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☆ An affordability crisis is making some young Americans give up on ever owning a home
  + stars: | 2024-02-03 | by ( Bryan Mena | ) edition.cnn.com   time to read: +9 min
Washington, DC CNN —Americans are living through the toughest housing market in a generation and, for some young people, the quintessential dream of owning a home is slipping away. Mortgage rates surged in recent years, hitting the highest levels in more than two decades last fall. CNN spoke with some young Americans about their thoughts on the current state of the US housing market and their plans for the future. “The housing market is not a single person’s market.”What typically happens when a regional housing market becomes too unaffordable is that people without the means simply move somewhere cheaper, such as a suburb an hour away, for example. Still, affordability takes into account mortgage rates, family incomes and single-family home prices, which remain a vexing pain point.
Persons: It’s, Baby, Brandie Grant, Grant, ”, “, ” Brandie Grant, Brandie, Ross, Emily Bunton, Ross Bunton, That’s, ” Bunton, I’m, Corey Griffis, ’, hasn’t, ” Griffis, Shyahm Aguilar, Shyahm Aguilar Shyahm Aguilar, Aguilar, we’ve, ” Aguilar, that’s, there’s, Fannie Mae’s, ” Mark Palim, Fannie Mae, Mario Tama, Daryl Fairweather, Redfin’s, Sofiya Vyshnevska, Vyshnevska, “ Young Organizations: DC CNN, Baby Boomers, CNN, San Francisco Bay Area, National Association of Realtors, Housing Administration, Montana State University, Federal, Housing Survey, “, NAR Locations: Washington, San Francisco Bay, United States, St, Louis , Missouri, Portland , Oregon, Mexico, Santa Fe , New Mexico, Santa Fe, Merida, Colorado, Phoenix, Queen Creek , Arizona, Minneapolis, Houston, Dallas, Austin , Texas, Tampa, Jacksonville, Orlando, Florida, Atlanta
☆ More remote workers are willing to move in order to find affordable housing
  + stars: | 2023-09-03 | by ( Anna Bahney | ) edition.cnn.com   time to read: +7 min
Continuing remote and hybrid work, at levels remarkably unchanged from two years ago, is enabling people to move toward housing affordability, the study found. At the beginning of the year, 22% of remote and hybrid workers said they would be willing to relocate to a different region or increase their commute. The research showed that among remote workers, all age and income groups have grown more willing to relocate or live farther away from their workplace since 2021. This is good news for remote workers during a time of crushingly low levels of home affordability. The researchers say the change to the housing market brought about by remote workers holds broader implications for the link between housing and the labor market.
Persons: Fannie Mae, Fannie, ’, “, ” Organizations: DC CNN, Housing, Housing Survey, Workers Locations: Washington, ’
☆ Fitch downgrades mortgage giants Fannie and Freddie from AAA to AA+
  + stars: | 2023-08-02 | by ( Anna Bahney | ) edition.cnn.com   time to read: +2 min
CNN —The credit ratings of US mortgage giants Freddie Mac and Fannie Mae were downgraded by Fitch Ratings on Wednesday, the day after Fitch cut the US sovereign rating from the top-ranked AAA to AA+. The firm downgraded the mortgage giants’ Long-Term Issuer Default Ratings (IDR) and senior unsecured debt ratings from AAA to AA+. The ratings agency said that as government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac benefit from implicit government support. But this flow of funds could be disrupted if the United States defaults on its debt, Fitch warned. It also said that should the US sovereign debt rating be raised, the GSEs’ rating would move in tandem.
Persons: Freddie Mac, Fannie Mae, Fitch, ’, Freddie, Fannie, Fannie Mae’s, Freddie Mac’s, ” Organizations: CNN, Fitch, AAA, AA, Congress, Federal Housing Finance Agency, U.S, Treasury’s Locations: United States
☆ US mortgage giants were placed on credit watch. Here’s what that means for home buyers
  + stars: | 2023-05-26 | by ( Anna Bahney | ) edition.cnn.com   time to read: +5 min
Washington, DC CNN —The credit ratings of US mortgage giants Freddie Mac and Fannie Mae were put on watch for possible downgrade by Fitch Ratings late Thursday. The warning came because the ratings for Fannie Mae and Freddie Mac are linked to the sovereign rating of the United States. The aim of Freddie and Fannie is to provide liquidity into the mortgage market and enable a reliable flow of affordable funds to mortgage lenders. “The housing GSEs continue to benefit from meaningful financial support from the U.S. government,” the Fitch statement said. “While politics are at play, the ratings watch is a just that — a watch,” she said.
☆ There’s a Silver Lining for Mortgage Companies in a Bleak Market
  + stars: | 2023-03-08 | by ( Telis Demos | ) www.wsj.com   time to read: +1 min
Mortgage originators such as Rocket Cos. and UWM Holdings have recently reported continuing drops in home-loan volumes for the fourth quarter. There is good news and bad news for big mortgage originators: The market is shrinking. Originators that make mortgages and sell them into the market such as Rocket Cos. and UWM Holdings have recently reported continuing drops in home-loan volumes for the fourth quarter. That was to be expected, as overall U.S. single-family home-mortgage originations dropped from over half a trillion dollars in the third quarter to about $400 billion in the fourth quarter, according to figures compiled by Fannie Mae. And though mortgage rates this year have been below the highs they reached last year, Fannie Mae’s recent forecast still is for under $1.7 trillion in single-family mortgage originations in 2023, versus nearly $2.4 trillion in 2022.
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