Why does Texas have the largest number of home buyers priced out of the new home market? What are the Fed’s plans for the interest rate? We look at this and more in this week’s roundup of real estate news.
$1,000 INCREASE ELIMINATES MANY FROM NEW HOME OWNERSHIP
Texas has the largest number of homebuyers that would be priced out of the new home market if the cost increased by $1,000, the National Association of Home Builders said last week.
Nationwide, a $1,000 increase would push 127,560 prospective buyers out of that market, while in Texas, it would push out 11,152 households, more than California at 9,897.
That threshold is met when, based on income, those households would not be able to qualify for a mortgage after a $1,000 price increase. (more…)