Report: US housing less affordable post-election

U.S. homes are less affordable now than they were before the general election, driven higher by mortgage interest rates up roughly 50-basis points since Nov. 8, according to a new report from Black Knight Financial Services. Black Knight notes that the jump in the post-election interest rate has resulted in the average home price up $16,400 from before the election — an extra $60 per month in principal and interest payments, HousingWire reported. Therefore, buying a median-priced home now requires 21.6% of the median monthly income. The share is the highest since June 2010, albeit still low by historical standards. However, home prices today are 20% higher. Dive Insight: Historically low mortgage rates have been a driving factor in getting new buyers, especially younger first-timers, into the market. But industry observers are growing increasingly concerned by the recent r...

Full article: http://www.sustainablecitiescollective.com/construction-d...

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