Matt Maltepes - Real Estate

Matt Maltepes - Real Estate Real Estate agent that loves life. Fluent in English, Español, العربية, Ελληνικά

US home deal cancellations notched 16.6% in September according to Redfin, a new high since October last year.
11/06/2023

US home deal cancellations notched 16.6% in September according to Redfin, a new high since October last year.

11/01/2023

On average, homeowners are now allocating a 35% of their wages to cover the various costs associated with owning a home, per ATTOM, the highest since 2007.

10/31/2023

Home buyers are backing out of deals at the highest rate in a year, per BI.

Here is the gap between median income and income needed to afford a house.It's more than DOUBLE the gap seen in the 2008...
10/28/2023

Here is the gap between median income and income needed to afford a house.

It's more than DOUBLE the gap seen in the 2008 crisis.

It also seems that mortgage demand is at its lowest since 1995.

For the first time in history, you need to make six-figures to afford a house in the US.The annual income needed to affo...
10/28/2023

For the first time in history, you need to make six-figures to afford a house in the US.

The annual income needed to afford a house is now $111,000, according to Reventure.

Meanwhile, the median household income in the US is just $78,000, ~30% below that threshold.

Just 3 years ago, in 2020, you needed $60,000 of annual income to afford a house.

In other words, the income required to own a home has risen by 85% in 3 years.

The gap between median income and income needed to afford a house is ~25% LARGER than it was in 2008.

10/27/2023

Mortgage rates in the US rose for the seventh week in a row, per Fannie Mae.

10/27/2023

To make housing affordable, and if rates stay at 8% and prices stay at current levels, income needs to increase by 63%, per the NAR.

10/27/2023

The average monthly mortgage payment is a whopping 52% higher than the average monthly rent on a house or apartment, the highest amount since the 2008 housing crash, per The Wall Street Journal.

10/26/2023

Average interest rate on a 30-year mortgage rises to 8.09%, its highest since July 2000.

Mortgage rates are now up for 7 straight weeks in their historic run higher.

Currently, 9.5% of all mortgage applications are for ARMs, the highest since November 2022.

The surge in ARMs may mean many homebuyers are betting on lower rates in the future.

Just over 2 years ago, mortgage rates hit a historic low of 2.6%.

Now, rates are over 3 times higher and continue to rise sharply.

Somehow, new home sales surged by 12.3% in September while a decline was expected.

The median price of a new home is almost lower than the median of an existing home for the first time since 2005.

10/26/2023

At 8% mortgage rates, 22 million Americans qualify for the standard $400,000 loan, per CNBC.

At 3% mortgage rates, it was 50 million.

New home sales just surged 12.3% month-over-month in September, the largest jump since August 2022.Even as mortgage rate...
10/25/2023

New home sales just surged 12.3% month-over-month in September, the largest jump since August 2022.

Even as mortgage rates push above 8% for the first time in 23 years, new home sales are surging.

The gap between new home sales and mortgage rates has never been wider.

It seems homebuilders are taking on some of the cost of higher mortgages AND existing home sales are at their lowest since 2010.

New homes seem to be the only option for buyers and homebuilders are helping pay for it.

10/23/2023

The US median home price increased by nearly 40% to $373,253 in the third quarter from $266,861 in the same period in 2019, per Yahoo Finance.

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