Posted To: Pipeline Press
If you knew the value of the house was going to decline, or that the borrower has bad credit and would default, would you make the loan? There’s always a debate about how best to determine creditworthiness based on past behavior (more on that below), but regarding housing prices, last month Arch MI released its quarterly Housing and Mortgage Market Review HaMMR ) report and proprietary risk index showing the top cities across the U.S. where it’s actually more affordable to buy than rent. While we all know it’s expensive to buy in cities like San Jose and Los Angeles, you may be surprised to learn than Syracuse, NY is the #1 city to buy a house (and 30% cheaper than renting ). The top five cities where it’s cheaper to buy vs rent are Syracuse, NY; Rochester, NY; Worcester…(read more)
Source: Mortgage News Daily
