Two of the largest institutional landlords announced Thursday that they plan to merge in a $4.3 billion deal. Invitation Homes, the rental home wing of private equity firm Blackstone Group, and Starwood Waypoint Homes will own about 82,000 single-family properties in more than a dozen major markets under the merger, which still needs to be approved by stockholders. The combined company will operate as Invitation Homes.Other institutional investor
Homeowners continue to say that their homes are worth more than appraisers’ opinions, according to the latest reading from Quicken Loans’ National Home Price Perception Index. Consumers believed their properties to be worth 1.55 percent more than what appraisers said they were in July.That said, the gap is narrowing between these differing opinions. In June, homeowners’ estimates were 1.7 percent higher than appraisers’ opinions.There
The national median home price surged to $263,800 in June, a record high, according to the National Association of REALTORS®. That has prompted some buyers to hit the pause button.Buyers were still requesting tours at the same rate in June; however, 11 percent fewer buyers were submitting an offer, according to a recent survey by the real estate brokerage Redfin, which surveyed 15 major metro housing markets.Typically, the housing market starts
Interest rates dropped last week, giving homeowners and home buyers more incentive to lock in a lower rate as they apply for a mortgage. Total mortgage application activity for home buying and refinancing rose 3 percent on a seasonally adjusted basis compared to the previous week, the Mortgage Bankers Association reported Wednesday. Applications, however, are still down by 25 percent from a year ago.Refinance applications saw the most activity la
More than half of American homeowners—58 percent—say they expect there will be a “housing bubble and a price correction” within the next two years, according to the latest survey of more than 1,000 Americans from ValueInsured’s Modern Homebuyer Survey.Many consumers surveyed say they believe that real estate is reaching the top of the market. Because of that, 83 percent of Americans surveyed say now is a good time to sell their home, up
The end is near for an increasingly popular program in which lenders help borrowers obtain a “Home Possible” 3 percent down payment loan from Freddie Mac by putting up 2 percent of the purchase price, leaving the borrower to come up with only the remaining 1 percent.Starting in November, lenders will no longer be able to put up 2 percent, according to a directive Freddie Mac released last week. Instead, borrowers either have to come up with
As home prices continue to rise, some mortgage lenders are loosening their underwriting standards so borrowers can purchase property sooner. “The reality has sunk in that there are buyers out there who will be able to buy homes and make the mortgage payments,” William E. Brown, president of the National Association of REALTORS®, told mortgage industry news website OriginatorTimes.com. The industry is “trying to give them more options to bu
Though rents are still rising across the country, the growth is slowing. Average monthly rents reached $1,350 nationwide in July, an uptick of only $1 since June and an increase of 2.6 percent from a year ago, according to data by Yardi Matrix.Supply is loosening up as a larger influx of new apartment buildings hits the market, helping to put a tighter lid on escalating rental costs. The RentCafé Blog reports that the largest jump in apartment c
Mortgage rates have mostly held steady the past few weeks, with the 30-year fixed-rate loan still averaging below 4 percent.“The 10-year Treasury yield was relatively flat this week, as was the 30-year mortgage rate, which rose 1 basis point to 3.93 percent,” says Sean Becketti, Freddie Mac’s chief economist. “Despite a strong advance estimate for second-quarter GDP, markets are erring on the side of caution."Freddie Mac reports the follo
Investors are increasingly turning their attention to student housing. The investment volume in student housing in 2016 jumped 64.5 percent year over year, compared to a 4.3 percent overall increase in the multifamily sector.Student housing still remains a relatively small portion of the multifamily sector, however. Student housing comprised 6.6 percent of total multifamily transaction volumes in 2016. But it’s soaring to record levels: In 2016
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