The Ridgewood Blog Brings a Free Market Laissez-faire Point of View to Local, New Jersey State and National Issues.
file photo by Boyd Loving
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Ridgewood NJ, Housing affordability has plummeted to its lowest point since the 1980’s, presenting a grim picture for prospective buyers grappling with steep mortgage rates and skyrocketing home prices.
Continue reading Housing affordability Hits the Lowest Point Since the 1980’s
file photo by Boyd Loving
the staff of the Ridgewood blog
Ridgewood NJ, the average rate for the most common type of mortgage in the US has risen to almost 7.1%, according to data from a survey of lenders made by mortgage financing giant Freddie Mac. The figure—for 30-year fixed-rate loans—is the highest since December 2001 and is up two percentage points over the past year (and more than 4.4 points from the all-time low seen in January 2021).
Continue reading Housing Affordability in the U.S. is at a Record Low
the staff of the Ridgewood blog
Ridgewood NJ, according to Realtor.com the inventory of homes actively for sale in June decreased by 43.1% over the past year, a lower rate of decline compared to the 50.9% drop in May. A deceleration in the decline of inventory means the market is heading in an encouraging direction, but active inventory still remains at a historically low level. This decline meant there were 415,000 fewer homes actively for sale on a typical day in June compared to the previous year. Nationwide the total number of unsold homes that includes active listings and listings in various stages of the selling process that are not yet sold– is down 20.3% percent from June 2020.
the staff of the Ridgewood blog
Ridgewood NJ, one of the overlooked consequences of the pandemic is some very significant changes in housing affordability . According to a new study from Zumper, a real-estate rental trends blog , the pandemic, social unrest , draconian lockdowns and remote work technologies caused a significant number of people to move out of expensive, urban markets . This migration dramatically changed the picture for American renters and housing affordability in 2021 ( https://www.zumper.com/blog/how-2020-changed-housing-affordability/#full-data ).
Continue reading COVID Pandemic Has Led to Significant Changes in Housing Affordability