Many homeowners and buyers in flood-prone areas will see higher flood insurance premiums starting April 1. The premium hikes, which are required by law, will be as little as 2 percent for some properties and as high as 24 percent for others. On average, the increase will be about 8 percent.“The National Flood Insurance Program requires premiums to rise on certain classes of properties over a period of years until they’re paying the full actua
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Generation Z—the post-millennial generation—is already making a move into homeownership. This generation—which tops out at age 23—consists of those born in 1995 or later. Nearly 100,000 members of Gen Z have a mortgage, according to data from TransUnion, a credit agency. Their average loan balance is $140,000.Certainly, Gen Z’s homeownership presence is much smaller compared to older generations. In comparison, 12 million millennia
University of Maryland researchers announced they’ve created a way to make wood stronger, lighter, and cheaper than steel. The researchers see the super wood as having a major influence in the building industry one day.“This new way to treat wood makes it 12 times stronger than natural wood and ten times tougher,” says Liangbing Hu, a Maryland professor and leader of the team who conducted the research. “This could be a competitor to stee
Under an umbrella of higher home prices, mortgage financing giants Fannie Mae and Freddie Mac have recently taken several efforts to try to open up housing options for low- and middle-income buyers. The government-sponsored enterprises have added support for three lower-cost housing options: rural homes, manufactured housing, and the existing stock of affordable homes.More than 23 percent of Americans live in rural areas. The median incomes in ru
A San Francisco real estate agent was held at gunpoint and robbed during a midday open house she was hosting last Saturday, the San Francisco Police Department reports. The house is located on a privately owned street in San Francisco’s Bayview Heights neighborhood.The 55-year-old agent was in the home’s kitchen prepping for the open house on March 17 when she heard footsteps inside, police said. The agent went to greet who she thought was a
With six months remaining in the 2018 fiscal year, the National Association of REALTORS® urges the passage of the “omnibus appropriations bill” agreed upon by U.S. House and Senate negotiators last night, which is designed to fund the federal government through Sept. 30.The 2,232-page bill contains important provisions related to housing that real estate professionals have been fighting for, including alleviating the weakening of the Low-In
The Federal Reserve voted Wednesday to raise its short-term interest rates, and that likely will mean more mortgage rate increases are on the horizon. The Fed’s rates are not directly tied to mortgage rates but tend to follow 10-year Treasury bonds. However, mortgage rates are often influenced by the Fed’s rates.The Fed increased its federal fund rate from 1.5 percent to 1.75 percent, which is the highest level since 2008. The Fed’s mov
You can’t build a relationship with generic marketing materialsWe live in a world driven by data: you can use facial recognition to open your phone, fingerprints to make payments, and numerous apps track what you do, where you go and what you buy. Top performing companies are using this valuable data to track our lifestyles, buying habits, and much more with the intent of positioning their products in front of you. How are you using today’s t
Home buyers should expect to pay about $168 extra per month for their mortgage this year due to higher home prices and interest rates over the past 12 months, according to a new analysis by realtor.com®. The figure is based on the purchase of a $274,900 home, the median list price.The average monthly mortgage is now $1,486, up from $1,318 in February 2017, according to realtor.com®.But location can have a big impact. For example, Seattle buyer
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