Existing-home sales fell 4.9 percent in March, with all four major regions of the U.S. seeing a decline, the National Association of REALTORS® reported Monday. The drop follows a surge in sales the previous month. “It is not surprising to see a retreat after a powerful surge in sales in the prior month,” says NAR Chief Economist Lawrence Yun. “Still, current sales activity is underperforming in relation to the strength in the job markets.
For the third week in a row, mortgage rates inched upward, but economists were quick to reassure home buyers and potential refinancers that rates remain still remain well below year-ago averages.“After dropping dramatically in late March, mortgage rates have modestly increased since then,” says Sam Khater, Freddie Mac’s chief economist. “While this week marks the third consecutive week of rises, purchase activity reached a nine-year high
Lenders have been much less likely to approve same-sex couples for a mortgage than heterosexual couples, according to a new study released by Iowa State University’s Ivy College of Business. Researchers analyzed national mortgage data from 1990 to 2015 and found the approval rate for same-sex couples was 3 to 8 percent lower.Researchers also factored in details about applicants’ work history and creditworthiness to see if the denial rates sti
Nearly one in four millennial buyers say they want to buy a home before deciding to tie the knot, according to a new study from LendingTree.Young adults are getting married later in life. In 1980, the median age of a first marriage for men was 24.7 and 22 for women; by 2018, those numbers rose to 29.8 for men and 27.8 for women.But young adults—those between the ages of 22 to 37—say they aren’t waiting on homeownership for marriage, accordi
Affordability is a much more pertinent issue for renters than homeowners, according to new research from CoreLogic, a real estate data firm. Since 2005, the monthly cost to rent a single-family home has risen significantly, while the monthly principal-and-interest mortgage payments of homeowners dropped slightly.CoreLogic’s national rent index jumped 36 percent in December 2018 compared to December 2005. On the other hand, the typical mortgage
Homeowners significantly underestimate the costs involved when planning a home improvement project, finds a new study from Discover Home Equity Loans, based on a survey of 1,200 Americans. Estimated Cost of Common Interior Remodeling ProjectsNew master suite/owner’s suite: $125,000Kitchen upgrade: $35,000Complete kitchen renovation: $65,000Bathroom renovation: $30,000Adding a new bathroom: $59,000Basement conversion to living area: $40,000
Police have arrested a Parlier, Calif., woman for allegedly trying to dupe home buyers out of thousands of dollars by pretending to be a real estate agent.Maria Flores-Morales, 39, is accused of bilking more than $110,000 from alleged victims who say she promised to help them buy a home. Police say undocumented people who had no experience purchasing a home were targeted in the scheme. Officials believe there could be more victims and are working
House renovation and design television programs may be prompting more buyers to shed some of their fixer-upper fears. Nearly 60 percent of home shoppers recently surveyed said that home renovation television has made them more optimistic about renovations, according to a new realtor.com® survey of about 1,000 consumers who are planning to buy a home in the next 12 months.As inventories remain tight in some markets, home buyers are eyei
When newcomers move into low-income neighborhoods and begin rehabbing homes, it can prompt a much-needed rush of investment into the community. But with gentrification comes higher home prices—and the possibility that long-term residents will be priced out of the market.Gentrification isn't without controversy, but it has transformed many cities such as New York and San Francisco. Realtor.com® notes that gentrification can be a double-edged sw
Get ready for Gen Z. People between the ages of 18 and 23 are eager to become homeowners, and many are already setting aside money for a down payment.More than half of Gen Zers surveyed said they are saving for a home, and 59 percent say they plan to buy a home within the next five years—before they reach the age of 30—according to Bank of America's Homebuyer Insights Report, which is based on responses from nearly 2,000 people. Fur
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