Borrowing costs were cheaper this week, as mortgage rates continued inching down. “The U.S. economy remains on solid ground, inflation is contained, and the threat of higher short-term rates is fading from view, which has allowed mortgage rates to drift down to their lowest level in 10 months,” says Sam Khater, Freddie Mac’s chief economist. “This is great news for consumers who will be looking for homes during the upcoming spring homebuy
As rate hikes ease and growth in home prices slow, Americans are gradually becoming more confident about their purchasing power in the real estate market, according to Fannie Mae’s newest monthly consumer housing survey. And though this shift is relatively small now, economists are hopeful that it foreshadows a larger, more positive turn in consumer sentiment.The share of Americans who say now is a good time to buy a home increased 4 percentage
Homeowners should have felt richer in 2018. Equity rich properties comprised 25.6 percent of U.S. properties with a mortgage in 2018, according to a newly released report from ATTOM Data Solutions, a real estate research firm.In the fourth quarter, more than 14.5 million U.S. properties were considered equity rich, where the combined estimated amount of loans secured by the property was 50 percent or less of the property’s estimated market valu
Demand for housing is picking up and housing analysts are pointing to lower mortgage rates as the main reason. The spring buying season may be coming early.In Coppell, Texas, a suburb of Dallas, real estate pros reported a traffic jam of buyers lined up on the front stairway to get into an open house.“It kind of caught us a little bit off-guard,” Laura Barnett, a real estate professional with RE/MAX DFW Associates in the Dallas area, told CNB
More young adults are still living with their parents and not branching out on their own, and that could have a long-term, negative impact to their finances, according to a new study from the Urban Institute. Researchers found there is no long-term advantage financially for young adults who live with their parents.The share of young adults aged 25 to 34 who live with their parents rose from nearly 12 percent in 2000 to 22 percent in 2017.The tren
Investors are taking on bigger projects and finding an increasing appetite for flipped high-end homes.In 2018, 2.6 percent of homes valued at over $1 million were flipped, compared to 2.2 percent in 2017, according to data from realtor.com®. Realtor.com® analyzed markets where at least 20 flipped homes sold for more than $1 million from January to October 2018. They defined flip as a home that sold twice for a profit within a year.The markets s
The share of cash sales is falling nationwide, but there are many housing markets where they still dominate. Cash transactions made up 27.8 percent of single-family home and condo sales in 2018, down from a peak of 38.4 percent in 2011, according to real estate research firm ATTOM Data Solutions. But cash sales are still higher than historical norms: They averaged only 18.7 percent of all sales in the prerecession years between 2000 and 2007. The
Homeowners interested in earning extra income may consider turning their properties into short-term rentals. Vacation rental website Airbnb has grown to become a billion-dollar global company, helping homeowners arrange such rental accommodations at their properties. Where are homeowners cashing in the most on Airbnb’s growing popularity? These 10 cities rank at the top for Airbnb profits, according to IPX 1031, a firm that focuses on 1031 tax-
Buyers don’t necessarily need an 800-plus FICO credit score to get the best rate on a mortgage. Depending on the market, some buyers with a 700 FICO score could get nearly as an attractive mortgage rate as an applicant with an 800-plus score, according to a new analysis for the Washington Post completed by LendingTree. The analysis was based on more than 1 million actual loan offers during 2018.Lenders turn to FICO scores—which rang
Median home sale prices zoomed to an all-time high last year, helping home sellers net higher profits.The average home price gain since purchase was $61,000 in 2018, up from $50,000 last year, according to ATTOM Data Solutions’ Year-End 2018 U.S. Home Sales Report. That marks the highest gains for sellers since 2006. In 2018, sellers averaged a 32.6 percent return on investment compared to their original purchase price.After wee
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