The next wave of servicing regulation is coming – Are you ready?

Join this webinar to learn what servicers need to know about recent and upcoming servicing compliance regulations and strategies experts are implementing to prepare for servicing regulatory audits.

How demographics shaped the housing market in 2021

The U.S. housing market entered a period of the best housing demographics ever recorded in history the same year that COVID grabbed hold of us.

@properties CEOs talk company growth and franchising

In this episode of HousingWire Daily, Mike Golden and Thad Wong from @properties discuss the future for the company including its nationwide franchising plans as it expands.

Keep Up With the Latest Third Party Origination News

Want to stay up to date with the latest on the third party origination front? We designed a specific news hub with lenders and brokers in mind, with Rocket Pro TPO leading the discussion.

Real Estate

Los Angeles is now the least affordable housing market

Less than 12% of homes sold in Q4 were affordable to households earning the area’s median income

For the past two years, the least affordable housing market has been San Francisco, with a median home price of $908,750.

The National Association of Realtors said that California, in general, is the least affordable place to live in the U.S., citing high home prices.

Now, the National Association of Home Builders and Wells Fargo Housing Opportunity Index has given the title of least affordable housing market to Los Angeles. In Los Angeles-Long Beach-Glendale, California, only 11.3% of homes sold during the fourth quarter of 2019 were affordable to families earning the area’s median income of $73,100.

“Growing household formations, ongoing job creation and rising wage growth are fueling housing demand,” said NAHB Chief Economist Robert Dietz. “But a record-low resale inventory, coupled with underbuilding as builders deal with supply-side constraints, continue to put upward pressure on home prices even as interest rates remain at low levels.”

Because of this, Zillow says that home shoppers are leaving Los Angeles for cheaper metros, the most popular being Las Vegas.

San Francisco-Redwood City-South San Francisco fell to No. 2 on the least affordable list, after being the nation’s least affordable housing market for the previous eight quarters. Anaheim-Santa Ana-Irvine; San Diego-Carlsbad; and San Jose-Sunnyvale-Santa Clara are other major California metros that remain unaffordable.

Most Popular Articles

Treasury removes restrictions on investment properties

The Treasury Department and FHFA announced Tuesday that they are suspending certain requirements that were added in January to the Preferred Stock Purchase Agreements (PSPAs) between Treasury and Fannie Mae and Freddie Mac.

Sep 14, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please