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☆ Here's what upgrading to a nicer home could cost you, and why it's locking up the market
▼ + stars: | 2024-04-02 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

Higher mortgage rates usually cool both prices and demand, as they did last year, but that's not the case now. There are still too few homes for sale because current homeowners can't afford to move, and it's keeping prices high. Buying the same home they're in now would increase their monthly payment by 60%, according to ICE. Those increases represent national averages and can vary market to market. For example, moving up would add $604 to a homeowner's monthly payment in Buffalo, New York, an increase of 108%; and $4,517 in San Jose, California, an increase of 161%, according to the ICE data.

Persons: that's, Andy Walden Organizations: Federal Reserve, ICE Mortgage Technology, ICE Locations: Buffalo , New York, San Jose , California

☆ Expect lower home price growth in Spring compared to last year, says ICE's Andy Walden
▼ + stars: | 2024-03-04 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailExpect lower home price growth in Spring compared to last year, says ICE's Andy WaldenAndy Walden, vice president of enterprise research at ICE Mortgage Technolog,y joins 'The Exchange' to discuss projections for the Spring housing market, how recent rates have impacted inventory, and more.

Persons: Andy Walden Andy Walden, y Organizations: ICE Mortgage

☆ Mortgage demand should increase in 2024, says ICE's Andy Walden
▼ + stars: | 2024-01-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMortgage demand should increase in 2024, says ICE's Andy WaldenAndy Walden, vice president of enterprise research at ICE Mortgage Technology, and CNBC's Diana Olick join 'The Exchange' to discuss the state of mortgage demand, the overall health of housing, and more.

Persons: Andy Walden Andy Walden, Diana Olick Organizations: Email Mortgage, ICE Mortgage Technology

☆ Home equity could become more affordable next year if the Fed cuts rates, says ICE's Andy Walden
▼ + stars: | 2023-12-04 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHome equity could become more affordable next year if the Fed cuts rates, says ICE's Andy WaldenAndy Walden, vice president of enterprise research at ICE Mortgage Technology, joins 'The Exchange' to discuss the cost of borrowing, the impact of potential interest rate cuts and more.

Persons: Andy Walden Andy Walden Organizations: ICE Mortgage Technology

☆ This is the least affordable housing market since 1984. It’s getting worse
▼ + stars: | 2023-11-07 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

Wannabe homebuyers are getting hammered by a painful combination of high mortgage rates and high home prices. For the first time, monthly payments are above $2,500 – and that doesn’t even include taxes, insurance or other fees. Turmoil in the bond market and the Federal Reserve’s war on inflation have driven up mortgage rates to levels unseen since 2000. Aided by emergency action from the Fed, mortgage rates briefly tumbled below 2.7% in late 2020 and early 2021. At today’s rates, monthly payments on a $500,000 home would stand at roughly $3,265 after putting 20% down.

Persons: Ronald Reagan, Andy Walden, They’ve, Freddie Mac Organizations: New, New York CNN, Intercontinental Exchange, ICE, New York Stock Exchange Locations: New York, homeownership

☆ Two key indicators with with spooky significance
▼ + stars: | 2023-10-23 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

As in 5% yield on the 10-year T-bill, and 8% interest on the 30-year fixed rate mortgage. The 10-year Treasury yield, which goes up as prices fall, is flirting with 5% for the first time since 2007 (that’s ominous comparison No. The 30-year fixed rate mortgage is barreling toward 8% — a level not seen since the dot-com bubble popped in 2000. Because:In addition to painfully high interest rates, prices on the homes themselves have soared. “Unfortunately, the upward shift in Treasury yields this week will likely make returning to ‘normal’ an even more challenging target to hit,” Walden said.

Persons: CNN Business ’, Nicole Goodkind, Sellers don’t, Anna Bahney, Andy Walden, ” Walden, ”, Jerome Powell, you’ll Organizations: CNN Business, New York CNN, econ, Treasury, US Treasury, ICE Mortgage Technology, ICE Locations: New York, Econ

☆ 3 reasons it could be the right time to buy a home, despite high interest rates
▼ + stars: | 2023-10-22 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +7 min

Despite high prices and mortgage rates, they said homeownership will pay off for many people in the long-run. Many Americans have been left wondering when — if ever — the time will be right for them to enter the housing market. "Many homeowners first bought their home when interest rates were high — the 50-year average rate on a mortgage is 7.8%," he said. Even if cuts to interest rates cause mortgage rates to fall, they're unlikely to return to the near-zero levels they were in 2022. If and when mortgage rates fall, Yun said that some homeowners who have been eager to move — but have been reluctant to give up their low interest rates — will likely decide to sell.

