Home buyers are stretching their searches beyond inventory-starved suburbs of major metros to under-the-radar secondary markets, according to a new report released this week by realtor.com®.“Buyers have traditionally sought refuge in the suburbs during times of high home prices,” says Javier Vivas, director of economic research at realtor.com®. “But with today’s record highs, even the suburbs have gotten pricey, which has demand floo
For the eighth consecutive week, borrowing costs were on the rise.“Optimistic testimony on Capitol Hill from Federal Reserve Chairman Jerome Powell sent Treasury yields higher as Powell stated his outlook for the economy has strengthened since December,” says Len Kiefer, Freddie Mac’s deputy chief economist. “Following Treasurys, the 30-year fixed mortgage rate jumped 3 basis points to reach 4.43 percent in this week’s survey. The 30-ye
Tight inventories mixed with high demand are pressing prices higher in many markets. As such, a growing number of real estate pros say that their home sellers are seeing their properties sell beyond the asking price.Thirty-four percent of properties that closed in January sold at or above the list price, according to the January 2018 REALTORS® Confidence Index Survey, a survey of real estate professionals about their latest transactions. That i
Spring may have already sprung in the housing market. List prices have begun their traditional spring climb, reaching the median high from last summer of $275,000, realtor.com® reports.“Rapid mortgage rate jumps, and confirmation of a brighter economic outlook have inflated the pool of home buyers early in the year, putting an extra squeeze on the mid- and entry-level market,” says Javier Vivas, director of economic research at realtor.com®
Many markets are rising above their previous peaks, and the Great Recession is now far in the rear-view mirror. But that’s not the case for every market. In some places, home prices continue to lag, even seven years after bottoming out. CoreLogic’s newly released report, “Evaluating the Housing Market Since the Great Recession,” examines the bust years between 2006 and 2011 and subsequent recovery in the housing market.The Great Recessio
A brief pause in the rise of interest rates helped buoy mortgage application volume last week, following several weeks of declines. Total mortgage applications for home purchases and refinancings rose 2.7 percent compared to the previous week, the Mortgage Bankers Association reported Wednesday. Applications, however, are 2.4 percent lower than a year ago.The bulk of last week’s increase was driven by home buyers. Mortgage applications to purch
The average estimated tax refund is expected to be $2,840 this year, down slightly from $2,895 the previous year. First-time home buyers, in particular, often say saving for a down payment is their biggest hurdle to homeownership. As such, the tax time may be the perfect moment to remind clients that their refund may come in handy ahead of the spring market.Last year, the median down payment was 10 percent, according to the National Association
Contract signings posted a major setback in January, sinking to the lowest level in more than three years. But it’s not from a lack of interest. Buyer traffic is reportedly up in most areas of the country in January, according to the latest housing report released by the National Association of REALTORS® on Wednesday.NAR’s Pending Home Sales Index—a forward-looking indicator based on contract signings—dropped 4.7 percent to a reading of
The Mortgage Bankers Association is raising issues with a new analysis distributed by an activist group that claims widespread racial disparities in mortgage lending. The MBA says the study fails to consider the real issues behind why minority lending tends to skew lower than whites.MBA President David Stevens in a blog post calls discrimination in any way unacceptable and acknowledges that members of minority communities are being denied mortgag
Homeowners may question why their property taxes keep going up, and some owners may be shocked by just how much. Property taxes are crucial funds for schools, libraries, police and fire departments, roads and parks, and more within a community. There are several factors that could cause property taxes to go up; home renovations and revaluations are the two most common reasons, according to an article at realtor.com®.If homeowners renovate the ho
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