Access to mortgage credit tightened in the first quarter of 2015, according to the Zillow Mortgage Access Index (ZMAI). It had been getting progressively easier to obtain a mortgage since 2012, but the first several months of this year marked a pause in easing access to mortgage credit. Mortgage credit availability is almost unchanged from a year ago, meaning despite … [Read more...] about Getting a mortgage no easier than a year ago
Today’s first-time homebuyers older, more often single
Today's first-time homebuyer is older and more likely to be single than first-time homebuyers in the 1970s and 1980s, according to a new Zillow analysis. Zillow's study found that Americans are renting for an average of six years before buying their first homes. In the 1970s, they rented for an average of 2.6 years. They're also spending a bigger chunk of their incomes to … [Read more...] about Today’s first-time homebuyers older, more often single
Renting less affordable than ever before
Paying for a mortgage is still affordable, while rent takes up more income than ever in most major metro areas, according to a Zillow analysis of U.S. rental and mortgage affordability in the second quarter of 2015. Rental affordability worsened over the last year, while mortgage affordability stayed essentially the same. Renters in the U.S. can expect to put 30.2 percent of … [Read more...] about Renting less affordable than ever before
Inventory down again, offering home shoppers little relief
There were fewer homes for sale in June than there were a year ago, increasing competition for potential buyers this home shopping season. Most of these declines were among the lowest-valued homes sought by first-time homebuyers, according to the first quarter Zillow Real Estate Market Reports. In the lowest-priced third of homes for sale, the inventory homes on the market … [Read more...] about Inventory down again, offering home shoppers little relief