Many families are seeking affordability and stellar schools. And if that’s the case, they might want to consider a move to Blue Springs, Mo., a suburb of Kansas City, which topped HomeUnion’s list of best places for families based on housing affordability and school quality. The median home price in Blue Springs is $159,700, making it an affordable find.“For the past two years, we have been tracking metros with the lowest housing affordabil
Minnesota is the latest state to adopt a First-Time Home Buyers Savings Account, joining a growing list of states.These accounts allow individuals and families to save for their first home by putting a percentage of their income, or a capped amount of funds, into an account that is free from state income taxes.The Minnesota Governor signed legislation to create a First-Time Home Buyers Savings Account in the state into law this week. Minnesota no
Homeowners may be reluctant to sell, but they still want to see a piece of that equity in their homes now. They’re cashing out in levels that have not been seen since the financial crisis, Freddie Mac reports.Nearly half of borrowers who refinanced their homes during the first quarter did a cash-out option, the highest level since the fourth quarter of 2008, according to Freddie Mac.Still, the number of borrowers doing a cash-out refi remains w
Amid scarce supplies and high buyer demand, homes are selling fast across the country. Home prices are rising as well: The nationwide median home list price rose above $250,000 for the first time, realtor.com® reports. The median list price is 10 percent higher than a year ago.“With a record number of home buyers out there, this is officially the most competitive, fastest-moving spring housing market in decades,” says Javier Vivas, manager o
The Federal Reserve says that an increase in interest rates is coming soon, and quarterly hikes are likely in the future—a fundamental shift of its policy over the last few years, The New York Timesreports. While the Fed has been very cautious regarding signs of economic weakness, the bank is “now willing to shrug off at least a little bad data,” according to the article.Federal Reserve board member Lael Brainard, who advocates caution when
Would-be buyers are hard-pressed to find enough homes for sale this spring, and that is chipping away at the number of mortgage applications lenders are processing, CNBC reports.Total mortgage applications, including those for refinancing and home purchases, dropped 3.4 percent week over week on a seasonally adjusted basis, the Mortgage Bankers Association reported Wednesday. The MBA’s mortgage application index is now 14 percent lower than a y
No change in sight for the escalating seller's market, but what goes up must come down eventuallyKey Takeaways The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 5.8 percent annual gain in March, up from 5.7 percent last month.March’s S&P/Case-Shiller Home Price Index numbers set a fifth consecutive all-time high – the highest HPI seen in 33 months.March 2017’s n
Though millennials express desire for homeownership, they aren’t saving anywhere near what they need for a down payment. About 80 percent of millennials recently surveyed by rental website Apartment List say they hope to one day buy a home, but 36 percent say they’ll likely need to wait more than five years before they can. Only 16 percent believe they’ll be able to buy within two years, according to the survey of 24,000 millennial renters
Is there anywhere left for people looking to save money?Key Takeaways Rising affordability issues for would-be buyers impacts renters as well.Home prices have been consistently rising with Q1 2017 home prices surging 6.9 percent quarter-over-quarter and 5.9 percent year-over-year.Some aspiring buyers look to renting in the ‘burbs as a cheaper option, but Zillow’s latest rental study shows that rents in suburban and urban areas are facing affo
Low mortgage rates and strong job growth are giving the housing market one of its best years in decades—even as overall economic growth has weakened—according to Freddie Mac’s monthly Outlook report for May. The report’s optimism is a change from the mortgage giant’s previous predictions, when economists said the housing market likely would not perform as well as it did in 2016.New-home sales in March were better than expected, and exis
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