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“The Housing and Economic Recovery Act (HERA) requires that the baseline conforming loan limit be adjusted each year for Fannie Mae and Freddie Mac to reflect the change in the average U.S. home price. Earlier today, FHFA published its third quarter 2019 FHFA House Price Index (HPI) report, which includes estimates for the increase in the average U.S. home value over the last four quarters. According to FHFA's seasonally adjusted, expanded-data HPI, house prices increased 5.38 percent, on average, between the third quarters of 2018 and 2019. Therefore, the baseline maximum conforming loan limit in 2020 will increase by the same percentage.”
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You're seeing the pressure on the ease and accessibility that they're used to in other industries and some of the pressure is being felt on the mortgage industry. There also appears to be a clear desire on younger consumers entering the mortgage market for education. And so, it shouldn't be read the wrong of saying, "first-time homebuyers just want to buy their home on their phone and not talk to anyone." I don't think that's the case. I think home buyers actually do want to seek out proper education and proper guidance and that absolutely includes in-person discussions, but it should be done as they need it and as they're able to consume it. Along with good technology experience. The good technology experience cannot replace a consultative approach with them.
When it starts affecting unemployment and, or if, it starts affecting wages, then I think the equation will change. But until that actually happens, again, because I think demand on the affordable home side is so outstripping supply at this point that I don't think it's having a material impact.
Read full article by MReport and Joe Mellman, the SVP and the mortgage business leader at TransUnion.
The Housing Market’s Pending Changes
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