Persons: homeownership, —, Andy Walden, homebuyers, Jerome Powell, Alex Wong, Daryl Fairweather, Redfin's, Lawrence Yun, Yun, Selma Hepp, Connolly, Mott aren’t, David Meyer, Redfin's Fairweather, Fairweather, There's, there's, Jenna Stauffer, Hepp, Meyer Organizations: Service, National Association of Realtors, ICE Mortgage Technology, CNBC, Federal Reserve, Reserve, CoreLogic, Brigade, Homeowners, International Realty Locations: Washington , DC

☆ Why the housing market is going from tough to terrible
▼ + stars: | 2023-10-20 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

The current housing market offers a crushing affordability picture for would-be-homebuyers and is keeping many out of the market. The monthly payment on an average-priced home now requires 40% of the median household income, making housing the least affordable it’s been since 1984, according to ICE. “Longer term Treasury yields — which mortgage rates tend to follow — depend on expected economic growth and inflation expectations,” said Orphe Divounguy, senior economist at Zillow. The median household income was $74,580 in 2022, according to the US Census Bureau. “Good news in the economy causes rates to stay higher for longer — but the longer rates are higher, the more likely something in the market goes ‘boom.’”

Persons: Freddie Mac, ”, Andy Walden, ” Walden, Orphe Divounguy, Nicole Bachaud, Bachaud, John Toohig, Raymond James, ” Toohig, “ Organizations: DC CNN —, ICE Mortgage Technology, Black, ICE, “, Zillow, Census Bureau Locations: Washington

☆ Bad news, homeowners: 1 of these 3 things needs to happen for house prices to be considered affordable, says a real estate expert
▼ + stars: | 2023-10-10 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Andy Walden of ICE Mortgage Technology told CNBC there are 3 key ways to make US home prices affordable. AdvertisementAdvertisementThe US housing market is getting so expensive that it will take a lot for prices to be considered affordable. "Those are massive movements that we're talking about," Walden told CNBC. he told CNBC. If not, you're going to just see this stalemate play out in the market," Walden added.

Persons: Andy Walden, —, Walden, Fannie Mae's, That's, Zillow, Freddie Mac Organizations: ICE Mortgage Technology, CNBC, Service, Census Bureau

☆ The US housing market is so expensive that incomes would have to spike 55% for it to be considered affordable, industry exec says
▼ + stars: | 2023-10-06 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

The housing market is so unaffordable that only three extreme scenarios would return it to pre-pandemic affordability. US incomes would have to spike 55% to consider the current market affordable, an industry executive said. Other scenarios would have to see home prices crash 35% or mortgage rates drop four percentage points. He told CNBC in an interview this week that one of those hypotheticals would be a sharp spike in US incomes. Walden added that the latest housing data was "red-hot" coming into August, and buying power remains down about 6%.

Persons: —, Andy Walden, Walden, We're Organizations: Service, CNBC

☆ Interest rates are putting home demand and supply in a gridlock, says Black Knight's Andy Walden
▼ + stars: | 2023-10-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInterest rates are putting home demand and supply in a gridlock, says Black Knight's Andy WaldenAndy Walden, Black Knight VP of enterprise research strategy, and CNBC's Diana Olick join 'The Exchange' to discuss higher rates crushing affordability for potential home buyers, the path to normalization in the housing market, and the lack of inventory leading to higher prices.

Persons: Black, Andy Walden Andy Walden, Diana Olick

☆ Home prices may be on the verge of cooling off
▼ + stars: | 2023-09-01 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

The latest read on home prices shows they hit another all-time high in July, rising 2.3% from the same month last year, according to Black Knight. But prices weakened month to month, according to Black Knight. Behind the cooling off: mortgage rates. The jump in home prices since the start of the Covid pandemic, combined with much higher mortgage rates has crushed affordability. It now takes roughly 38% of the median household income to make the monthly payment on the median-priced home purchase, according to Black Knight.

Persons: Knight, That's, Andy Walden, Danielle Hale Organizations: Black, Realtor.com

☆ Home prices may be turning lower
▼ + stars: | 2023-09-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHome prices may be turning lowerAndy Walden, vice president of enterprise research at Black Knight, and CNBC's Diana Olick join 'The Exchange' to discuss why home prices may be on the verge of cooling off, the state of the housing market, and more.

