MReport July 2022

TheMReport — News and strategies for the evolving mortgage marketplace.

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64 | TH E M R EP O RT FINAL THOUGHTS Historic Affordability Continues to Decline According to ATTOM Data's Q2 Home Affordability Report, affordability on median priced-single-family homes is lower than it was in the previous quarter in 97% of counties across the nation. Here are some insights from industry experts discussing this ongoing challenge. "extraordinarily low levels" Rick Sharga, EVP of Market Intelligence at ATTOM Data, on the current inventory levels, one of the main causes of current affordability woes. "growth still exceeds 20%" Selma Hepp, Deputy Chief Economist at CoreLogic, on the sustained growth of the market, which is continuing to price home seekers out the market. "affordability has worsened" Edward Seiler, MBA's AVP, Housing Economics, and Executive Director, Research Institute for Housing America, on the trends keeping homeownership out of reach for many Americans. "dramatic collapse" First Guaranty Mortgage press release, citing a major drop in refinance and purchase mortgages, which was a main reason that the company decided to file for Chapter 11 bankruptcy last month. "undergoing a transition" National Association of Realtors Chief Economist Lawrence Yun on the state of the market amid data showing contract signings are down significantly from a year ago due to higher rates.

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