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Report says that U.S. Residential housing overvaluation is relatively steady
Staff Report//March 16, 2023//
Report says that U.S. Residential housing overvaluation is relatively steady
Staff Report//March 16, 2023//
Listen to this articleRecent U.S. home price appreciation has stalled as the non-seasonally adjusted Federal Housing Finance Agency’s all-transactions Home Price Index data showed a slight gain between the second and third quarters of 2022 and the Purchase-Only Index was slightly negative, said an S&P Global Ratings report published today, titled “Residential Overvaluation Relatively Steady As U.S. Housing Correction Continues“.
S&P Global Ratings’ assessment of housing overvaluation in the U.S. remains at approximately 20% as home price gains tempered in the third-quarter 2022. Despite the steady national-level assessment of overvaluation in the U.S., there is some regional variation with almost 15% of states showing home price depreciation.
We continue to believe the credit impact of home price dynamics and overvaluation levels on U.S. RMBS will depend on the geographic distribution of the mortgage pools, as well as the valuation dates of the properties backing the loans in the underlying collateral pools.
This report does not constitute a rating action.
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