Persons: Andy Walden, Black Knight, Diana Olick Organizations: Black

☆ Jackson Hole: Fed policy collides with reality in the most unequal county in America
▼ + stars: | 2023-08-25 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —Central bank officials from across the world have descended upon Jackson Hole, Wyoming this week to discuss policy decisions that will shape the economy for years to come. That’s because Jackson Hole is the most economically unequal place in the United States, according to the Economic Policy Institute. What’s happening: The snow kissed peaks and verdant valleys of Jackson Hole, Wyoming — where Federal Reserve Chair Jerome Powell is due to give a highly anticipated speech on Friday — aren’t just awe-inspiring. Among the top 1% in Teton County (where Jackson Hole is located), the average annual income is a jaw-dropping $22.5 million. The extreme wealth disparity in Jackson Hole is a perfect example of that dichotomy.

Persons: Jackson, Jerome Powell, aren’t, They’re, ”, Kenan Fikri, “, they’re, Powell, ” Jackson, That’s, Allison Morrow, Krystal Hur, it’s, Anna Bahney, Black Knight, Knight, Andy Walden Organizations: CNN Business, Bell, New York CNN, Economic, Institute, Census Bureau, Economic Innovation, Nvidia, Revenue, Wall, Federal Reserve, Black Locations: New York, Jackson Hole , Wyoming, United States, Teton County, Wyoming, Jackson, Teton, Santa Clara , California

☆ Home affordability is the worst it has been since 1984
▼ + stars: | 2023-08-24 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

Washington, DC CNN —Buying a house requires a much bigger slice of people’s income now — making this the most unaffordable housing market since 1984, by one measure. The number of cost-burdened renters increased by 1.2 million, to a record 21.6 million households, between 2019 and 2021. In all, 40.6 million households were housing-cost burdened in 2021, including 20.3 million who were severely burdened. Affordability picture remains grim this yearHopeful house hunters continued to face challenging affordability conditions in July as rising mortgage rates and historically low housing inventory pushed prices higher, said Edward Seiler, the Mortgage Bankers Association’s associate vice president for housing economics. “Unfortunately, given today’s lack of inventory and affordability levels, it may take years before home affordability returns to more ‘normal’ levels,” he said.

Persons: Black Knight, Knight, “, ”, Andy Walden, Edward Seiler, Seiler, Joel Kan, Walden, ” It’s Organizations: DC CNN, Federal Reserve, Black, Joint Center for Housing Studies of Harvard University, Mortgage, Moody’s Investors Service Locations: Washington

☆ Home prices this summer have hit a new all-time high in a majority of the US
▼ + stars: | 2023-08-08 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Home prices hit a new-all-time high across the US in June as the shortage in inventory drags on. Prices reached fresh peaks in 30 out of 50 housing markets tracked by Black Knight, the firm said in a new report. Meanwhile, the housing market is short around 3.8 million units, per an estimate from Freddie Mac. Across all markets, prices grew 0.8% year-per-year in June, surging from just a 0.2% increase reported in May. The average 30-year fixed mortgage rate inched higher to 6.9% the last week, according to Freddie Mac.

Persons: Black Knight, Freddie Mac, We've, Andy Walden, That's Organizations: Service, Knight Locations: Wall, Silicon

☆ Black Knight: Housing affordability hits 38-year low
▼ + stars: | 2023-08-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBlack Knight: Housing affordability hits 38-year lowAndy Walden, Black Knight VP of enterprise research strategy, joins 'The Exchange' to discuss affordability in the housing market, expectations for downward pressure on rentals, and why supply is driving the hottest U.S. home markets.

Persons: Andy Walden, Black Organizations: U.S

☆ Here's how much cash you may have in your home, thanks to new record high prices
▼ + stars: | 2023-08-04 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

Home prices are on a tear again across much of the nation after falling for much of last year. Home prices in June hit record highs in 60% of U.S. markets, according to a new report from Black Knight, set to be released Monday. Higher mortgage rates have been a huge deterrent for current homeowners to list their homes for sale because they don't want to trade up to these higher rates on another purchase. Prospective homebuyers today are looking at paying more than 36% of their income on that payment thanks to higher home prices and higher rates. The average rate on the popular 30-year fixed mortgage hit 7.2% on Thursday, according to Mortgage News Daily.

