Following population trends, the U.S. should be adding more than a million households each year for the next few years, economists note in Freddie Mac’s April Outlook report. But higher housing costs and a delay in younger adults’ buying are prompting an uptick in shared living arrangements, multigenerational households, and delayed household formation.“The broader economic environment remains favorable for home sales,” says Len Kiefer, F
Bargain hunters or those looking to break into the housing market may need to face the reality that finding a home for less than $250,000 is getting tougher and tougher. Homes priced under $100,000 plunged 20.7 percent in March month over month, and the percentage of homes under $250,000 has dropped 7.8 percent, according to the National Association of REALTORS®’ latest housing report.The median home price was $250,400 in March, up 5.8 percent
The Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency announced a $1 billion settlement with Wells Fargo, which includes penalties against the bank for allegedly delaying some customers’ loan approvals and then charging them a fee for missing a deadline to lock in mortgage rates. Wells Fargo also is being fined in relation to allegations that it forced customers into car insurance they didn’t need.Affected
Nearly 2 million homeowners are underwater on their mortgages despite huge gains in home prices in recent years. But unlike during the last housing crisis, when many made “strategic defaults” by stopping payments and walking away from their home, underwater borrowers now are trying to keep up with payments.Nearly 87 percent of underwater homeowners say they have not considered stopping their monthly mortgage payments, according to the New Yor
You’d expect bidding wars in major cities such as San Francisco, Boston, and New York—but Akron, Ohio? The Midwestern town has seen the biggest spike in multiple-offer situations on listings in the nation, according to realtor.com®. And as housing demand picks up in the spring, ushering in the typically busy selling season across the nation, other unassuming metros are becoming hotbeds for buyer competition. “Multiple-offer scenarios are n
Inventory shortages and pressing affordability issues didn’t suppress home sales activity in March. Total sales of existing homes, including single-family homes, townhomes, condos, and co-ops, increased 1.1 percent last month to a seasonally adjusted annual rate of 5.6 million, according to the National Association of REALTORS®. However, home sales are still 1.2 percent below a year ago.“Robust gains last month in the Northeast and Midwes
In many markets, home prices have never been this high. About half of 105 metro areas studied were above their prerecession home price peaks in the first quarter of this year, according to a newly released study by ATTOM Data Solutions, a real estate data provider.The metros with median home prices highest above their prerecession peaks were Houston (69 percent higher); Dallas-Fort Worth, Texas (67 percent higher); Denver (62 percent higher); San
The amount of retail space turning vacant in 2018 is on pace to break a record, reports the CoStar Group, a commercial real estate services firm that has been tracking the amount of retail square footage slated to close nationwide since 2008. Factoring up to April so far of this year, more than 90 million square feet of retail space is expected to go empty. That’s on track to surpass a record of 105 million square feet that closed last year, S
Student loan debt is creating a barrier to homeownership. About 45 million people in the U.S. have student debt, with the average borrower owing more than $30,000, according to Student Loan Hero, a resource for managing education debt. Nearly one-fifth of borrowers owe $100,000 or more, according to data from the National Association of REALTORS®.Paying for student loan debt is taking up a sizable portion of people’s incomes. It also threatens
After mostly stagnant activity levels in recent weeks, mortgage rates are back on the move. The 30-year fixed-rate mortgage rose to its highest level since January 2014 this week, also seeing its largest weekly increase since February of this year, Freddie Mac reports.Average mortgage rates were higher across the board too, posting weekly increases to not only the 30-year fixed-rate mortgage but also to 15-year and 5-year hybrid adjustable-rate m
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