Most and least affordable major housing markets

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1. Most and least affordable major housing markets

According to the latest NAHB Housing Opportunity Index, home affordability remained at a near-record low in Q4 of 2023. The report attributes this to elevated mortgage rates, high construction costs as well as excessive regulatory costs. Below is a breakdown of the most and least affordable.

The top five most affordable major housing markets in the fourth quarter of 2023 were:

1. Lansing-East Lansing, Mich.

2. Harrisburg-Carlisle, Pa.

3. Indianapolis-Carmel-Anderson, Ind.

4. Dayton-Kettering, Ohio

5. Akron, Ohio

Top five least affordable major housing markets—all located in California:

1. Los Angeles-Long Beach-Glendale

2. Anaheim-Santa Ana-Irvine

3. San Diego-Chula Vista-Carlsbad

4. Oxnard-Thousand Oaks-Ventura

5. San Francisco-San Mateo-Redwood City

Full report here.

2. Mortgage credit availability increased in January

Loan product availability increased in January after previously falling to its lowest point in 11 years a month earlier, the Mortgage Bankers Association reported.

"There was a slight increase in credit availability in January (+0.7%), driven by a greater number of conventional loan program offerings," said Joel Kan, MBA vice president.

Conventional offerings availability was up by 1.3%. Within the conventional MCAI, the conforming component increased by 0.2%, while jumbo loan products saw a 1.9% lift.

Meanwhile, the Government MCAI, which covers loans guaranteed through federal agency programs, came in flat, registering no month-to-month change.

3. Catch up quick

👀 Yellen eyes nonbank mortgage lenders, warns of potential failure. (Bloomberg)

👴 Baby boomers are reaching ‘Peak 65,’ but the retirement age debate continues. (CNBC)

💸 Mr. Cooper Group reports a $500M profit in 2023. (Quartz)

4. Charted: Year-over-year loan volume change

Has the market begun to recover? Maxwell’s Q4 data suggests that it has: In a striking reversal of a years-long trend, Q4 2023’s loan volume was up year-over-year. While the increase was modest (+0.9%), it represents the first time loan volume has increased year-over-year since Q1 2022.

5. CFPB resolves foreclosure scam case with $12M settlement

The Consumer Financial Protection Bureau announced that it resolved an appeal in a long-running enforcement suit against a foreclosure relief scam operation for $12 million in consumer redress and penalties.

Consumer First Legal Group, LLC and four attorneys, Thomas G. Macey, Jeffrey J. Aleman, Jason Searns, and Harold E. Stafford, charged millions of dollars in illegal advance fees to financially distressed homeowners for legal representation the defendants promised but did not provide.

This case was part of a coordinated effort against various foreclosure relief scam operations by the CFPB, FTC, and 15 states in 2014. The CFPB filed three lawsuits, the FTC filed six lawsuits, and the states took 32 actions.

6. Big brain energy

☀️ You’re all caught up. See you on Wednesday!

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