Persons: Black Knight, Andy Walden, Black, Walden Organizations: Mortgage News Locations: U.S, Black

☆ Home prices on track for 8% increase year-over-year, says Black Knight's Andy Walden
▼ + stars: | 2023-07-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHome prices on track for 8% increase year-over-year, says Black Knight's Andy WaldenBlack Knight's Andy Walden joins 'The Exchange' to discuss the critical shortage in single-family home supply, weak demand for homes due to affordability concerns, and the forces driving home prices higher.

Persons: Black, Andy Walden Black, Andy Walden

☆ The housing market is near an inflection point as home prices show signs of trending sharply higher, Black Knight says
▼ + stars: | 2023-07-11 | by ( Jason Ma | ) www.businessinsider.com time to read: +3 min

The housing market is near an inflection point as home prices look set to spike, Black Knight said. "There is no doubt that the housing market has reignited from a home-price perspective." "There is no doubt that the housing market has reignited from a home-price perspective," said Andy Walden, Black Knight's vice president of enterprise research. Active listings have worsened in 95% of major markets this year and are more than 50% below pre-pandemic levels, according to Black Knight. "The challenge for the Fed now is to chart a path forward toward a 'soft landing' without reheating the housing market and reigniting inflation."

Persons: Knight, Black Knight, Andy Walden, Black, Walden Organizations: Service, Black Locations: Wall, Silicon

☆ Home prices are hitting new highs again, as high rates put the squeeze on supply
▼ + stars: | 2023-07-10 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +4 min

Prices began dropping last summer, after the average interest rate on the 30-year fixed-rate mortgage more than doubled in just six months. Buyers may have simply gotten used to higher rates. The sharp jump in mortgage interest rates last year threw cold water on an overheated housing market, but it didn't last long. Even with rates still high, home prices are now gaining again, and the gains are accelerating with each new month. "Earlier this year I shared that I believed 6% mortgage rates were accepted as the new normal.

Persons: Walden, Andy Walden, Black Knight, Robert Reffkin, Estate, Knight Organizations: Black, Compass, National Association of Realtors, Redfin Locations: Midwest, Northeast, San Jose , California, San Diego , Los Angeles, San Francisco, Seattle, Austin , Texas

☆ Real estate facing low inventories, foreclosures, and delinquencies, says Black Knight's Andy Walden
▼ + stars: | 2023-07-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailReal estate facing low inventories, foreclosures, and delinquencies, says Black Knight's Andy WaldenBlack Knight's Andy Walden and CNBC's Diana Olick join 'The Exchange' to discuss pandemic era migration trends impacting the real estate market, top states for population growth, and how demographics and homebuilding trends are moving home prices.

Persons: Black, Andy Walden Black, Andy Walden, CNBC's Diana Olick

☆ Housing prices could dip before trending higher, says Black Knight's Andy Walden
▼ + stars: | 2023-06-20 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHousing prices could dip before trending higher, says Black Knight's Andy WaldenAndy Walden, Black Knight VP of enterprise research strategy, joins 'The Exchange' to discuss easing housing inventory challenges, home prices rising due to limited supply, and a surplus in vacation rental supply.

Persons: Black, Andy Walden Andy Walden

☆ Home prices are back on the rise as the spring market proves more competitive than expected
▼ + stars: | 2023-05-02 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +4 min

After cooling for the better part of last year, home prices are on the rise again. "Just five months ago, prices were declining on a seasonally adjusted month-over-month basis in 92% of all major U.S. markets. Competition among buyers is not only pushing prices higher but also accelerating the market again. Of the nation's 50 largest housing markets by population, just Austin, Salt Lake City and San Antonio are seeing prices fall month to month. A separate report released Tuesday from CoreLogic focuses on home price comparisons from a year ago, but also shows prices gaining month to month.

☆ Home prices suddenly jump after several months of declines
▼ + stars: | 2023-04-03 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

Home prices nationally rose 0.16% in February, when seasonally adjusted, according to Black Knight. By fall, the rate shot over 7%, and home prices began cooling more quickly. In December and January, however, mortgage rates began pulling back, and homebuyers were quick to take advantage. "Conscious of changing mortgage rates, home buyers are taking advantage of any rate declines," Lawrence Yun, NAR's chief economist, said in the February sales release. Mortgage rates began rising again in February and then fell back slightly in March due to market fears over the U.S. banking system, amid several bank collapses.

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