One of the mortgage industry’s biggest challenges is identifying and preventing potential racial bias in the home valuation process. This report analyzes home valuation data in minority communities in the following cities: Chicago, Atlanta, Houston, Los Angeles, Philadelphia
The housing market cool-off started as mortgage rates started to climb at the beginning of 2022. The 30-year fixed mortgage rate is now close to 7%, a level last seen in the early 2000s. Affordability constraints cooled down demand significantly, ending the housing market frenzy seen in 2020-21.
Veros Predicts Housing Market to Slow Significantly as the Number of Markets Forecast to Depreciate Accelerates
The Q3 2022 VeroFORECAST anticipates home prices will appreciate on average just 1.5% for the next twelve months. This is a significant drop from the 4.5% annual appreciation forecast just one quarter ago.