Pipeline Press – What has 500 Pages, 3 letters, and What Does it All Mean?

What has 500 Pages, 3 letters, and What Does it All Mean?

Posted to: Pipeline Press
Thursday, August 29, 2013 8:19 AM

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Affordability has a strong impact on homeownership. Not surprisingly, per the NRA, I mean the NAR, four of five states with the lowest homeownership rates in the US are characterized by markets with high prices. Washington, DC has the lowest homeownership rate at 45.3%. At the opposite end of the spectrum, West Virginia, New Hampshire, Michigan, and Maine have among the highest affordability and homeownership rates. More information about state homeownership rates is available in the Local Market Reports for the 2nd quarter of 2013.

(In a related story, certainly the MBA’s application figures continue to show the impact of higher costs, higher rates, and greater restrictions. It reported yesterday that mortgage apps were off 2.5%, with purchases up 2.4% -2nd week up in a row – and refis off by 5.4%. Refi’s dropped to 60% of total loans, a new recent low. Conventional refis were off 4.8% and GNMAs were off by 8.5% which reverses last week’s difference between the two.)

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