Issue link: http://dsnews.uberflip.com/i/1020584
41 » VISIT US ONLINE @ DSNEWS.COM 41 » VISIT US ONLINE @ DSNEWS.COM 14 Years of Unwavering Commitment to Protect and Improve your assets Leading with integrity, every ZVN employee and contractor is committed to providing exceptional results for the customers and communities we serve. ZVN delivers unparalleled Pre and Post sale services for your portfolio of properties. Offering a full suite of property preservation services that include: » Property Maintenance & Repair » Property Inspection » Hazard Claim Recovery Experience the ZVN Difference Contact us today and.... www.ZVNPROPERTIES.com | 330.854.5890 | info@zvnproperties.com WHERE MORTGAGES RUN PRICIEST Mortgage affordability is at its worst point in a decade, according to Zillow. A new report from the company found buying and owning a home in Q1 was at its most burdensome for homeowners since the second quarter of 2009. According to Zillow, the share of income needed for monthly mortgage payments on the median U.S. home increased to 17.1 percent from Q 4 of 2017 and compares to 17.5 percent in the second quarter of 2009. "Back then, the trend was different," Zillow reported. "Mortgages were becoming more af- fordable as home prices and interest rates fell in tandem during the early years of the recession, well after the share of income needed to afford the typical home peaked at 25.4 percent in 2006 during the height of the bubble." According to Zillow, "the affordability edge has worn so thin in nine of the 35 largest housing markets that mortgage payments are now a big- ger financial burden than they were historically." Following the most recent trends involving least affordable markets, the West Coast leads the pack in burdened households. According to Zillow, in the Bay Area, the least affordable metro in Q1, homeowners and renters in Q1 paid as much as 68 percent of their income on household expenses; and in San Jose, mortgage holders paid 51 percent on mortgage payments. "at's high even for San Jose, where the historical average is around 35 percent. "If mortgage rates reach 5 percent next year, as many economists expect," Zillow reported, "home shoppers in an additional seven markets would face greater mortgage burdens than buyers did historically." Another figure from Q1 is that the median U.S. home was worth 3.54 times the typical household income. Between 1985 and 2000, that figure was 2.78, according to Zillow. "e issue stems from the one-two punch of rising mortgage rates and continuing home value appreciation. But, Zillow reported, "mortgage rates and housing costs represent one side of the affordability coin; income is the other." While home values have recovered nationally, wages have been slower to bounce back, Zillow reported. And a possibly ominous trend is that the last time the price-to-income ratio was this high was in the second quarter of 2008, "when it was 3.63, on its way down from housing-boom highs." Times are even harder for renters. "e typical renter paid 28.8 percent of U.S. median income in the first quarter, Zillow reported. "at's up from 26 percent between 1985 and 2000, but down from a peak of about 30 percent in the second quarter of 2015. is the amount homeowner equity grew during Q2 2018, amounting to more than $380 billion. Source: Black Knight's May 2018 Mortgage Monitor report STAT INSIGHT 7% 2018 SEPTEMBER 16-18 2018 P R O U D S U P P O R T E R S E P T E M B E R 1 7 , 2 0 1 8 P R O U D S U P P O R T E R S E P T E M B E R 1 8 , 2 0 1 8 Years of Unwavering Commitment to Protect Improve your assets integrity, every ZVN employee and committed to providing exceptional customers and communities we serve. unparalleled Pre and Post sale services portfolio of properties. Offering a full suite of preservation services that include: Maintenance & Repair Inspection Recovery Experience the ZVN Difference today and.... www.ZVNPROPERTIES.com | 330.854.5890 | info@zvnproperties.com