Supersized Down Payments With higher home prices, home buyers also are bringing higher down payments. On average, buyers in the country’s 50 largest metro areas brought $46,283 to closing, according to a new study from LendingTree. In some areas, average down payments are much higher. For example, in San Jose, Calif., and San Francisco, the …
Tag: News
Sep 13
Home Equity Hits Record High
Home Equity Hits Record High Housing equity surged nearly 40% compared to a year ago and is at a record high, according to a new report from Black Knight, Inc. The average mortgage holder now has $173,000 in equity. That marks an increase of $20,000 just from the end of the first quarter, the …
Sep 09
Consumer Confidence Inches Up
Consumer Confidence Inches Up The housing market is showing some sings of cooling, which may be making more home buyers more optimistic in a competitive market. Thirty-two percent of consumers said in August it’s a good time to buy, up from 28% in July, according to Fannie Mae’s National Housing Survey, a survey of …
Sep 08
The State of Flood Insurance
The State of Flood Insurance Those who live in areas hit by Hurricane Ida will next face the challenge of navigating insurance. Many standard home insurance and home-rental policies don’t cover flood insurance. Flood insurance is usually a separate policy. About 40% to 50% of the flood damages from Hurricane Ida are covered by …
Sep 08
Job Growth May Fuel Higher Mortgage Rates
Job Growth May Fuel Higher Mortgage Rates Mortgage rates remain below 3% for the eighth consecutive week, but economists believe job growth will determine how much longer they’ll likely stay so low. The 30-year fixed-rate mortgage averaged 2.87% this week, Freddie Mac reports. “Job growth seems to be very critical for the following several months …
Sep 08
FHFA Gives Buyers Wider Advantage Over Investors
FHFA Gives Buyers Wider Advantage Over Investors The Federal Housing Finance Agency announced that it was extending the time that owner-occupants can view and purchase foreclosure listings over investor competition. Individuals, families, and nonprofits now have 30 days—up from 20 days—to exclusively bid on real-estate-owned properties under Fannie Mae and Freddie Mac’s First Look …
Sep 08
Listings Jump 5.1%
Listings Jump 5.1% More homeowners are listing their homes for sale, which is opening up options for anxious home buyers who have faced fierce competition the last few months over a limited housing stock. New listings rose 5.1% in the 50 largest metros. The largest increases were in Columbus, Ohio (up 25.6%); Louisville, Ky. (up …
Sep 08
Americans Want Distance From Neighbors
Americans Want Distance From Neighbors Americans want more social distance from their neighbors. A new Pew Research Center study finds a shift in home preferences since the pandemic with more consumers saying they want a larger home, even if it means local amenities are further away. That marks a shift from 2019 when more Americans …
Sep 01
Mortgage Rates Barely Budge
Mortgage Rates Barely Budge Mortgage rates continue to hover at all-time lows, marking the ninth consecutive week that rates have averaged below 3%. “The tug-of-war between the economic recovery and rising COVID-19 cases has left mortgage rates moving sideways over the last few weeks,” said Sam Khater, Freddie Mac’s chief economist. “Overall, rates continue to …
Sep 01
Dip in Contracts
Dip in Contracts The housing market took a slight dip in contract signings in July, but that could potentially mark an opening for home buyers who have been shut out by fierce competition over recent months. The National Association of REALTORS® reported this week that pending home sales dropped by 1.8% in July compared to …
Aug 31
Apartments Could Ease Market Pressure
Apartments Could Ease Market Pressure Apartment construction has been ramping up this year. More than 330,000 new rental units are to arrive on the market in 2021, continuing a four-year high in multifamily construction, according to RentCafe’s latest Apartment Construction Report. “The pandemic shifts and resurgence of the residential rental market bring new residential supply …
Aug 31
Starter Homes Still Cheaper Than Renting
Starter Homes Still Cheaper Than Renting Aspiring first-time home buyers may not want to give up on that competitive house hunt: In many markets, they could save money by owning. Buying a starter home is more affordable than renting in nearly half of the largest U.S. metros, according to a new study released by realtor.com®. …
