Finance - Real Estate, Updates, News & Tips

More Lenders Easing Up Credit Standards

More mortgage lenders are reporting that they have lowered their credit standards and expect to continue to do so in the coming months, according to Fannie Mae’s second-quarter 2017 Mortgage Lender Sentiment Survey.The share of lenders reporting they have eased mortgage credit standards over the prior three months has gradually been growing since the fourth quarter of 2016. Additionally, the number of lenders who say they plan to ease credit s

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More Consumers Make Use of Escrow Accounts

Nearly 80 percent of all borrowers are paying for real estate taxes and home insurance through escrow accounts, according to a recent analysis by CoreLogic. That is up 900 basis points over the past six years.The mortgage industry has been encouraging more borrowers to use escrow accounts because it ensures they have reserves to cover the costs of the mortgage principal, interest, taxes, and insurance. It also helps to lower the risks of tax and

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New-Home Prices Hit Record High

The median price for a new single-family home reached a record high in May of $345,800, the Commerce Department reports. Buyers will be paying a huge premium for new construction, as new-home prices are now 16.8 percent higher than they were a year ago.So far, however, the higher price tags don’t seem to be spooking home shoppers. In May, 61,000 new homes were purchased—a 2.9 percent increase from April and an 8.9 percent increase from a year

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Mortgage Rates Hold at Low Levels

Home shoppers are getting another week to lock in some of the lowest mortgage rates of the year. “Following last week’s sharp decline, the 10-year Treasury yield rose 3 basis points this week,” says Sean Becketti, Freddie Mac’s chief economist. “The 30-year mortgage rate remained relatively flat, falling 1 basis point to 3.90 percent. Mortgage rates are continuing to hold at year-to-date lows amidst ongoing economic uncertainty.”Fredd

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Most Undervalued U.S. Cities in 2017

SmartAsset, a personal finance technology company, has analyzed its second annual round of undervalued cities in the U.S. Each city had a projected price per square foot based on livability metrics such as unemployment rate, crime, high school graduation rates, number of entertainment and dining establishments, and walkability. SmartAsset then compared that number to the actual price per square foot.In Charleston, buyers purchase homes for $106.

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Top 10 Most Affordable Housing Markets

New York State has a lot to offer home buyers, with Rochester and Buffalo ranking as the U.S. metros with the lowest home prices. The median value of an owner-occupied home is $138,900 in Rochester and $135,200 in Buffalo.The U.S. Census recently ranked 53 cities with populations of more than 1 million on housing affordability. Markets are ranked by their ratios of median home value to median household income. The top 10 most affordable housing m

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Some Markets Reaching ‘Crisis’ Level

With the median sales price for existing homes reaching a new high last month, the availability of affordable housing is dwindling, causing a “crisis” in some areas of the country, says Lawrence Yun, chief economist for the National Association of REALTORS®. Higher-priced homes now make up the majority of available inventory—which is the lowest it’s been in decades—making it harder for home buyers to achieve homeownership.“There is a

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Home Prices Zoom to New High

Housing shortages propelled the median sales price to a new high in May, the National Association of REALTORS® reported Wednesday. But that did not appear to spook home buyers as demand remained high. The median days on the market dropped to a record low in May as homes sold faster, NAR reports.Overall, existing-home sales—which include completed transactions for single-family homes, townhomes, condos, and co-ops—rose 1.1 percent month over

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Steadier Mortgage Rates Buoy Loan Demand

Mortgage applications for refinancings and home purchases remained elevated last week as mortgage rates continued to give consumers incentive to make a move."Both the 10-year Treasury yield and the 30-year conventional mortgage fixed rate held steady last week, keeping rates well below the recent highs," says Lynn Fisher, the Mortgage Bankers Association's vice president of research and economics. "The recent pause in the upward movement of inter

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Americans Want to Hear More on Affordability

The majority of Americans and Canadians say their nations are not doing enough to address and solve affordable housing needs, according to the Habitat for Humanity’s Affordable Housing Survey. Escalating costs remain a top barrier preventing families from accessing decent homes with affordable mortgages, the survey says.“In many ways, housing is an invisible crisis,” says Jonathan Reckford, CEO of Habitat for Humanity International. “T

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