Prior to the housing crisis, many consumers were in the mindset of buying a “starter home” to stay in for five or six years and then move on to a larger space as their family grew. But the idea of the starter home has become a fading memory.Homeowners don’t want to give up their ultralow mortgage interest rates that they have secured in recent years. They’re also finding fewer larger homes to move into. As a result, many are making the b
The Department of Housing and Urban Development says it’s planning to raise premiums and tighten loan limits for seniors who use reverse mortgages, announcing the changes this week in a letter to lenders, The Wall Street Journal reports.“Given the losses we’re seeing in the [reverse mortgage] program, we have a responsibility to make changes that balance our mission with our responsibility to protect taxpayers,” said HUD Secretary Ben C
Average mortgage rates moved lower this week, as the 30-year fixed-rate mortgage continues to sit well below 4 percent.“The 10-year Treasury yield fell to a new 2017 low on Tuesday,” says Freddie Mac chief economist Sean Becketti. “In response, the 30-year mortgage rate dropped four basis points to 3.82 percent, reaching a new year-to-date low for the second consecutive week. However, recent releases of positive economic data could halt th
Real estate professionals across the country are rushing to help victims of Hurricane Harvey pick up the pieces after devastating floods struck the Texas coastline this week, submerging Houston and other areas in more than 50 inches of water. These practitioners are making temporary housing arrangements for displaced families, offering resources to repair flooded homes, raising funds, and coordinating supplies to be sent to those in need.Make a
Renters in NYC, LA and San Francisco have it the worstRenting is often seen as a cheaper alternative to buying, especially when rental prices are only rising 2.6 percent year-over-year — 3.6 percentage points less than the current for-sale housing price. But for households with the lowest income, even the least expensive apartments remain out of reach.The standard of affordability is when an individual or family spends less than 30 percent o
Only the West experienced an uptick in contract signingsKey Takeaways July's pending sales index dropped 1.3 percent year-over-year -- the fourth month of year-over-year declines.July’s Pending Home Sales Index (PHSI), a monthly forward-looking indicator measured by the National Association of Realtors (NAR), declined 0.8 percent to 109.1 in July from a downwardly revised 110 in June and declined 1.3 percent year-over-year — the fourth year-o
The market share of adjustable-rate mortgages is slowly rising and will likely gain more popularity as fixed-rate mortgages increase over the coming year, says Archana Pradhan, CoreLogic’s senior professional economist, on the company’s Insights blog.The current market share of ARMs has fluctuated between 5 and 13 percent. They rise when fixed-rate mortgages increase and fall when those rates fall. In the first quarter of this year, ARMs ac
Some singles are opting to use the money they had reserved for their future wedding to buy a home. After all, the money saved for a wedding could amount to a big chunk of change that could make for a sizable down payment on a home.The average cost of a wedding in the U.S. at the start of this year was $25,961, according to a survey by the Wedding Report.Carrie Graham, 35, in Austin, Texas, is among one of those singles who has decided homeownersh
The mortgage-backing government entities announced that they will offer mortgage forbearance for at least 90 days to borrowers in the Houston area affected by Hurricane Harvey. In some cases, this could be extended for up to a year.Storm victims with Fannie Mae, Freddie Mac, and Federal Housing Administration–backed loans will not have to make their monthly payments. They will face no penalty fees. Interest on their loans, however, would still
Contract signing mostly stalled last month as housing shortages across the country continued to hamper home sales, the National Association of REALTORS® reported Thursday. The West was the only major region of the U.S. to see an uptick in pending July home sales.Overall, NAR’s Pending Home Sales Index—a forward-looking indicator based on contract signings—dropped 0.8 percent to a reading of 109.1 in July. The index is now 1.3 percent lower
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