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Housing affordability significantly declined as the monthly mortgage payment on a typical existing single-family home with a 20% down payment skyrocketed by nearly a third from the first quarter of this year and by half from one year ago.
Twenty REALTORS® from across the country have been chosen to participate in the 10-month program, which will prepare emerging state and local volunteers for future leadership positions at NAR.
Funds will be made available to the public to assist with disaster victims' housing payments as relief and recovery efforts continue in the weeks and months to come.
As escalating mortgage rates and housing prices impacted potential buyers, pending sales retreated in all four major regions in June 2022, with the West experiencing the largest monthly decline.