Homeownership remains a major component to financial security and continues to be the largest asset of the majority of households in the U.S. Primary residences account for a quarter of all household wealth, according to data from the Board of Governors of the Federal Reserve System’s Survey of Consumer Finances.“Homeownership is a primary source of net worth for many Americans, and is an important step in accumulating personal financial asse
First-time home buyers are flocking to the real estate market in larger numbers, comprising 46 percent of mortgages backed by Freddie Mac—excluding refinancings—that were issued in the first quarter of this year. That marks the largest quarterly share that Freddie Mac has recorded, dating back to 2012.“This is a millennial-driven rise,” Sam Khater, Freddie Mac’s chief economist, told Bloomberg. “You’ve got a strong economy that’s
Recent income growth has not been enough to keep up with rising mortgage rates and home prices, according to a new report by Black Knight, a real estate technology and data firm. Rising home prices and mortgage rates have increased the monthly payment of a median-priced home purchased with a 20 percent down payment on a 30-year mortgage by $150 per month. That marks about a 14 percent increase since the start of 2018.While housing affordability s
Home shoppers looking for a bargain can still score deals in some areas of the country. The Rust Belt and Midwest regions tend to have the highest percentage of homes listed for less than $100,000—properties with three bedrooms, two bathrooms, and a yard. “Bargains definitely exist,” says realtor.com® Chief Economist Danielle Hale. “But buyers should go in with their eyes open. In some of those areas, $100,000 can buy a pretty decent hom
The majority of working baby boomers ages 50 and over say they expect to delay retirement, according to a survey by The NHP Foundation, a nonprofit real estate corporation supporting affordable housing. The cost of housing may be one reason why.Prospective retirees say their top three concerns are an inability to afford quality health care (36 percent); dependency on children (28 percent); and being forced to choose a living situation inferior to
Facebook has indicated that the high costs of living in Silicon Valley, where it is headquartered, could prompt the company to relocate. Elliott Schrage, Facebook’s chief policy officer, said during an annual shareholders meeting this week that the pricey cost of housing in San Francisco—where another Facebook campus is planned—must be addressed “if we’re going to remain a company in Silicon Valley for the long-term.”Facebook’s anno
Rents nationwide posted the weakest annual growth in May since 2010, according to a new analysis released by RentCafé, a national apartment search website. The average rent in the country in May was $1,381 per month, up 2 percent year over year.But that doesn’t mean renters are finding relief yet. Overall, prices in 16 of the 20 cities with the largest number of rental apartments climbed faster than the national average, according to the analy
House flipping activity surged to an 11-year high this year, with more than 207,000 homes flipped, according to ATTOM Data Solutions, a real estate data firm. But the key is knowing where to be and when. “The sweet spot for successful home flipping is finding the neighborhoods just emerging as the next hot neighborhoods in a city,” says Daren Blomquist, a senior vice president at ATTOM Data Solutions. The firm says the average profit for a
U.S. prices surged to an all-time high and homes sold faster than they ever have in May, according to a new report released by realtor.com®. Home prices averaged $297,000 in May, and homes sold in just 55 days.Despite recent upticks, however, the market is showing a few signs of slowing momentum, according to the report.“We’re in the thick of the hottest homebuying season of all time,” says Javier Vivas, director of economic research at r
Mortgage rates eased last week following recent increases, but would-be home buyers or refinancers didn’t bite. Total mortgage application volume, which reflects for refinancings and home buying, dropped 2.9 percent last week on a seasonally adjusted basis, the Mortgage Bankers Association reported Wednesday. This marked the sixth consecutive week of losses in applications.Mortgage application volume is now 10 percent lower than a year ago, the
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