https://www.dailywire.com/news/home-prices-fell-year-over-year-for-the-first-time-in-a-decade-but-theres-a-massive-catch" target="_blank" rel="noopener">produced</a> the first year-over-year decline in median home prices since February 2012 even as properties become less affordable. Median home sale prices increased from $322,600 in the second quarter of 2020 to $467,700 in the fourth quarter of 2022, according to <a href="https://fred.stlouisfed.org/series/MSPUS" target="_blank" rel="noopener">data</a> from the Department of Housing and Urban Development.
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Apartment rental markets are meanwhile seeing <a href="https://www.dailywire.com/news/americas-typical-apartment-is-getting-smaller" target="_blank" rel="noopener">decreases</a> in typical unit sizes, indicating a reversal from the desire for larger properties that corresponded with government lockdowns as families spent more time in their homes and breadwinners relied more on remote work. The average size of new apartments was 887 square feet in 2022, constituting a 3% drop since the previous year and continuing a decline of 54 square feet over the past decade, according to a recent <a href="https://www.rentcafe.com/blog/rental-market/market-snapshots/national-average-apartment-size/" target="_blank" rel="noopener">report</a> from RentCafe. Average rental prices have increased 26% from $1,568 in December 2019 to $1,981 in December 2022, according to <a href="https://www.zillow.com/research/december-2022-rental-report-31992/" target="_blank" rel="noopener">data</a> from Zillow.

Aerial photography of suburbs, NY

Average Down Payment On Houses Drops As Real Estate Demand Cools

Average Down Payments Drop As Real Estate Demand Cools

The size of the typical <a href="http://dailywire.com/topic/housing" target="_blank" rel="noopener">apartment</a> in the United States saw one of the largest declines in recent years as inventory remains constrained.
The average size of new apartments was 887 square feet in 2022, constituting a 3% drop since the previous year and a decline of 54 square feet over the past decade, according to a recent <a href="https://www.rentcafe.com/blog/rental-market/market-snapshots/national-average-apartment-size/" target="_blank" rel="noopener">report</a> from RentCafe. The apartment search company noted that higher demand for housing prompted the lower unit sizes.
“With one of the highest levels of construction in half a century, the year was marked by the need for more housing all across the country,” the report said. “As such, more studios and one-bedroom apartments were finished in 2022 than ever before.”
The years marked by the lockdown-induced recession witnessed a modest increase in the size of new apartments from 910 square feet in 2019 to 917 square feet in 2021. Demand in real estate markets pivoted toward a desire for larger properties as families spent more time in their homes and breadwinners relied more on remote work. Developers offered a “quick response to the need for more space” and adjusted floor plans to “accommodate large enough configurations to fit a home office.”
Silver Spring, Maryland, has seen a 15% decline in average square footage over the past decade, surpassing all other metropolitan areas. Portland, Oregon, saw a decline of 9%, while the New York City boroughs of Queens and Brooklyn each witnessed 7% declines.
Other metropolitan areas, on the other hand, are witnessing trends toward larger apartment sizes: Tucson, Arizona, and Tallahassee, Florida, saw 29% and 16% respective increases in average square footage. Cities such as Mobile, Alabama, and Lubbock, Texas, followed suit with 17% increases in apartment size over the past decade.
Volatility in the real estate market occurs as supply chain bottlenecks and labor shortages persist beyond the lockdown-induced recession, worsening overall inflationary pressures in the global economy. Average rental prices have increased 26% from $1,568 in December 2019 to $1,981 in December 2022, according to <a href="https://www.zillow.com/research/december-2022-rental-report-31992/" target="_blank" rel="noopener">data</a> from Zillow.
The overall housing market witnessed a shortage of 3.8 million properties as of 2019, according to <a href="https://www.fanniemae.com/research-and-insights/perspectives/us-housing-shortage" target="_blank" rel="noopener">data</a> from the government-backed mortgage company Fannie Mae. The National Association of Realtors <a href="https://www.nar.realtor/newsroom/once-in-a-generation-response-needed-to-address-housing-supply-crisis" target="_blank" rel="noopener">estimates</a> that homebuilders should have constructed between 5.5 million and 6.8 million more houses over the past two decades to match current demand.
Increasing mortgage rates recently <a href="https://www.dailywire.com/news/home-prices-fell-year-over-year-for-the-first-time-in-a-decade-but-theres-a-massive-catch" target="_blank" rel="noopener">produced</a> the first year-over-year decline in median home prices since February 2012, even as properties become less affordable due to the high interest rates. Median home sale prices had increased from $322,600 in the second quarter of 2020 to $467,700 in the fourth quarter of 2022, according to <a href="https://fred.stlouisfed.org/series/MSPUS" target="_blank" rel="noopener">data</a> from the Department of Housing and Urban Development. Costs plateaued in the second half of last year as mortgage rates soared.
Actions from the Federal Reserve to decrease the target federal funds rate to stimulate the economy during the recession had produced historically low mortgage rates. Homeowners who acquired mortgages at favorable rates have reason to avoid selling their properties given current market conditions, a phenomenon that could further limit the number of houses available for purchase and decrease affordability for buyers.

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America’s Typical Apartment Is Getting Smaller

Apartments In America Are Getting Smaller

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